RIYADH: Arabian Pipes Co.’s shares tumbled at the end of Sunday’s session on the news that it had been awarded a contract worth SR55 million ($41 million) by Saudi Aramco to supply oil and gas pipes. 

The pipe producer’s shares declined 2.79 percent to end the day at SR33.05 percent.

The company said the financial impact of the 15-month contract is anticipated during the second quarter and the third quarter of 2023, according to a bourse filing.

This marks the fourth contract that the pipe producer has signed with oil giant Aramco this year.

Arabian Pipes Co. was awarded a contract worth SR268 million from Aramco on Jan. 25. This was followed by another deal of SR100 million that it signed on May 22 with the oil giant to supply steel pipes for over 10 months.

It also announced that it won, on June 30, a contract worth SR58 million from Saudi Aramco to supply steel pipes.

The company currently has projects worth over SR800 million, which will enhance the company’s financial position and increase its sales in the upcoming period, it said.