Group Five signs SAR 42.2 mln spiral steel pipes contract

Logo of Group Five Pipe Saudi Co.

Group Five Pipe Saudi Co. signed on Nov. 27 a contract with Bin Omairah Contracting Co. to supply spiral-welded steel pipes for the water project in Al Adl district, Makkah. The contract is valued at SAR 42.2 million, inclusive of value-added tax (VAT).

In a statement to Tadawul, Group Five said the contract is valid for 365 days from the date of signing, expecting to complete the project by the end of Q4 2023.

The relevant financial impact is expected to reflect on Group Five's financials during the period from Q2 2023 to Q4 2023. The capacity of the company’s lines, which amounts to 550,000 metric tons, will positively contribute to accelerating the project completion.

There are no related parties to the deal, the pipe manufacturer concluded.