The Arab Pipe Company (Anabeeb) announced that it had won a contract to supply pipes in favor of Saudi Aramco, with an estimated value of about 155 million riyals from the company's factories.
And (Anabeeb) said in a statement to the Saudi market (Tadawul), today, Sunday, that the term of the contract with Saudi Aramco is 15 months.
(Anabeeb) explained that the financial impact of the contract signed with Saudi Aramco and the period that will be reflected on it will be during the second and third quarters of the fiscal year 2023.
And (Anabib) reported that the total value of the existing projects exceeds 800 million riyals; Which will contribute to the continuation of the company's business during the coming period, improve sales and support the company's financial position during the coming period.
(Anabeeb) incurred losses in the second quarter of this year, amounting to 4.2 million riyals, compared to losses in the same period last year, which amounted to 13.1 million riyals, with a decrease in losses of 68%.
The losses of (Anabeeb) in the first half of this year amounted to 17.5 million riyals, compared to losses of about 12.1 million riyals for the same period of the previous year, an increase in losses by 44.6%.
