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- Mortgage transactions value reaches QR3.760bn, reflecting market expansion
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26/02/2024 06:47 AST
Group Five Pipe Saudi Co. has announced the signing of a significant contract with the leading oil company, Saudi Aramco. The agreement, formalized on 30 May 2024 (22 Shawwal 1445 in the Islamic calendar), marks a major step forward for both entities.
The contract, valued at approximately SAR 1.3 billion inclusive of value-added tax, pertains to the manufacture and supply of spiral-welded steel pipes. These high-quality pipes will be tailored for a specific project under the ownership of Saudi Aramco.
The agreement extends over a 12-month period and is expected to have a notable financial impact starting from the third quarter of the fiscal year 2025. Importantly, no related parties are involved in this contract.
This collaboration reflects the strong partnership between Group Five Pipe Saudi Co. and Saudi Aramco, and underscores their joint commitment to delivering top-tier industrial solutions.
Tadawul
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Financial Information Co.
Saudi Arabia