The Saudi Steel Pipe Co has said it has been awarded a contract worth SAR127mn ($33.8mn) by Saudi Aramco for the supply of steel pipes, according to a bourse filing.
The company added that the related financial impact will be registered in H1 2017.
In April 2016, Saudi Steel Pipe Co won a SAR74mn contract from Aramco to supply steel pipes.
Last month, company posts 60% decline in net profit to SAR13.95mn ($3.7mn) in the first half of 2016. Company attributes the decline to lower selling price of small diameter pipes, drop in deliveries, inventory revaluation and loss incurred in subsidiary firm.
Saudi Steel Pipe Co’s net profit in the first half of 2016 declined by 60% to SAR13.95mn as compared to SAR34.87mn in the similar period last year. This is due to drop in deliveries, lower selling price of small diameter pipes, inventory revaluation and loss incurred in subsidiary Titanium and Steel Manufacturing Co.
Net profit also tumbled by 75% to SAR 5.89mn in Q2 2016, year-on-year.
