CEO of Saudi Electrical Industries to CNBC Arabia: The distribution policy continues, and the deal to acquire CG is in its last stop | latest news


The CEO of Saudi Electrical Industries, Tariq Al-Tahini, told CNBC Arabia through a special meeting that some factories were affected by the Corona pandemic and some of them stopped working for 40 days, and that reducing expenses is always a goal of the company as the company seeks to reduce labor expenses, and there are expenses that have decreased as a result. The pandemic is like travel expenses and international exhibitions, indicating that the volume of exports rose to 104 million riyals in 2020, and there was an increase in sales of public utilities such as the Electricity, Oil and Gas Company, and contracting sales decreased slightly.

Al-Tahini confirmed that the dividend policy continues, and the company is now in the recent negotiations to acquire CG, expecting that the deal will be completed soon. The deal will be funded by loans and facilities, indicating that there are plans to acquire other companies.
He added that confirmed requests until December 2020 amounted to 965 million riyals.


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