Saudi Cable inks 2 contracts worth SAR 64.8M in Bahrain

Saudi Cable Co.’s branch in the Kingdom of Bahrain signed yesterday, Dec. 11, contracts for two projects at a total value of SAR 64.75 million.

In two separate statements to Tadawul, the company said the two contracts include turnkey projects, for the extension, installation and delivery of power with a voltage of 66 kV, including: (excavation works, supply of cables, extension of cables, work of electrical connections, work of government permits and approvals, voltage test on site, asphalting works, supply of accessories and installation of accessories.

The first contract was signed with Bilaj Aljazayer Co. at a value of SAR 38.08 million. It will be valid for 10 months after delivery of bank guarantees. It is expected that this contract will have a positive financial impact on the company starting from Q1 2025.

The financial payments will be received as follows:

The first payment: SAR 5.71 million.

The second payment: to be received after shipping the products and is estimated at SAR 24.75 million.

The third payment: to be received after receiving project construction certificate estimated at SAR 5.71 million.

The fourth and final payment: to be received after receiving the performance certificate and project efficiency. It is estimated at SAR 1.9 million.

Meanwhile, the second contract was signed with Diyar Al Muharraq Co., at a value of SAR 26.65 million. The contract term is 30 months after delivery of bank guarantees.

This agreement is expected to have a positive financial impact on the company starting from Q2 2025.

The financial payments will be received on what has been completed and billed in three stages, as follows:

The first payment: It is estimated at SAR 21.72 million

The second payment: It is estimated at SAR 3.79 million

The last payment: It is estimated at SAR 1.14 million

There are no related parties to the contracts, the company noted.