Arabian Pipes, Aramco pen $14.4mln supply deal

Aramco and Arabian pipes signed a $14 million deal where the latter will supply the giant oil company with steel pipes worth SAR 54  million.

The ten-month deal was signed on the 19th of September, according to Saudi bourse filing.

Arabian Pipes highlighted that the partnership will have a strong impact on financial results during the second quarter of 2024.

A project award worth SAR 204 million between the two companies preceded the deal.

In the first half of 2023, Arabian Pipes shifted to net profits after Zakat and tax worth SAR 46.60 million, compared to net losses amounting SAR 17.40 million in the year-ago period.

On the other hand, Aramco recorded net profits after Zakat and tax worth SAR 232.35 billion in the first half of 2023, an annual decrease of 29.52 percent from SAR 329.67 billion.