Saudi: East Pipes Integrated inks $151.53mln contracts with Neom, Petrojet

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East Pipes Integrated Company for Industry penned several contracts with NEOM and PETROJET Company at an aggregated value of SAR 569 million on 22 January 2023, according to bourse disclosures.

NEOM

Under a one-year agreement, the Tadawul-listed firm will supply NEOM with steel pipes for water transmission lines at nearly SAR 373 million.

East Pipes Integrated pointed out that the deal will reflect on its income statements starting from the first quarter (Q1) of fiscal year (FY) 2023/2024.

PETROJET

The Saudi-listed company will also provide PETROJET with steel pipes for water transmission lines at a value of SAR 196 million.

The PETROJET deal holds an eight-month duration period and will reflect on East Pipes Integrated’s financial results during Q1-23/24 and Q2-23/34.

Last October, East Pipes Integrated obtained the shareholders’ approval for a 50% capital hike to SAR 315 million from SAR 210 million.