Saudi Pipe Company won contracts to supply steel pipes for oil and gas to Tenares Global Service in Uruguay, worth 105 million Saudi riyals.
The company said in a statement to Tadawul Saudi Arabia, today, Wednesday, that the contracts were awarded and signed on November 8 for a period of 8 months.
The financial impact of these contracts is expected to be reflected in the fourth quarter of fiscal year 2023 and the first half of fiscal year 2024.
The net profit of the Saudi Steel Pipe Company increased by 125.8% to 37.92 million riyals during the third quarter of this year, compared to 16.79 million riyals in the same quarter of last year.
The company explained that the reason for the growth in net profit for the third quarter is due to the increase in gross profit to 63.54 million riyals in the third quarter of 2023 AD, compared to 30.36 million riyals in the third quarter of 2022 AD, as a result of the increase in sales volume, which is mainly due to the consolidation of the results of the International Pipe Company “International Pipes.” The sales mix improved.
Other revenues rose to 5.21 million riyals in the third quarter of 2023 from 0.67 million riyals in the third quarter of last year.