Group Five Pipe Saudi Company Secures SAR 34 Million Deal with Aramco
Group Five Pipe Saudi Company has formalized an agreement with the Saudi Arabian Oil Company (Aramco) in a deal valued at over SAR 34 million, as confirmed by a recent bourse disclosure.
This bilateral contract, set to span two months, will see Group Five Pipe Saudi undertake the manufacturing and delivery of spiral-welded steel pipes specifically designed for a prominent Aramco project situated in the Eastern region of Saudi Arabia.
The financial ramifications of this collaboration are expected to manifest in Group Five Pipe Saudi's financial performance for the third quarter (Q3) of 2024.
Notably, the company's recent successes add to its portfolio, having secured two project contracts in November 2023, collectively valued at SAR 3.20 billion.
The momentum appears to be in favor of Group Five Pipe Saudi, as it transitioned from reporting net losses amounting to SAR 18.73 million in the first half (H1) of 2022.
Fast forward to H1 of 2023, the company marked a notable turnaround, registering a profit of SAR 9.67 million.
This positive trajectory is further underscored by a staggering 433.40% year-on-year (YoY) surge in revenues, reaching SAR 311.48 million in H1-23, a significant leap from the SAR 58.39 million reported previously.