Riyadh – Mubasher: Arabian Pipes Company on Tuesday announced winning a six-month contract at a value of over SAR 49 million to provide steel pipes to the state-owned Saudi Arabian Oil Co, known internationally as Saudi Aramco.
The firm will offer oil country tubular goods (OCTG) pipes for the largest international oil firm starting from the second quarter of 2019, according to a statement to the Saudi Stock Exchange (Tadawul).
The transaction’s financial impact is forecast to appear in the same period, the statement added.
On 11 October, the Tadawul-listed company announced signing a SAR 35 million contract with state-run Saudi Aramco to supply it with steel pipes for its plant in Jubail Industrial City.
Arabian Pipes last reported turning to losses during the third quarter of 2018, against achieving profits in the year-ago period as losses after calculating Zakat and Tax hit SAR 16.8 million, against SAR 6.6 million ($1.76 million) in profits Q3-17.
From January to September, Arabian Pipes suffered SAR 33.6 million losses, against generating a profit of SAR 7.3 million in the corresponding months last year.
Arabian Pipes' stock levelled down 0.31% to close Tuesday’s trading activities at SAR 9.60.
