Eversendai posts 286% Q3 earn­ings jump to RM20mil

The Star Malaysia - StarBiz - - News -

KUALA LUMPUR: Eversendai Corp Bhd recorded a 286% jump in third quar­ter earn­ings to RM20.83mil from the pre­vi­ous cor­re­spond­ing quar­ter on the back of rev­enue that grew 21% to RM449.3mil.

Year to date, the group recorded a net profit of RM56.7mil com­pared to a net loss of RM64.43mil in the same pe­riod last year, with rev­enue grow­ing 6% to RM1.31bil.

The group had posted losses in fi­nan­cial as­sets in the pre­vi­ous fi­nan­cial pe­riod, which re­sulted in the net loss.

Earn­ings per share for the nine months so far this year stood at 7.32 sen com­pared to a loss per share of 8.33 sen in the year-ago pe­riod.

Ac­cord­ing to Eversendai’s earn­ings an­nounce­ment, its sub­sidiaries in the Mid­dle East gen­er­ated 56.9% of group rev­enue via its struc­tural steel arm.

How­ever, it is ex­pect­ing higher con­tri­bu­tions from its oil and gas seg­ment mov­ing for­ward.

“The oil and gas seg­ment made up 16.5% of the Group’s rev­enue and it is ex­pected to grow fur­ther with the re­cent 9COM ac­cred­i­ta­tion that pre­qual­i­fies its Ras Al Khaimah yard for the fab­ri­ca­tion and con­struc­tion of Off­shore Plat­forms and Jack­ets for Saudi Aramco.

“This opens more av­enues for Eversendai to col­lab­o­rate with Saudi Aramco who is pro- jected to in­vest more than US$300bil over the next 10 years,” it said.

“Mov­ing for­ward, we are work­ing to­wards ex­pand­ing our pres­ence in Sin­ga­pore, United King­dom and Aus­tralian mar­kets. Ex­pan­sion into mar­kets with stronger currency is pro­jected to make the bot­tom line stronger,” said Tan Sri A K Nathan, ex­ec­u­tive chair­man and group manag­ing di­rec­tor.

The group has se­cured RM1.6bil new con­tracts for the year so far, bring­ing its or­der book to about RM2.7bil. The lion’s share of the con­tracts are from the Mid­dle East (44.1%), fol­lowed by In­dia (21.8%) and South­east Asia (19.1%) and the re­main­der from the oil and gas sec­tor (15%).

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