The Saudi Steel Pipe Company (Saudi Anbeeb) won a contract to supply steel pipes for oil and gas to Saudi Aramco worth 138.6 million riyals.

The company said in a statement to the Saudi Tadawul on Wednesday that the contract was signed on May 15, 2024, and has a duration of 12 months, expecting that the financial impact of this contract will be reflected in the first and second quarters of 2025.

The net profit of the Saudi Steel Pipe Company (Saudi Pipe) jumped by about 11.6 times to 76 million riyals in the first quarter of 2024, compared to 6 million in the same quarter of 2023.

The Saudi Steel Pipe Company manufactures and sells steel pipes in the Kingdom of Saudi Arabia and internationally, and operates through the steel pipe and processing equipment sectors.

The Steel Pipe Sector manufactures welded steel pipes, using high-frequency induction welding, galvanizing, coating, threading and bending of pipes used in the oil, gas, water, industry and construction sectors.

Its Process Equipment segment designs, manufactures, assembles and maintains heavy process equipment; For use in the oil and gas, power generation, water desalination, mining, solar energy and marine plant sectors.

The company also produces galvanized and threaded steel pipes, pipes with a three-layer polyethylene, polypropylene and epoxy coating, bent pipes of various diameters and space frame, as well as submerged arc welded pipes.

In addition, the company is engaged in the wholesale trade of iron and steel tubes and hollow shapes, ferrous and non-ferrous metal pipes, and other metal accessories such as locks, hinges and other hand tools, and also offers building materials and metal materials.