Riyadh – Mubasher: East Pipes Integrated Company for Industry penned a deal with Saline Water Conversion Corporation (SWCC) at an amount exceeding SAR 1 billion inclusive of value-added tax.
The listed firm will manufacture and supply steel pipes to SWCC for 30 months, according to a bourse filing.
East Pipes Integrated highlighted that the financial impact of the contract will reflect on its income statements during the first quarter (Q1) of financial year (FY) 2024/2025 until Q2-26/27.
In December 2023, East Pipes Integrated inked a SAR 170 million agreement with Saudi Arabian Oil Company (Aramco).
During the first half (H1) of FY23/24, the net profits after Zakat and tax of East Pipes Integrated dropped by 85.56% to SAR 2.23 million from SAR 15.45 million a year earlier.
