Riyadh – Mubasher: Saudi Arabian Oil Company (Aramco) awarded Arabian Pipes Company a SAR 204 million supply deal on 13 September 2023, according to a bourse filing.
Under the agreement, Arabian Pipes will provide Aramco with steel pipes and coating services for 16 months.
The contract will start reflecting on Arabian Pipes’ financial results starting from the first quarter (Q1) of 2024 until Q2-25.
Last June, the two listed companies inked an agreement valued at SAR 322 million.
In the first half (H1) of 2023, Arabian Pipes turned profitable at SAR 46.60 million, compared to net losses after Zakat and tax worth SAR 17.40 million in H1-22.
Meanwhile, Aramco posted 29.52% lower net profits after Zakat and tax at SAR 232.35 billion as of 30 June 2023, compared to SAR 329.67 billion a year earlier.
