Riyadh – Arabian Pipes Company has been awarded on 21 September 2022 a contract worth around SAR 155 million to supply the Saudi Arabian Oil Company (Aramco) with steel pipes.
The financial impact of the 15-month contract will reflect on Arabian Pipes’ financials in the second and third quarters (Q2 & Q3) of fiscal year (FY) 2023, according to a stock exchange statement on Sunday.
Currently, Arabian Pipes’ existing projects total more than SAR 800 million, supporting the company's continuity and financial position during the coming period while also increasing sales.
During the first half (H1) of 2022, Saudi Aramco reported SAR 329.67 billion in net profit, an annual rise of 86.35% from SAR 176.91 billion.
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