KEIR signs SAR 247 mln contract with National Grid

21/11/2023 Argaam Special

KEIR signs SAR 247 mln contract with National Grid

Logo of KEIR International Co. 

KEIR International Co. signed, on Nov. 20, a contract with National Grid Co. valued at SAR 247 million, including 15% value-added tax (VAT), to implement high-voltage underground cable works at Riyadh.

 

In a statement to Tadawul, KEIR pointed out that the 20-month contract was awarded on Oct. 2.

 

The contract’s work scope includes "high-voltage underground cables (132 kV) network expansion, gas-insulated switchgear substation extension, protection, telecommunication, and substation automation for remote ends,” the statement added.

 

The financial impact of the deal is expected to reflect on the company’s financials starting from Q1 2024 until Q4 2025, KEIR said, noting that there are no related parties to the contract.

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