Riyadh – Mubasher: The Saudi Electricity Company (SEC) stated that its wholly-owned subsidiary National Grid SA Co (100.00%) has successfully manufactured the first voltage transformer with local components through cooperating with the Saudi transformers Company Ltd.

The move is part of the SEC’s contributions to nationalise the electricity sector, the Saudi state-run utility said on Twitter, giving no further details on its cost.

SEC last reported a 6.4% year-on-year decline in profits for the third quarter of 2018, logging SAR 4.9 billion, compared to SAR 5.26 billion.

During the first nine months of 2018, the company’s profits dropped 55.28% to SAR 5.56 billion, versus SAR 12.4 billion in the same period of the previous year.

By 2:37 pm Saudi time, SEC’s stock levelled down 1% to SAR 15.82.