Eversendai secures new contracts worth RM288m


EVERSENDAI Corp Bhd has secured contracts worth RM288 million in the United Arab Emirates (UAE), Saudi Arabia, India, Singapore and the Netherlands.

The structural steel specialist bagged three new jobs in India which include structural steel works for three commercial building towers in Hyderabad, as well as an airport main terminal building and an ITC boiler structure in Chennai, India.

The breakdown of each contract value was not disclosed by Eversendai in its exchange filing yesterday.

The company will also undertake structural steel works for the Saudi Pavilion designed for the Dubai Expo 2020 in Dubai, UAE, and a suspension bridge project in King Abdullah Financial District, Saudi Arabia.

Another breakthrough project for Eversendai is the engineering and fabrication of a jacket and piles contract in the Netherlands.

The new wins also include a data centre project in Singapore, the company said.

“It is a testament to the unique offering that Eversendai brings to the market. It resonates strongly with both our clients and staff; focusing on discipline, operational excellence and continuity,” Eversendai executive chairman and group MD Tan Sri AK Nathan (picture) said in the statement yesterday.

“We are delighted with these contracts and the effect upon the group’s development,” he added.

The contract awards further establish Eversendai as an industry leader in undertaking complex turnkey structural steel works for high-rise buildings, composite structures, long span structures, bridges and industrial plants across the globe.

The group’s current outstanding orderbook stands at RM2.39 billion.

In April, Eversendai was awarded three new projects with a combined value of RM196 million in Abu Dhabi, UAE and Qatar.

The job in Abu Dhabi involves a museum project, while the contract in Qatar was for structural steel works on two high-rise building projects.

For the second quarter ended June 30, 2019 (2Q19), Eversendai’s net profit fell 22.14% year-on-year (YoY) to RM8.37 million as revenue contracted by 2.53% YoY to RM379.89 million.

Eversendai attributed the decline to losses incurred at its mechanical fabrication, installation and modularisation segments.

The counter closed four sen or 10.13% higher to 43.5 sen yesterday on the contract win news, giving it a RM339.74 million market capitalisation.