Saudi: East Pipes Integrated pens over $266mln deal with SWCC

Saudi: East Pipes Integrated pens over $266mln deal with SWCC

Riyadh – East Pipes Integrated Company for Industry penned a deal with Saline Water Conversion Corporation (SWCC) at an amount exceeding SAR 1 billion inclusive of value-added tax.

The listed firm will manufacture and supply steel pipes to SWCC for 30 months, according to a bourse filing.

East Pipes Integrated highlighted that the financial impact of the contract will reflect on its income statements during the first quarter (Q1) of financial year (FY) 2024/2025 until Q2-26/27.

In December 2023, East Pipes Integrated inked a SAR 170 million agreement with Saudi Arabian Oil Company (Aramco).

During the first half (H1) of FY23/24, the net profits after Zakat and tax of East Pipes Integrated dropped by 85.56% to SAR 2.23 million from SAR 15.45 million a year earlier.

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