Posted on 27 Mar 2024
Saudi Arabian pipemaker Group Five Pipe Saudi (G5PS) has sealed a record-high-value contract with Saline Water Conversion Corporation (SWCC) to supply welded spiral steel pipe for water transportation. The deal is worth an impressive SAR 3 billion ($800m), including VAT, notes Kallanish.
The pipes are needed to bring water from Ras-Al Khair on the east coast to Riyadh, G5PS says in a stock exchange filing.
No third parties are involved in the agreement and the contract duration is 22 months, with the financial impact expected in the third quarter of 2024, G5PS adds.
Located in the eastern coastal city of Dammam, G5PS registered a 97.5% on-year increase in revenue to SAR 455.3 million ($121.4m) in 2023, up from SAR 230.5m a year earlier.
G5PS operates five pipe mills producing up to 550,000 tonnes/year of spiral submerged arc welded (SSAW) pipe.
Source:Kallanish
