Riyadh – Mubasher: Group Five Pipe Saudi Company has signed a contract with Bin Omairah Contracting Company to supply spiral-welded steel pipes for the water project in Makkah’s Al Adl district.

The 365-day contract is valued at SAR 42.15 million, including value-added tax (VAT), and was signed on 24 November 2022, according to a stock exchange statement.

The project, run by the National Water Company (NWC), is expected to complete before the end of the fourth quarter (Q4) of 2023 and is projected to reflect positively on Group Five Pipe Saudi’s financials starting from Q2-23 to Q4-23.

According to the latest disclosed income statements, the listed firm incurred net losses after Zakat and tax worth SAR 18.73 million in the first half (H1) of 2022, versus profits of SAR 28.82 million in H1-21.

The revenues plunged by 87.78% to SAR 58.39 million in January-June 2022 from SAR 477.81 million in the corresponding period a year earlier.