• Sunday , 23 June 2024

Eversendai Announces 2013 Second Quarter Results

Kuala Lumpur, 27 August 2013 – Eversendai Corporation Berhad (the “Group”), an internationally renowned and established structural steel turnkey and power plant contractor with subsidiaries in the United Arab Emirates (“UAE”), Saudi Arabia, Qatar, India and Singapore, today reported their second quarter financial results for 2013.

For the second quarter of 2013, the Group recorded a revenue and profit after tax of RM247.5 million and RM16.6million, respectively as compared to RM257.7million and RM32.3million, respectively for the second quarter of last year. The Middle East segment persists to dominate the Group’s revenue by contributing 64.8% of the total revenue from its operations in UAE, Saudi Arabia, Qatar and Oman whilst the Group’s India and Malaysia operations contributed 12.7% and 22.5% respectively to the Group’s revenue.

Tan Sri A K Nathan, Executive Chairman and Group Managing Director of the Group, said: “The financial performance of the Group for the second quarter 2013 in terms of revenue and margins may not seem to have met our expectations, however, it has to be taken into consideration that the Group has secured a few very complex fabrication projects, which has caused a delay in reflecting potentially higher revenue and profits”.

Tan Sri A.K. Nathan added, “The business environment will always be challenging and competitive. Eversendai’s expertise and extensive experience in dealing with these market conditions has helped carried us through. Through the years, we have gained invaluable and unparalleled knowledge and the capability as well as strength to be able to overcome these challenges along the way. Our strict adherence to safety, quality, and timely schedules has greatly contributed to our customers’ satisfaction and faith in us. Our strength in these areas is reflected in how they commission us with new projects time and time again.”

“We continuously strive to forge new business relationships and reach out to new markets and regions in our aim to broaden our horizon. Our recent venture into the oil and gas sector is an example of how we want to leverage on our established track record to meet the growing demand for engineering, procurement, construction and fabrication services in the oil and gas industry. We will continue to be a key player in our existing markets and we are certain that we will be able to deliver stronger results and growth” he concluded.