East Pipes Integrated Company for Industry has successfully entered into a substantial agreement with Saline Water Conversion Corporation (SWCC), surpassing SAR 1 billion, inclusive of value-added tax, reports Zawya.
As part of the deal, the company will undertake the manufacturing and supply of steel pipes to SWCC for a duration of 30 months, as detailed in the official bourse filing.
Emphasizing the significance of this collaboration, East Pipes Integrated has indicated that the financial implications of the contract will be reflected in its income statements from the first quarter (Q1) of the financial year (FY) 2024/2025 through Q2-26/27.
In a previous development, East Pipes Integrated sealed a SAR 170 million agreement with the Saudi Arabian Oil Company (Aramco) in December 2023.
However, during the first half (H1) of FY23/24, East Pipes Integrated experienced an 85.56% decline in net profits after Zakat and tax, reporting SAR 2.23 million compared to SAR 15.45 million in the corresponding period of the previous year.
