Yesterday, Sunday, the East Integrated Pipes Company for Industry announced the signing of two contracts with NEOM and Petrojet, for a total amount of 569 million riyals, including value-added tax.
East Pipes said in two separate statements on Tadawul, yesterday, that the first contract with NEOM is worth 373 million riyals, and for a period of 12 months, for the supply of pipes for water transmission lines, explaining that the contract will show its financial impact starting from the first quarter of the year 2023/2024.
East Pipes added that the second contract is with Petrojet, at a value of 196 million riyals, for a period of 8 months, for the supply of steel pipes, explaining that the contract will show its financial impact in the first and second quarters of the year 2023/2024.
The profits of East Pipes witnessed a large jump of 1113.5% in the six months ending on September 30, 2022, to reach 15.46 million riyals, compared to profits of 1.27 million riyals in the same period of 2021.
