Arabian Pipes, Aramco pen $14.4mln supply deal

Arabian Pipes Company was awarded a contract to supply Saudi Arabian Oil Company (Aramco) with steel pipes valued at SAR 54 million.

The two entities signed the 10-month agreement on 19 September 2023, according to a bourse filing.

Arabian Pipes underlined that the partnership will reflect on its financial results during the second quarter (Q2) of 2024.

The supply deal followed a recent project award at an amount of SAR 204 million between the two listed companies.

In the first half (H1) of 2023, Arabian Pipes shifted to net profits after Zakat and tax worth SAR 46.60 million, versus net losses standing at SAR 17.40 million in the year-ago period.

Meanwhile, Aramco recorded net profits after Zakat and tax valued at SAR 232.35 billion in H1-23, an annual drop of 29.52% from SAR 329.67 billion.

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