Arabian Pipes wins $12mn Aramco order
Firm to deliver 385km of steel pipes from Riyadh factory in Q3 2014
Arabian Pipes has announced that it has landed a contract worth over $12.2mn (SR46mn) to supply up to 258km of welded steel pipes to Saudi Aramco.
The company said that the pipes will be produced at its Riyadh Plant and will be delivered during the third quarter of 2014.
Arabian Pipes Company made a net profit of $2.6mn in 2013, which was a 25% decline on the previous year.
The company declared a pre-tax loss of $1.8mn (SR6.8mn) for the three months to March 31, which was a 62% reduction on the same period last year.
The firm said the reduction was due to the fact that it had incurred lower costs due to the fact that its new plant at Jubail had now started production.