East Pipes seals 2 contracts worth SAR 125 mln

Logo of East Pipes Integrated Co.

East Pipes Integrated Company for Industry signed today, Oct. 31, two contracts worth a combined total of almost SAR 125 million with two Saudi-based firms.

The first contract is for the manufacturing and supply of steel pipes (HSAW) for Al-Rashid Trading & Contracting Co., at an estimated value of nearly SAR 75 million (inclusive of VAT), according to a bourse statement.

The aforementioned deal is valid for 5.5 months, the pipe manufacturer added, indicating that there are no related parties.

The other contract, worth approximately SAR 50 million, was signed with Alishar Contracting Co. for carrying out external coating works for the latter’s spiral water line pipes. It will last for five months.

The relevant financial impact of the two agreements is set to show in FY 2022/2023, East Pipes noted.