Upon the 15-month deal, Saudi Steel Pipe will provide Aramco with oil and gas steel pipes, according to a recent bourse filing.
The steel manufacturer expected that the agreement would reflect on its income statements during the second quarter (Q2) of 2023 as well as Q3-23.
At the end of June 2022, the two parties signed a supply contract at a total value of SAR 58 million.
During the first half (H1) of 2022, Saudi Aramco generated SAR 329.67 billion in net profit, an annual hike of 86.35% from SAR 176.91 billion. Revenues widened by 76.08% year-on-year (YoY) to SAR 1.02 trillion in H1-22 from SAR 584.43 billion.