Group Five Pipe signs SAR 73.6 mln contract to manufacture, supply steel pipes

Logo of Group Five Pipe Saudi Co.

Group Five Pipe Saudi Co. signed, on Dec. 15, a contract for the manufacture and supply of spiral-welded carbon steel pipes for water uses for the construction of the water pipeline from Briman reservoirs to Quwaiza reservoirs, including the lifting station in Jeddah, at a value of SAR 73.6 million (including VAT).

The contract has a term of 894 days from the signing date, and is expected to be complete before the end of Q2 2025, the company said in a statement on Tadawul.

Group Five Pipe indicated that it is doing its best to accelerate the completion of the project according to the schedule agreed upon with the customer. The company's high production capacity will contribute positively to accelerating the completion of the project, it noted.

The financial impact of this contract is expected to reflect through Q1 2023 to Q2 2025, the statement added.

The company also noted that there are no related parties in the contract.