• Sunday , 23 June 2024

Eversendai announces 2014 fourth quarter results

Kuala Lumpur, February 26, 2015 – Eversendai Corporation Berhad, a provider of specialist engineering and construction services today reported its fourth quarter and unaudited results for the financial year ended 31 December 2014.

The Group reported a revenue and profit after tax of RM308.5 million and RM16.4 million, respectively, for the quarter ended 31 December 2014, as compared to the corresponding quarter ended 31 December 2013 of RM238.3 million and a loss of RM9.3 million. The increase in revenue and profit after tax is due to the positive contribution from the new Oil & Gas division.

For the year ended 31 December 2014, the Group registered a revenue and profit after tax, which stood at RM1,002.8 million and RM36.4 million respectively, as compared to RM965.1 million and RM32.7 million for the year ended 31 December 2013.

With over 15 significant on-going projects, the Group’s revenue continued to be dominated by its operations in the Middle East, which has accounted for 67% of the Group’s revenue during the current financial period. Amongst the new key projects secured in the Middle East were the construction of 2 units of liftboats in Ras Al Khaimah; Nas Arena in Dubai, New Jet Propulsion Centre in Saudi Arabia; Gabbro Terminal expansion project, Mall of Qatar and Khalifa Olympic Stadium in Qatar. The Group’s remaining revenue was derived from the steel fabrication contracts as well as the power and petrochemical plant projects in Malaysia (24%) and construction industry in India (9%).

The Group’s order book currently stands at RM1.4 billion, and apart from the projects in the Middle East, other prominent on-going projects include the 1,000MW Tanjung Bin Coal-Fired Power Plant, 12 Waves Warehouse and Terengganu Gas Terminal (TGAST) Project – Phase 2, in Malaysia; J3 project, Worli Mixed Use Development and Dhirubhai Ambani International Convention and Exhibition Centre (DAICEC) in India.

Tan Sri A K Nathan, Eversendai Corporation Berhad’s Executive Chairman and Group Managing Director, said, “We are pleased to report that for the financial year ended 31 December 2014, we have recorded a higher revenue and profit after tax as compared to 2013. We acknowledge that 2014 has been a challenging year marked with increasing competition and cost pressure. However, we are optimistic that we could look forward to a brighter financial year in 2015 and onwards. We will strive to achieve our ambition of continuously growing the business; our endeavour into the oil and gas sector is a reflection of our aspiration to leverage on our expertise and track record to meet the growing demand for engineering, procurement, construction and fabrication services in the industry”.

He concluded by saying, “The past two years have not been an easy journey for the Group, but it has definitely strengthened us as an organisation and we will continue to uphold our core values. We are determined to maintain our reputation in the global construction industry, as the market prospects improve in the regions where we have presence. We believe our commitment to our clients combined with our resilient, skilled and dedicated workforce shall continually provide us with the confidence to deliver excellence”.