Logo of Group Five Pipe Saudi Co.
Group Five Pipe Saudi Co. signed, on Nov. 6, a contract worth SAR 44.2 million, including value-added tax, with Alkhorayef Water & Power Technologies Co., according to a statement to Tadawul.
Under the contract, Group Five will supply spiral-welded steel pipes for water use to the fifth phase of Dammam water improvement project that is owned by the National Water Co.
The project is an extension of the water ring line on Dammam borders, which will improve the quality of desalinated water.
The contract is effective for 540 days from the signing date and the project will be completed before the end of Q2 2024.
The relevant financial impact will reflect on Group Five's financials starting from 2023 until Q2 2024. The capacity of the company’s lines, which amounts to 550,000 metric tons, will positively contribute to accelerating the project completion.
The deal does not have any related parties, the statement added.
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