Saudi’s EIC Unit, WESCOA Pen $42.1mn Agreements with SEC

WESCOA and Saudi Transformers Company, a subsidiary of Electrical Industries Company (EIC), penned agreements valued at SAR 158 million with Saudi Electricity Company (SEC).

The subsidiary will supply electrical equipment to SEC for 12 months based on purchase orders issued by the latter.

The two entities have inked the deal and is expected to have a positive impact on EIC’s financial results for the years 2024 and 2025.

In the January-December 2023 period, EIC logged net profits valued at SAR 201.03 million, an annual leap of 113.48% from SAR 94.17 million.

Meanwhile, the net profits of SEC plunged by 32.28% to SAR 10.24 billion in 2023 from SAR 15.13 billion a year earlier.