Group Five Pipe Saudi Lands SAR 176M Water Project Contract

Group Five Pipe Saudi Co. has officially entered into a contract agreement with Esnad Al Turuq Contracting Co. valued at SAR 176 million. Under the terms of the deal, Group Five is tasked with the manufacturing and supply of steel pipes for the Ras Al Khair-Riyadh water transmission project. The company disclosed the agreement in a filing to the Saudi Exchange, confirming that the contract spans a duration of 14 months. Group Five expects the financial impact of this transaction to be reflected in its financial statements throughout the 2024 and 2025 fiscal years.