Group Five signed contract to supply spiral steel pipes for project in Makkah at SR42.15 mln

Group Five Saudi Pipes Company announced on Monday the signing of a contract for the supply of spiral welded steel pipes for water uses for the third ring supply project in Al-Adl area in Makkah Al-Mukarramah, which is owned by the National Water Company. The value of the contract is about SR42,154,868, including value-added tax.
The company said in a statement on Monday on Tadawul that the contract period is 365 calendar days asof the date of signing, and the implementation is expected to be completed before the end of the fourth quarter of 2023.
It explained that given the production and absorptive capacity of the company’s production lines, which amounts to 550,000 metric tons, which will positively contribute to accelerating the completion of the project, it is expected that the financial impact of this contract will be reflected in the second quarter of the fiscal year 2023 until the fourth quarter of the year 2023.