Saudi Steel Pipe pens SAR 150m supply deal with Aramco

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Saudi Arabia

Saudi Steel Pipe pens SAR 150m supply deal with Aramco

Riyadh – Mubasher: Saudi Steel Pipe Company has inked a SAR 149.80 million contract with Saudi Arabian Oil Company (Aramco) on 21 September 2022.

Upon the 15-month deal, Saudi Steel Pipe will provide Aramco with oil and gas steel pipes, according to a recent bourse filing.

The steel manufacturer expected that the agreement would reflect on its income statements during the second quarter (Q2) of 2023 as well as Q3-23.

At the end of June 2022, the two parties signed a supply contract at a total value of SAR 58 million.

During the first half (H1) of 2022, Saudi Aramco generated SAR 329.67 billion in net profit, an annual hike of 86.35% from SAR 176.91 billion. Revenues widened by 76.08% year-on-year (YoY) to SAR 1.02 trillion in H1-22 from SAR 584.43 billion.