EIC subsidiary inks $41mln transformer supply contract

EIC subsidiary inks $41mln transformer supply contract

Saudi Power Transformers Company, a subsidiary of Electrical Industries Company (EIC), has signed a contract with oil major Saudi Aramco to supply transformers. The 153-million-Saudi-riyal ($40.78 million) deal has a 20-month duration, EIC said in a statement to the Saudi stock exchange on Thursday. The contract is expected to positively impact EIC’s financial results from 2025. In April, the company’s other subsidiary Saudi Transformers Company bagged a SAR79 million contract from Kuwait’s Ministry of Electricity, Water and Renewable Energy. (Writing by D Madhura; Editing by Anoop Menon) ( [email protected] )