Saudi Telecom Giant Keir International Bags $20.5 Million Contract
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Keir International, a prominent Saudi telecommunications and utility services provider, has clinched a significant deal worth SAR 76.9 million ($20.5 million) from Saudi Electricity Company.
The agreement, disclosed on the Saudi Stock Exchange (Tadawul), entails establishing a ground line connecting two stations in Wadi AD Dwaser in the southern region of the kingdom.
The project entails the installation of high-voltage 132 kV underground cables, alongside substation and communication infrastructure.
Keir International, renowned for its expertise in delivering turn-key solutions for civil works encompassing telecoms, electrical, and security projects, anticipates finalizing the contract for the project by June of this year.
Despite this lucrative deal, Keir International's financial performance saw a decline in net profit for the fiscal year ending December 31, 2023.
The net profit plummeted to SAR 9.3 million, marking a significant 52.9% downturn compared to the preceding year.
Source: Cleofe Maceda / Zawya
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