Welspun Corp bags order worth SAR 490 million from SWCC

2 Jun 2022 , 12:02 PM

Welspun Corp Limited’s associate East Pipes Integrated Company for Industry, Saudi Arabia’s leading manufacturer of Helical Submerged Arc Welded (HSAW) pipes, has signed a new key contract with the Saline Water Conversion Corporation (SWCC). The order is valued at SAR 490 million, for the supply and delivery of steel pipes for a water transmission project.

This order is received after the company got awarded an order of SAR 497 million contract in March 2022, for a similar nature project, also by SWCC.

The project is estimated to be completed within a period of 12 months with the financial impact reflecting in East Pipes’ financial statements in 2022/2023.

“The current infrastructure sector and economic environment in the Kingdom is contributing to growth, and East Pipes anticipates an elevation in demand resulting from a large pipeline of projects over the next 2 to 3 years, thus achieving a robust performance for the company in the medium term,” commented Mohammed Al Shaheen, Chief Executive Officer at East Pipes.

At around 12.07 AM, Welspun Corp was trading at Rs 228 down by Rs 1.9 or 0.83% from its previous closing of Rs 229.90 on the BSE. The scrip opened at Rs 232.50 and has touched intraday high and low of Rs 233.70 and Rs 225.65 respectively.