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|12 December, 2018

Saudi Aramco awards $19.98mln deals to Saudi Steel Pipe

Production will take place in the first half of 2019

Image used for illustrative purpose. A worker polishes steel pipes at a factory of Dongbei Special Steel Group Co Ltd in Dalian, Liaoning province, China March 27, 2018.

Image used for illustrative purpose. A worker polishes steel pipes at a factory of Dongbei Special Steel Group Co Ltd in Dalian, Liaoning province, China March 27, 2018.

REUTERS/Stringer

Riyadh: Saudi Steel Pipe Company (SSP) has secured two contracts at as much as SAR 75 million from the state-owned Aramco to supply it with steel pipes.

Production will take place in the first half of 2019, while the financial impact of the two deals is expected to appear during the same period, according to a statement to the Saudi Stock Exchange (Tadawul) on Wednesday.

On 18 October, SSP stated that it won a SAR 60 million agreement from Saudi Aramco.

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Saudi Steel Pipe last reported a 67% year-on-year growth in its net losses after calculating Zakat and Tax during the third quarter of 20118, registering SAR 24.15 million, compared to SAR 14.46 million in the year-ago period.

From January to September this year, SSP turned to loss after suffering SAR 66.01 million, against a net profit of SAR 3.44 million in the year-ago period.

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