Riyadh – Mubasher: Arabian Pipes Company inked a nearly SAR 27 million contract with Saudi Arabian Oil Company (Aramco) on 12 June.
Arabian Pipes will supply Aramco with steel pipes from its factories for seven months, according to a bourse disclosure.
The agreement will reflect on Arabian Pipes’ financial results during the first quarter (Q1) of 2024.
Last March, the two companies signed a supply deal at an estimated value of SAR 62 million.
In the first three months (3M) of 2023, Arabian Pipes turned profitable at SAR 13.30 million, against net losses after Zakat and tax valued at SAR 13.20 million in 3M-22.
Revenues hiked by 272.77% year-on-year (YoY) to SAR 230 million in Q1-23 from SAR 61.70 million.
Meanwhile, Aramco posted 19.25% lower net profits after Zakat and tax at SAR 119.54 billion during January-March 2023, compared to SAR 148.03 billion in Q1-22.
