Riyadh – Mubasher: Saudi Steel Pipe Company (SSP) on Tuesday announced that it has won a SAR 82 million ($21.87 million) contract for supplying oil and gas steel pipes to Saudi Arabian Oil Co (Aramco).

The production and financial impact of the contract will be realised in the company’s financial statements as of the second half of 2019, SSP said in a statement to the Saudi Stock Exchange (Tadawul).

In December, SSP announced winning a SAR 75 million contract to supply state-owned Saudi Aramco with steel pipes used in oil and gas wells.

During the first nine months of 2018, SSP turned to loss after suffering SAR 66.01 million, compared to a net profit of SAR 3.44 million in the corresponding period in 2017.

By 10:38 am Saudi time, SSP’s stock rose 15.38% to SAR 26.40