Riyadh – Mubasher: Saudi-based Arabian Pipes Company has won a SAR 261 million ($69.6 million) contract from Saudi Aramco for supplying longitudinal submerged arc welded pipes “LSAW steel pipes”.

The supplying will start from the fourth quarter of 2018 until Q2-19 from the firm’s plant in Jubail industrial city, according to a statement on Sunday to the Saudi Stock Exchange (Tadawul).

Arabian Pipes noted that the deal’s financial impact will appear in its financials starting from Q4-18 until Q3-19.

The Saudi pipes provider last reported a 23% year-on-year increase in net profits to SAR 5.3 million for the full fiscal year of 2017, from SAR 4.3 million during 2016.

By 10:20 am KSA time, Arabian Pipes’ stock rose 3.93% to 13.74 SAR.