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 SAR3 billion ($800 million).

 

The project scope includes manufacture and supply of spiral-welded steel pipes for the Ras Al Khair 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 SAR311.5 million from SAR58.4 million, while its net profit stood at 9.67 million.

 

A major player in the region, G5PS was set up in 2001 as a joint venture between South African companies Group Five Construction, Marine Civil and Al Qahtani Group of Companies. 

 

Today, it boasts five production lines across the kingdom that have an annual capacity to 500,000 metric tons of pipe.-TradeArabia News Service