Eversendai eyes UK fabrication project

Posted on 01 March 2017

Source: The Star Online

Structural steel turnkey contractor Eversendai Corp Bhd is eyeing a fabrication project in the United Kingdom in its quest to further expand its businesses abroad.

Executive chairman and group managing director Tan Sri AK Nathan said the group planned to expand its business in the UK as it had the potential for the setting up of fabrication facilities.

He said the group was in the midst of talking to the clients in order to execute the fabrication job this year at the earliest.

“We can also very well use the fabrication facility in the United Arab Emirates (UAE) and export the fabricated structures to any part of the world,” he told reporters after the company’s financial announcement here.

The group, which has seven fabrication facilities, namely in Dubai, Sharjah (both United Arab Emirates), Qatar, India, Thailand, and Rawang (Selangor), is considered to be one of the largest steel contractors in the world with 234,000 tonnes capacity annually.

Meanwhile, Eversendai has to date secured eight projects worth RM801.4mil for this year, of which RM117.4mil is from the oil and gas sector, bringing its order book to approximately RM3bil.

“It will be a rosy year for the group and with the projects secured, it will keep the group busy this year,” said AK Nathan.

Some notable projects secured were a university project in Kuwait, ICD Brookfield Place in Dubai, gallery works for the Statue of Unity in India, as well as the supply and installation of piping works for the Jimah East 2x1,000MW Super-Critical Coal-Fired Power Plant, and a car assembly plant in Malaysia.

Nathan said the group was also optimistic of progressive profits projected for first quarter of 2017 on the back of newly secured projects, as well as its 45 ongoing projects in the UAE, Saudi Arabia, Qatar, Kuwait, Thailand, India, Singapore, and Malaysia.

“We are confident of achieving the RM2bil target and profit quarter by quarter this year.

“As long as we can show progressive profits quarter by quarter, the investors will have much more faith and confidence and definitely will support us as well, thus this will appreciate the overall share price,” he added. 

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