Eversendai targets jobs worth RM10b

by JF Mon 10 Jun 2013, 11:07

GLOBAL REACH: Company sees opportunities aplenty in Middle East and Singapore, among others

Structural steel turnkey and power plant contractor Eversendai Corp Bhd is bidding for projects worth about RM10 billion, some of which are construction jobs in Singapore.

Executive chairman and group managing director Tan Sri A.K. Nathan said Eversendai is also bidding for projects in Azerbaijan, Saudi Arabia, Qatar, Oman, Dubai, Abu Dhabi and Sri
Lanka.

He said Eversendai is focusing on Singapore after a long absence because of the number of building projects that are coming up.

“There is huge amount of opportunity to build iconic structures, especially in Singapore, Saudi Arabia, Qatar and Azerbaijan,”

Nathan told Business Times in an interview.

The group’s order book stands at RM1.6 billion, which will keep it busy for the next two years. Most of the current projects are in the Middle East, with Malaysia making up only 25 per cent.

This year alone, Eversendai has won contracts worth around RM500 million.

“The current scale of our order book will provide excellent visibility of future revenue stream for the group. We are confident of a robust 2013,” he said.

Since its set-up more than 30 years ago, the company has completed more than 120 notable jobs worth billions of ringgit in Malaysia, Singapore, the Middle East, the Philippines,
Indonesia and Thailand.

Eversendai’s maiden project in Singapore was a job in 1988 to fabricate and erect structural steel work for the Singapore Indoor Stadium.

Following the project, the company was awarded contracts for the Pulau Seraya Power Station Stage II, the amphitheatre for the
Jurong Bird Park and the 66-storey Republic Plaza.

The Main Market-listed Eversendai is 70.52 per cent-owned by Nathan while the Employees Provident Fund has a 8.85 per cent stake.

Nathan said the company is on track to hit its RM2 billion revenue target by 2017.

For fiscal year 2012, it posted a net profit of RM121.5 million on revenue of RM1.02 billion.

Eversendai reported a net profit of RM23.7 million for the first quarter ended March 31 2013 on revenue of RM243.2 million.

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