SVCP pens contract to build SAR 16.6M pipe plant

Logo of Saudi Vitrified Clay Pipes Co. (SVCP)

Saudi Vitrified Clay Pipes Co. (SVCP) signed today, Feb. 2, a SAR 16.6 million contract with WeOne General Contracting Co. to build a high-density polyethylene corrugated and spiral pipe plant (Laffan Pipe plant).

In a statement to Tadawul, the company said the contract is valid for nine months from the signing date.

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Under the deal, SVCP will carry out infrastructure works, in addition to establishing, finishing, and implementing the project. This is besides undertaking the administrative follow-up of all related services while also executing them until the project is ready for the installation of plant machinery and equipment.

The company expects the related financial impact to appear in Q1 2025. It noted that there are no related parties to the contract.