Riyadh – Mubasher: Arabian Pipes Company on Tuesday announced that it has been awarded a SAR 229 million ($61.07 million) contract from the state-owned the Saudi Arabian Oil Co, known globally as Saudi Aramco, to provide it with steel pipes.

The supply of the 11-month contract will start in the third quarter of 2019 from Arabian Pipes’ plant in Jubail industrial city, according to a statement to the Saudi Stock Exchange (Tadawul).

Arabian Pipes noted that the transaction’s financial impact will appear in Q3-19 financial results and continue until Q1-20.

Arabian Pipes last reported turning to losses during Q3-18, incurring SAR 16.8 million after calculating Zakat and Tax, against achieving a profit of SAR 6.6 million in Q3-17.

From January to September 2018, the firm incurred a loss of SAR 33.6 million, against generating SAR 7.3 million in profits in the prior-year period.

By 10:48 am Saudi time, Arabian Pipes’ stock levelled up 3.27% to SAR 11.36.