Group Five Pipe signs SAR 337.9 mln supply contract for Makkah project

Logo of Group Five Pipe Saudi Co.

Group Five Pipe Saudi Co. signed a contract with Mutlaq Al-Ghowairi Contracting Co. to supply spiral-welded steel pipes for the strategic reservoirs project in Makkah (Package B). The contract is valued at SAR 337.9 million, including value-added tax (VAT).

In a statement to Tadawul, the company said the contract was signed on April 14 and has a duration of 365 days, from the date of signing.

Group Five Pipe expects to complete the implementation before the end of Q1 2023.

The company’s production capacity and capacity of its production lines – 550,000 metric tons –will help accelerate the completion of the project.

The financial impact is expected to reflect in the 2022-2023, the statement said, noting that there are no related parties to the contract.