G5PS lands contract for $800m water project
01 December 2023
Group Five Pipe Saudi Company (G5PS) has announced that it has secured a key contract from Saline Water Conversion Corporation (SWCC) for the Ras Al Khair Water Transportation System Project being implemented at a cost of more than SR3 billion ($800 million).
The project scope includes manufacture and supply of spiral-welded steel pipes for the project in Riyadh, said Group Five Pipe in its filing to the Saudi bourse Tadawul.
The top spiral pipes company in the Middle East region also secured a similar contract from Saudi oil giant Aramco in June.
Earlier, the Group Five Pipe Saudi had announced solid results for the first six months with its revenue surging to SR311.5 million from SR58.4 million, while its net profit stood at SR9.67 million.
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