• Sunday , 23 June 2024

Eversendai’s First Half Financial Result Looks Towards Greater Returns in 2017

Kuala Lumpur, August 28, 2017 – Eversendai continues to build revenue and profit in a steady increment. The Group showcased a 18% increment in revenue compared to the immediate last quarter, which are RM465.9 million and RM396.0 million respectively. The Group recorded RM421.6 million on corresponding quarter in 2016. As of June 30, 2017, Eversendai logged a cumulative revenue worth RM861.8 million which is comparable to the corresponding timeline in 2016 where it recorded RM862.3 million. The Group also records RM22.8 million as profit after tax as of June 30, 2017 for the second quarter of 2017 which is 29.5% higher, compared to the immediate last quarter of the year. It also records cumulative profit after tax for the first half of 2017, as RM40.4 million.

Eversendai, who is synonym to iconic steel structures around the world, anchors a large portion of its business in the United Arab Emirates (UAE) that also contributes to the greater part of its revenue. For the period ended June 30, 2017 business in the UAE contributed 56.4% equivalent to RM485.9 million, to the Group’s total revenue while business in home ground Malaysia contributed 11.4% to the revenue. The Oil and Gas sector contributed 15.9% to the total revenue of this quarter. Business in the Indian Subcontinent contributed 13.9% to the Group’s revenue. The remaining revenue comes from operations in Singapore and Thailand.

To date the Group has secured RM1.38 billion worth of projects from early 2017 bringing its order book up to RM2.7 billion. The Group’s bastion stands in the Middle East with this region bringing in 46.3% of the order book while 20.5% comes from Malaysia. 21.7% comes from India and the remaining 11.5% is from the Oil and Gas segment. The Group is working on a few other significant projects and is confident it will be announcing them in the nearest future.

On 15th August 2017, the Group proposed to undertake a private placement of up to 10% of the Group’s total issued shares excluding treasury shares of 77,389,900 new ordinary shares. Overall the Group performed much better than its corresponding half year in 2016, moving forward with full confident in fulfilling its aim towards ending the year 2017 on a positive high.