Egypt's B Investments unit pens $30mln smart water meters deal in Saudi Arabia

Cairo –  Egypt’s B Investments Holdings announced that Giza Arabia, Giza Systems’ subsidiary in Saudi Arabia, has been awarded a $30 million agreement to supply, install, and replace water meters in the northern and west-northern regions in the kingdom.

Under the deal, Giza Arabia will supply and install 120,000 smart water meters in the regions of Qassim, Tabuk, Al Madinah Al Munawarah, Hail, Al Jouf, and the Northern Borders, according to a statement to the Egyptian Exchange (EGX) on Wednesday.

It is noteworthy to mention that B Investments holds a 45% stake in Giza Systems.

The agreement also covers upgrading, operating, and maintaining water meters as well as installing automatic meter reading (AMR) fixed network for 200,000 smart water meters to be integrated with the Saudi National Water Company’s (NWC) meter data management (MDM) and billing systems.

Due for completion in March 2024, the project also includes collecting data as well as designing, supplying, and installing QR plates for 200,000 subscribers.

During the first quarter of 2019, B Investments Holdings reported a profit of EGP 35.48 million, compared to EGP 33.53 million in the year-ago period.

Year-on-year, revenues rose to EGP 50.24 million in Q1-19 from EGP 42.58 million in Q1-18.

As for standalone business, the company’s profits registered EGP 7.93 million from January to March, compared to EGP 4.76 million in the corresponding period a year earlier.