Riyadh – Saudi Transformers Company, a subsidiary of Electrical Industries Company (EIC), won a SAR 79 million project contract on 20 April, according to a bourse disclosure.

The deal covers the provision of distribution transformers for the Ministry of Electricity and Water and Renewable Energy in Kuwait.

Meanwhile, the signing of the agreement is expected to take place on 31 May 2023.

Last year, EIC recorded net profits after Zakat and tax worth SAR 94.17 million, higher by 92.79% than SAR 48.84 million as of 31 December 2021.

Revenues enlarged by 38.33% to SAR 1.06 billion in 2022 from SAR 770.68 million a year earlier, while the earnings per share (EPS) increased to SAR 2.12 from SAR 1.10.

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