Riyadh – Mubasher: Saudi Steel Pipe Company has signed an agreement worth SAR 87.80 million with Uruguay-based Tenaris Global Services (TGS).

Upon the five-month supply deal, the Tadawul-listed firm will provide TGS with oil and gas steel pipes, according to a recent bourse filing.

Saudi Steel Pipe pointed out that the contract will reflect on its financials during the fourth quarter (Q4) of 2022 as well as Q1-23.

Recently, the two entities penned a supply deal at a total value of SAR 94.70 million. 

In the first six months (6M) of 2022, the steel manufacturer turned to net profits after Zakat and tax worth SAR 26.27 million, against net losses of SAR 16.56 million in the year-ago period. Meanwhile, the earnings per share (EPS) stood at SAR 0.52, versus a loss per share of SAR 0.33.

Furthermore, the revenues amounted to SAR 395.90 million during the first half (H1) of 2022, an annual leap of 119.27% from SAR 180.55 million.

At the same time, the company registered accumulated losses worth SAR 34.10 million as of H1-22, accounting for 6.69% of the SAR 510 million capital.