Group Five signs SAR 3B contract with SWCC

Group Five Pipe Saudi Co. signed on March 24 a 22-month contract worth SAR 3 billion, including value-added tax (VAT), with Saline Water Conversion Corporation (SWCC) for the Ras Al Khair-Riyadh water transportation system project.

The contract covers the manufacture and supply of spiral-welded steel pipes to transport Ras Al-Khair water to Riyadh, according to a statement to Tadawul.

The financial impact is expected to appear in the company’s results starting in Q3 2024, the statement added. There are no related parties to the deal.

SWCC awarded Group Five the contract in November 2023, according to data available on Argaam.