Riyadh – Mubasher: Arabian Pipes Company secured a new order from Saudi Arabian Oil Company (Aramco) at a value of nearly SAR 108 million on 4 February 2024.
Under the deal, the company will provide Aramco with steel pipes for 11 months, according to a bourse statement.
Arabian Pipes indicated that the agreement will reflect on its income statements during the third quarter (Q3) of 2024 as well as Q4-24.
It is worth highlighting that the parties inked a SAR 54 million supply deal in September 2023.
In the first nine months (9M) of 2023, Arabian Pipes turned profitable at SAR 91.40 million, against net losses valued at SAR 7.50 million in the year-ago period.
During January-September 2023, Aramco recorded net profits after Zakat and tax worth SAR 354.54 billion, lower by 27.46% than SAR 488.78 billion in 9M-22.
