Group Five issues clarification on 3 projects awarded by Saudi Aramco

Logo of Group Five Pipe Saudi Co.

Group Five Pipe Saudi Co. issued a clarification on the award of three projects from Saudi Aramco, saying that winning the projects means that it bagged the contracts and will not make any announcements on a contract signing.

That first contract runs for seven months, and its financial impact is likely to appear starting in Q3 2023. The second contract runs for eight months, and its financial impact is expected to occur in Q1 2024, according to a statement to Tadawul.

The third contract’s period is seven months, and its related financial impact will appear in Q4 2023, the statement added.

In May, the company was awarded a contract worth SAR 847 million (VAT inclusive) from Saudi Aramco. In June, Group Five won a contract worth SAR 145.31 million (VAT inclusive) and bagged another one worth SAR 113.1 million (VAT inclusive), according to data available with Argaam.