Maadaniyah reveals SAR 10m contract with Chinese energy firm HEI

MAADANIYAH
2220 3.55% 11.95 0.41

Riyadh – Mubasher: National Metal Manufacturing and Casting Company (Maadaniyah) has announced that its industrial branch, Gulf Baas Industrial Company, also known as Baas Valves, has entered into a significant supply agreement with Harbin Electric International Company (HEI) from China.

The contract is valued at approximately SAR 10.08 million including value-added tax (VAT). It involves the provision of specialized valves for the Rumah Power Project, a major energy infrastructure initiative located within Saudi Arabia, according to a bourse disclosure.

Parent company Maadaniyah formally disclosed the signing of a supply contract through its subsidiary branch Baas Valves, which specifically involves Al Habis Factory, a specialized manufacturing unit under the subsidiary’s umbrella, which will be responsible for the production and delivery of the required components.

Meanwhile, the latest announced contract was awarded and signed on 18 April 2026, under which Al Habis Factory will supply various types of valves designed for use in the Rumah Power Project. These components are essential for the operational infrastructure of energy facilities, and the selection of a domestic manufacturer highlights the integration of local industrial capacity into large-scale utility projects.

The contractual arrangement is set for a duration of two years, during which the supply and delivery phases will be executed to meet the specific technical and scheduling requirements of the Rumah Power Project.

As for the anticipated financial impact of this agreement, Maadaniyah expects that the revenue and associated financial benefits from the contract will be positively reflected on its financial statements by the end of 2026.

In the interest of transparency and regulatory compliance, the listed company confirmed that there are no related parties involved in the transaction. This ensures that the contract was negotiated and finalized on a standard commercial basis.

Maadaniyah also noted that it will continue to monitor the progress of the contract and will provide further updates to shareholders and the public regarding any significant developments involving Baas Valves as they arise.

Source: Mubasher Source: {{details.article.source}}