Riyadh – Mubasher: Al Babtain Power and Telecommunication Co on Sunday announced signing a contract to supply and install LED lights with the National Energy Services Company (NESCO), also known as “Tarshid”.
The total value of the 10-month deal amounts to SAR 135.4 million ($36.1 million).
The 10-month agreement was signed on Thursday, 22 November, Al Babtain said in a filing to the Saudi Stock Exchange (Tadawul), indicating that the financial impact of the transaction will appear starting the first quarter of 2018.
Earlier this month, Al Babtain said its profits, after deducting zakat and taxes, for the first nine months of 2018 had dropped by 55.6% year-on-year to SAR 49 million from SAR 110.3 million, while Q3-18 profits had retreated by 69.3% to SAR 9.2 million ($2.45 million) compared to SAR 30 million ($8 million) in the year-ago period.
