Electrical Industries Co. announced to its shareholders the approval of the Board of Directors in its meeting held on 15th of May 2024, the expansion project of Saudi Power Transformers Co. Factory to manufacture Extra high voltage transformers and reactors 380 K.V. The project also includes increasing the current capacity of high voltage transformers.

The construction work of the project is expected to start in the second half of 2024. Project Cost: The estimated cost of the project amounts to SAR 192 million. Financing method for the project: The project will be funded from cash available at the company, bank facilities and other finance programs. Expected completion date of the project: The construction work of the project is expected to be completed in the fourth quarter of 2026.

The expected impact of the project on the financial results of the company will be in the fourth quarter of 2027. Expected Date for the Pilot Production of the project is expected to started in the first quarter of 2027. The duration of the Pilot Production of the project will be approximately six months.