The world’s largest oil company Saudi Aramco has awarded a deal worth SAR 149.8 million ($40 million) to Saudi Steel Pipe Co for the supply of oil and gas steel pipes.
Saudi Steel Pipe expects to see financial impact from its new order in the second and third quarters of 2023, the company said in a bourse filing.
The pipe maker posted a net profit of SAR 11.74 million for the second quarter of 2022, a turnaround from the SAR 8.08 million loss a year ago.
In May, the pipe producer signed a 10-month contract worth SAR 97 million with Saudi Aramco to supply the latter with oil and gas steel pipes.
Meanwhile, in June it won a contract worth SAR 58 million to supply oil giant Aramco with steel pipes for oil and gas extraction.