East Pipes Integrated Company for Industry inked a nearly SAR 93 million contract with Saudi Arabian Oil Company (Aramco) on 31 May.

The eight-month deal covers the manufacturing and supplying of steel pipes to Aramco, according to bourse disclosure.

East Pipes Integrated indicated that the agreement will reflect on its income statements during the fourth quarter (Q4) of fiscal year (FY) 2023/2024 and Q1-24/25.

During the first three months (3M) of 2023, East Pipes Integrated turned profitable at SAR 99.92 million, against net losses after Zakat and tax valued at SAR 3.24 million in the year-ago period.

Revenues hiked by 140.79% year-on-year (YoY) to SAR 1.43 billion as of 31 March 2023, compared to SAR 597.46 million.

The earnings per share (EPS) hit SAR 3.17 in the January-March 2023 period, versus a loss per share of SAR 0.10 in Q1-22.

Meanwhile, Aramco recorded net profits after Zakat and tax amounting to SAR 119.54 billion in Q1-23, an annual drop of 19.25% from SAR 148.03 billion.

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