Group Five Pipe signs SAR 36.9 mln contract to supply spiral steel pipes

Logo of Group Five Pipe Saudi Co.

Group Five Pipe Saudi Co.  signed, on Dec. 21, a contract with Civil Works Co. Ltd. (CWC) to supply spiral-welded carbon steel pipes for Dammam's water quality improvement project. The contract is valued at SAR 36.87 million, including value-added tax (VAT).

The contract is valid for one year from the signing date, and is expected to be completed by Q4 2023, the company said in a statement on Tadawul.

Group Five Pipe indicated that it is doing its best to accelerate the completion of the project, according to the schedule agreed upon with the customer. The company's high production capacity will contribute positively to accelerating the completion of the project.

The related financial impact is forecast to show between the first and fourth quarters of 2023.