Riyadh – Mubasher: East Pipes Integrated Company for Industry and Saudi Arabian Oil Company (Aramco) inked a contract at a value exceeding SAR 153 million.

East Pipes Integrated will manufacture and supply steel pipes to Aramco for eight months,  according to a bourse disclosure.

Both the awarding and signing dates of the agreement were 30 November 2023.

The contract will reflect on East Pipes Integrated’s income statements in the first quarter (Q1) of fiscal year (FY) 2024/2025 and Q2-24/25.

Last May, the two listed companies joined forces for a SAR 93 million supply deal.

In the first half (H1) of FY23/24, the net profits after Zakat and tax of East Pipes Integrated plunged by 85.56% to SAR 2.23 million from SAR 15.45 million in H1-22/23.