Riyadh – Mubasher: National Environmental Recycling Company (Tadweer) announced the award of a contract with Saudi Electricity Company (SEC) at a value worth SAR 20.49 million.

The project, which was awarded on 5 October 2022, covers the recycling of damaged electrical materials and parts, according to a recent bourse filing.

Tadweer noted that the financial impact will reflect on the income statements in the end of 2022.

Last June, Tadweer penned a deal with the Saudi Ministry of Communications and Information Technology to recycle more than 1 million products in the Kingdom within five years.

In the first half (H1) of 2022, the net profits after Zakat and tax of SEC declined by 6.61% to SAR 7.02 billion, compared to SAR 7.51 billion in H1-21.

Meanwhile, Tadweer reported net profits after Zakat and tax worth SAR 8.47 million in H1-22, lower by 13.23% year-on-year (YoY) than SAR 9.76 million.

Revenues widened by 186.48% to SAR 192.37 million in January- June 2022, versus SAR 67.15 million during the same period a year earlier.

The earnings per share (EPS) plummeted to SAR 1.51 in H1-22 from SAR 2.17 in H1-21.