Arabian Pipes wins supply contract with Saudi Aramco
Arabian Pipes has won a contract worth over $12.2 million (€8.7 million) to supply Saudi Aramco with up to 258km of steel welded pipes.
The pipes will be produced at the company's Riyadh Plant for delivery during Q3 of this year.
Arabian Pipes reports that it made a net profit of $2.6 million in 2013, a 25% decline on the previous year.
The company also declared a pre-tax loss of $1.8 million for the three months ending on 31 March, which was a 62% reduction on the same period last year.
According to the firm, the reduction was due to the fact that it had incurred lower costs as its new plant at Jubail had now started production.