“Saudi Pipes” wins contracts to supply pipes in Uruguay with 52.4 million riyals
Saudi Pipes Company announced that it has won contracts to supply steel pipes for oil and gas to Tenars Global Service in Uruguay, with an estimated value of 52.4 million riyals.
The company said in a statement posted on the Saudi market website, “Tadawul”, that the contract term is 3 months.
It expected that the financial impact of this contract will be reflected in the first quarter of the 2022 fiscal year.
The preliminary financial statements of the Saudi Steel Pipe Company “Saudi Pipes” revealed an increase in its net profit after zakat and tax by 66% in the third quarter of 2021 to 15.92 million riyals, from 9.58 million riyals in the same quarter of 2020.
On a quarterly basis, the company turned to profits during the third quarter of 2021, compared to losses of 8.08 million riyals in the previous second quarter.
The increase in net profit in the third quarter is due to the growth in profit from discontinued operations to 19.21 million riyals from 60,000 riyals in the comparable period of last year, mainly due to the profit realized from the sale of the main operating assets of the wholly owned subsidiary, Titanium and Steel Industries Co. Ltd.