Eversendai secures RM1.3b worth of jobs for 2017

KUALA LUMPUR (May 16): Steel construction outfit Eversendai Corporation Bhd said it has secured projects worth RM557.6 million to-date, bringing a total of RM1.3 billion projects secured for the year 2017.

In a statement today, Eversendai said it has been executing projects in India from 2009 and has over the years meticulously learned the intricacies of doing business in the sub-continent.

It said this has culminated in a successful year for the group here in 2016 with future projection looking very promising for making inroads and improving profits through capitalising on significant projects.

Eversendai executive chairman and group managing director Tan Sri A K Nathan said India continued to be a focal point for Eversendai as the country continues to push construction as part of its rapid economic growth.

"We are continuously establishing ourselves as a niche steel contractor for highly complex landmark projects.

"India has great opportunities for the group to increase our presence and steadily position ourselves here in raking in multiple of infrastructure developments. Our corporate decision to spread our services in India has proven to be a right decision as we see a rise in the number of project winnings here recently," he said.

Nathan said one of the prominent projects secured in India for 2017 is a project with Piramal Realty, a real estate development arm of the Piramal Group, one of India's leading business conglomerates.

He said Eversendai was awarded the ultra-modern Piramal Revanta project, projected to be the next referral icon in the Mumbai Skyline.

Nathan said this was part of five other projects the group secured in India which brings an accumulative total of RM356.9 million.

He explained that the other projects secured in India include a residential development, a start-up incubator complex for entrepreneurs and an office building project.

Meanwhile, he said the remaining RM200.7 million project wins came from the Middle East, which still continue to contribute significantly to the group's business.

He said some of the key projects that have been secured in the Middle East are a museum project, an office tower and a metro station.

Nathan said while the oil and gas segment recovers, Eversendai continues to win new projects progressively in most of the regions in which it is operating.

"The group continues in keeping all seven of our fabrication facilities busy and [is] confident [of] delivering significant number of projects for the year 2017, staying focused on our target to contribute significantly to the revenue and profitability [of] the group," he said.

At the midday break today, Eversendai fell 7.45% or 7 sen to 87 sen with 7.69 million shares traded. — theedgemarkets.com

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