EIC Subsidiary Signs SAR 302 Million Deal with Four Belgian Utilities for Transformer Supply

Electrical Industries Co. (EIC) announced on Tuesday that its subsidiary, Pauwels Transformers NV, has signed a framework agreement with four Belgian electricity distribution companies—FLUVIUS, ORES, RESA, and SIBELGA. The contract covers the supply of distribution transformers, with an optional estimated value of SAR 302 million. The maximum potential value of the agreement could reach approximately SAR 609 million.

According to EIC’s statement on Tadawul, the contract spans four years, starting on August 1, 2024, and running until July 31, 2028, with an option for a 20-month extension. The company expects a positive financial impact from the contract between 2025 and 2028.

The agreement is binding for Pauwels Transformers NV, but not for the consortium of Belgian utilities. The transformers will be manufactured at the Saudi Transformers Company facility in Dammam, Saudi Arabia, a subsidiary of Electrical Industries Co.