• Sunday , 23 June 2024

Eversendai Corporation Berhad’s 9th Annual General Meeting

Malaysia, 19 June, 2012 – Eversendai Corporation Berhad (the “Group”), a leading and well established integrated structural steel turnkey & power plant contractor, held its 9th Annual General Meeting (AGM) on 19 June 2012 (Tuesday) at Mahkota III Ballroom, Hotel Istana, Kuala Lumpur.

At the AGM, Eversendai reported record results with Total Revenue of RM 1,033.7 million for the full year 2011. Delivering the best results in its history vindicates Eversendai’s strategic focus on deepening business partnerships, prudent financial management and on-going staff development.

The 2011 results mark a further improvement on the previous record results of 2010. Revenues for the Group increased by 38.8% from RM744.93 million in 2010 to RM1,033.7 million for the full year 2011. Supported by this growth in revenue, PATAMI increased by 2.3% from RM116.7 million in 2010 to RM119.5 million in 2011. This provides an affirmation on the Group’s strategies and commitment to meet its vision and mission which focuses on timely completion of projects, without compromising on quality and safety.

According to Group Chief Operating Officer, Rohan Raj, “The underlying fundamentals of our industry and particularly in the markets that we operate in remain very sound, with countries in the region continuing to roll out infrastructure projects, spurred on by the increasing trend of urbanisation in Asia. In the Middle East, India and in Malaysia, there is a healthy pipeline of potential commercial projects which we are actively pursuing. While continuing to grow our business in the Middle East, Malaysia and India are the other focus markets of the company’s growth ambitions.”

“The Group is also strategically leveraging on its experience and reputation to gain business in the neighbouring Commonwealth of Independent States (CIS) countries and in the ASEAN region. The global macroeconomic outlook is evolving as events, especially in Europe, unfold. However, the underlying economic and political fundamentals of our existing key and target markets remain sound with countries in the region continuing to roll out infrastructure projects in line with their overall long-term urbanisation and development plans,” he added enthusiastically.

During the event, the Executive Chairman and Group Managing Director, Dato’ A K Nathan made a pleasant announcement that a first and final single tier dividend of 1 sen per share will be paid out for the benefit of the shareholders. This is in line with the strong financial results posted for 2011 and also a commitment to continue to enhance shareholders value.

“We finished 2011 with momentum and are well positioned for a stronger 2012 by undergoing a transformation which includes power plant installation works in an effort to diversify our expertise,” announced Dato’ A K Nathan.

“Our strategy has always been focused on a well-spread business across different geographies. We have been very successful in the Middle East which has taken us far and beyond over the years, yet we have not side-lined our home ground in tapping more business opportunities in the country. These are exciting times for the industry and more for the Group, and we are determined to remain focused and driven to achieve our business objectives that eventually propel the country’s economic growth,” he further added unreservedly.

“Furthermore, we are also on the lookout for gainful merger and acquisition opportunities of interrelated businesses that will contribute to both our turnover and profitability,” he opined while adding that the Group is closely monitoring on building strategic alliance with its existing clientele in Asian countries.

The AGM was on schedule with the second half of the session dedicated solely to put forward the 9 Resolutions, for the approval by the shareholders and proxies.