Riyadh – Mubasher: Al Yamamah Steel Industries signed on Sunday a contract with the Saudi Electricity Co. (SEC) at a value of SAR 180 million ($480,000).
Under the contract, the steel company will supply SEC with steel poles and accessories, according to a bourse filing on Monday.
The financial impact of the deal will appear during the fiscal year of 2017.
Al Yamamah’s net profits rose 22% year-on-year to SAR 66.4 million ($17.7 million) in the third quarter ended 30 June 2016 from SAR 54.4 million ($14.5 million).
The increase in net profit was attributed to improved steel pipe prices, lower sales cost and higher profit margin.
