East Pipes and Alrawaf Contracting Co. Ink Contract Worth over $38 Million

East Pipes and Alrawaf Contracting Co. Ink Contract Worth over $38 Million

By Staff Writer, 31 May 2024

East Pipes Integrated Company for Industry announced on Wednesday (May 29), the signing of a significant supply contract with Alrawaf Contracting Co. The contract, valued at over SAR 142 million (over US$ 38 million), includes VAT.

According to a statement released to Tadawul, the Saudi Arabian stock exchange, East Pipes revealed that the contract spans a duration of 19 months. Under the terms of the agreement, East Pipes will supply and wrap steel pipes for Alrawaf Contracting. Notably, there are no affiliated parties involved in the deal, ensuring transparency and fair business practices.

East Pipes anticipates that the financial impact of this contract will be reflected in their performance from the third quarter of the fiscal year 2024/25 through the first quarter of 2026/27. This deal marks a significant milestone for both companies and underscores East Pipes' commitment to delivering high-quality products and services to its clients.

Source: Argaam

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