Riyadh – Mubasher: Arabian Pipes Co announced that it has been awarded a contract to supply oil country tubular goods (OCTG) steel pipes for state-run Saudi Aramco with a value of as high as SAR 43 million.
Under the ten-month deal, pipes will be supplied from Arabian Pipes Co’s factory in Riyadh, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.
The financial impact of the contract will be realised in the company’s second-quarter financials of 2020.
During the first quarter of 2019, the Saudi steel pipes supplier logged a net profit of SAR 8.1 million, against a loss of SAR 8.8 million in the year-ago period.
In 2018, Arabian Pipes turned into losses of SAR 122.6 million, versus a profit of SAR 5.2 million in 2017.
