National Building’s subsidiary buys power plant for SAR 10 mln

08/04/2021 Argaam

National Building and Marketing Co.’s wholly-owned subsidiary, Ajeej Steel Manufacturing Co. Ltd, purchased today, April 8, 2021, an 82 MW fuel-powered electricity generation plant from Saudi Electricity Co. (SEC) for SAR 10 million.

 

The purchase is part of the company’s strategy to boost power supply its factory production lines, according to a bourse filing.

 

The plant was purchased in cash available with the company.

 

National Building expects the plant, upon installation and operation, to provide five times the amount of electrical power currently supplied to its factory, which will have a positive impact on its production capacity and profitability starting from the first quarter of the next financial year.

 

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