Riyadh – Mubasher: Arabian Pipes Company was awarded a new order to supply steel pipes to Denys Arabia Limited for Jafurah Pipelines Phase II at around of SAR 293 million.

The two entities signed the agreement on 1 July 2024, according to a bourse filing.

The listed company expected that the deal would reflect on its income statements from the fourth quarter (Q4) of 2024 to Q2-25.

In May,  the Capital Market Authority (CMA) greenlighted Arabian Pipes’ capital raise to SAR 150 million from SAR 100 million.

During the first three months (3M) of 2024, the Tadawil-listed firm posted 376.84% higher net profits at SAR 54.79 million, compared to SAR 11.49 million in Q1-23.

Revenues increased by 43.81% to SAR 308.74 million in Q1-24 from SAR 214.68 million a year earlier, while the earnings per share (EPS) grew to SAR 5.48 from SAR 1.15.