Riyadh – Keir International Company received an award letter from Saudi Electricity Company (SEC) at a value of SAR 26.43 million, according to a bourse filing.

The two entities will join forces to implement a high-voltage Inter-tie project in the city of Al Khobar in the Eastern Province.

The contract was awarded on 19 November 2023, while the signing date is expected to be 19 December.

Last July, the two companies penned two agreements at a combined value of SAR 165.94 million.

In the first nine months (9M) of 2023, SEC logged net profits after Zakat and tax valued at SAR 10.34 billion, an annual drop of 22.80% from SAR 13.39 billion.

Revenues increased by 2.18% to SAR 56.89 billion in January-September 2023 from SAR 55.68 billion in 9M-22, while the earnings per share (EPS) declined to SAR 1.11 from SAR 1.84.

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