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Group Five Pipe Saudi pens SAR 34m deal with Aramco

Group Five Pipe Saudi pens SAR 34m deal with Aramco
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Riyadh – Mubasher: Group Five Pipe Saudi Company inked an agreement with Saudi Arabian Oil Company (Aramco) at a value exceeding  SAR 34 million on 2 January 2024, according to a bourse filing.

The two-month deal covers the manufacturing and supplying of spiral-welded steel pipes tailored for one of the projects owned by Saudi Aramco in the Eastern region of Saudi Arabia.

Meanwhile, the financial impact of the contract will reflect on Group Five Pipe Saudi’s financial results during the third quarter (Q3) of 2024.

In November 2023, the group won two project contracts at a total value of SAR 3.20 billion.

During the first half (H1) of 2023, Group Five Pipe Saudi turned profitable at SAR 9.67 million, against net losses valued at SAR 18.73 million a year earlier.

Revenues hiked by 433.40% year-on-year (YoY) to SAR 311.48 million during H1-23, compared to SAR 58.39 million.