Welspun Corp said that its associate company East Pipes Integrated Company for Industry (EPIC), in the Kingdom of Saudi Arabia (KSA), has been awarded with a contract by SWCC for manufacture and supply of steel pipes.
The contract is valued at SAR 324 million (approximately) including value added tax & the same will be executed in this financial year.
This is in addition to the recent award of an SAR 490 million contract in May 2022 and SAR 497 million contract in March 2022, both of which were also awarded by SWCC.
Saline Water Conversion Corporation (SWCC) is a government corporation that operates desalinization plants and power stations in Saudi Arabia. It is the second largest electrical provider in the country.
EPIC is Saudi Arabia's leading manufacturer of helical submerged arc welded (HSAW) pipes. The technological know-how & ability to seamlessly execute large projects positions the company as the largest and most respected pipe company in KSA and is the most preferred supplier for projects both in the water and oil & gas sector.
Welspun Corp is a one-stop service provider offering end-to-end pipe solutions.
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The company's consolidated net profit declined 22.9% to Rs 236.14 crore despite of 3.5% rise in revenue from operations to Rs 1986.56 crore in Q4 FY22 over Q4 FY21.
The scrip shed 0.50% to currently trade at Rs 209.80 on the BSE.
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