Al-Babtain Power and Telecommunication Company has announced the signing of a major contract with Hyundai Engineering & Construction (Hyundai E&C) for the supply of steel towers for a high-voltage direct current (HVDC) overhead transmission line (OHTL).
The agreement, valued at 777 million Saudi riyals ($207 million), will see Al-Babtain provide the steel infrastructure for the 500kV HVDC project, with deliveries scheduled to begin in Q3 2025.
The contract has a duration of 24 months, and the financial impact is expected to reflect in the company’s Q1 2026 earnings, according to a statement released to the Saudi stock exchange on Monday.
The project is part of a broader initiative by Hyundai E&C, which recently secured a $725 million deal with the Saudi Electricity Company (SEC) to construct a 369-km segment of the Riyadh-Kudmi HVDC transmission line.
The entire 1,089-km project aims to strengthen Saudi Arabia’s energy infrastructure, with completion targeted for January 2027.
Earlier this month, Al-Babtain Power reported robust financial results for Q3 and the first nine months of 2024. The company’s Q3 revenue reached SAR 783.89 million, up from SAR 766.66 million in the same period last year, while net income rose slightly to SAR 43.85 million from SAR 43.37 million.
For the nine months ended September 30, 2024, sales surged to SAR 2,133.54 million compared to SAR 1,939.36 million a year ago, with net income nearly doubling to SAR 180.78 million. Basic earnings per share for the period climbed to SAR 2.83 from SAR 1.54 a year prior.
