East Pipes signs SAR 497 mln contract with SWCC to supply steel pipes

Logo of East Pipes Integrated Company for Industry

East Pipes Integrated Company for Industry signed, on March 28, a contract with Saline Water Conversion Corporation (SWCC) to supply steel pipes for water use at a total value of SAR 497 million, including value-added tax (VAT), the pipe manufacturer said in a statement to Tadawul.

The contract was awarded on Jan. 6, 2022, before the company’s listing in the Saudi market on Feb. 14, and is valid for one year.

The contract’s financial impact is expected to show in the fiscal year 2022-2023, East Pipes added, noting that there are no related parties to the deal.

On March 6, the pipe manufacturer announced signing an Islamic facilities agreement with Bank Albilad at a total value of SAR 500 million to finance the working capital of a project, Argaam earlier reported.