The Arab Company for Saudi Pipes was awarded a contract for roughly $27 million to supply pipes to Saudi Aramco.
The contract length is 10 months, according to a statement made on the Saudi “Tadawul” website by Arabia for Saudi Pipes.
The contract’s financial impact would be recognized in the first and second quarters of the fiscal year 2023, according to the company.
The company’s business statistics for the first quarter of 2022 revealed that it made $3.9 million in profits by the conclusion of the first quarter.
In comparison, losses of $2.3 million were reported during the same period the previous year.
The Saudi pipeline revenues were increased by nearly 100 percent in the first quarter of 2022, reaching $49.1 million.
It had 24.7 million dollars in the same period the previous year.