‎Group Five signs SAR 44.175 mln contract with Alkhorayef Water to supply spiral-welded steel pipes

‎Group Five signs SAR 44.175 mln contract with Alkhorayef Water to supply spiral-welded steel pipes

Group Five Pipe Saudi Co. signed, on Nov. 6, a contract worth SAR 44.175 million with Alkhorayef Water & Power Technologies Co. to supply spiral-welded steel pipes for water use in the fifth phase of Dammam water improvement project that is owned by the National Water Co.

In a statement to Tadawul, Group Five stated that the project comes as a continuation of the main artery of the annular water line that passes circularly on the borders of Dammam metropolitan area. It aims to improve the quality of desalinated water.

The contract is effective for 540 days and the project would be completed before the end of Q2 2024.

The relevant financial impact will reflect on Group Five's financials starting from 2023 and until Q2 2024, given the capacity of the company’s production lines, which amounts to 550,000 metric tons and positively contributes to accelerating the project completion.

The deal does not have any related parties, the statement added.