Saudi Electricity Company (SEC) has signed agreements worth SAR158 million for the supply of equipment, with Electrical Industries Company’s (EIC) subsidiaries, Wahah Electric Supply Company of Saudi Arabia Limited (WESCOSA) and Saudi Transformers Company.
Through these subsidiaries, EIC will supply electrical equipment based on purchase orders issued by SEC over 12 months. The agreements are anticipated to positively impact EIC’s financial results for 2024 and 2025. In 2023, EIC recorded a significant annual increase in net profits, soaring by 113.48 per cent to SAR201.03 million from SAR94.17 million. In contrast, SEC experienced a decline in net profits, dropping by 32.28 per cent to SAR10.24 billion in 2023 from SAR15.13 billion the previous year.