Ekovest says it has tender book of over RM5b worth of jobs

KUALA LUMPUR (Nov 23): Ekovest Bhd said it has a tender book of more than RM5 billion worth of jobs todate, and this is expected to keep it busy for the next three to five years.

“The company is well positioned for sustained growth with a healthy construction orderbook in hand,” Ekovest said in a statement issued after the group’s annual general meeting today.

“Having encountered a year with many challenges, with a fair balance of strength and resilience, prudence and sound enterprise risk management, the company continued to navigate their way to promote the company’s various businesses.

“With the market conditions continuing to remain competitive, the development plan that Ekovest has adhered to, is one that can sustain themselves for the long term,” added the group.

Ekovest managing director Tan Sri Lim Keng Cheng said the group had a momentous year, with the opening of the completed Duke 2, comprising the Tun Razak Link and the Sri Damansara Link.

“These two links not only provide vital connectivity with the existing Duke Highway, but will also help alleviate congestion of traffic coming in and out of the city centre.  The infrastructure business will intertwine with our development projects so as to envelope an all-encompassing transit-oriented development,” he said.

“Additionally, we are constantly reviewing and thinking of new infrastructure projects. Ekovest can and will promote ourselves to be ready to take on jobs that will benefit the whole of Kuala Lumpur.  Providing traffic solutions through world-class infrastructure is our bread and butter” he added.

On property development, Ekovest said it has six projects, with potential gross development value (GDV) in excess of RM7 billion, lined up in its 10-year development master plan.

The group also updated that it currently has a land bank of 30 acres located primarily in northern Kuala Lumpur. This, it said, will be the focus of its property division in the coming years.

Acknowledging that the construction industry is facing many challenges, Ekovest said the group has very clear vision and strategy to navigate the business to improve the efficiency.

“To address this, the management will continue to work closely with the industry and the government to continue the company’s steady performance and further deliver growth and to achieve better performance,” it said.

“Strong revival of job flows is expected in the near future, mainly boosted by the number of mega infrastructure projects in the country, and these contributions to the construction sector should not be underestimated,” it added.

Ekovest is also of the view that the government’s efforts to address the country’s housing shortage will help the property development industry continue its growth of the next coming years.

Ekovest’s share price was  unchanged at 97 sen as at 4.30pm, valuing the group at RM2.08 billion. — theedgemarkets.com

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