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Tuesday, November 24, 2015

Eversendai bags RM316m worth of contracts

KUALA LUMPUR (Nov 23): Eversendai Corp Bhd ( Valuation: 2.00, Fundamental: 0.80) has bagged a string of new engineering and construction contracts both foreign and domestic, worth RM316 million.

In a statement posted on Bursa Malaysia today, the engineering and construction services specialist said the contracts were secured through its subsidiary companies in Qatar, India and Malaysia.

Without disclosing the value for each individual contract, Eversendai said the first contract was for the structural steel roof construction of a theme park at the Doha Oasis Mixed Use Development.

"The theme park will occupy the central area of the podium and will accommodate 26 or more different rides and attractions," it said, adding that the project will demonstrate the strength of Qatar’s ever-evolving construction and infrastructure market.

Secondly, Eversendai had also bagged a contract for the structural steel works of the Statue of Unity in Gujarat, India — a tribute to Sardar Vallabhbhai Patel — a visionary leader and statesman hailed as the Iron Man of India, due to his pivotal role in the country's struggle for independence and subsequent integration.

According to the group, the project which features the construction of an iconic 182 meter tall statue, is expected to be completed by July 2017.

On the local front, Eversendai said it secured three contracts for two separate packages at the Petronas Refinery and Petrochemicals Integrated Development (RAPID) project in Pengerang, Johor.

It added that the first contract consists of the fabrication and supply of structural steel for a refinery package and is expected to be completed by September 2016.

The other two contracts are for a Steam Cracker Complex (SCC), of which the group targeted to complete the works for these packages in December 2016 and August 2018, respectively.

Commenting on the new winning, Eversendai executive chairman and group managing director Tan Sri A K Nathan said the latest win brings the group's projects secured for the year to RM1.5 billion.

“We are pleased to have secured these contracts and to continue being involved in globally prominent projects," he said, adding that the group looks forward to securing more projects in the very near future, given its extensive experience and enviable reputation.

According to him, the group will continue to aggressively pursue a substantial number of commercial and infrastructure projects in the Middle East, India and Malaysia.

"Qatar looks to be one of our brighter markets, with its unprecedented development in recent times. We take great pride in being part of the country’s development, after having successfully managed and executed many large scale projects prior to this.

"As we continue to move to new frontiers, we also view the Statue of Unity contract as an achievement, as India is expected to be a booming market for Eversendai in the coming years, and this win allows us to strengthen our position for future contracts," he added.

Shares in Eversendai fell 0.5 sen or 0.57% to trade at 87 sen as at midday break today, giving it a market capitalisation of RM669.42 million.

(Note: The Edge Research's fundamental score reflects a company's profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)

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