Quick take: Muhibbah rises after RM55.2mil contract win


KUALA LUMPUR: Shares in Muhibbah Engineering (M) Bhd edged up in early trade Wednesday after securing contracts worth RM55.2mil since July 2020.

The construction engineering company rose two sen, or 2.09% to 97.5 sen. Year-to-date, the counter has fallen 2.5%.

Muhibbah said that it had secured a three-year service maintenance contract and supply of spare parts from the Ministry of Defence, Malaysia, until July 2023.

Another contract is from the Pangkalan Bekalan Kemaman Sdn Bhd. The contract involves infrastructure and building works for a permanent jetty at the Kuala Terengganu Support Base, which is expected to be delivered this year.

Meanwhile, Muhibbah Engineering’s subsidiary, CiTech Energy Recovery Solutions (UK) Ltd, has secured a contract to supply a waste heat recovery system to Dresser-Rand do Brasil Ltda by 2022.

“The contracts are expected to contribute positively to the earnings and net assets of the group for the financial years ending Dec 31, 2020 and beyond," it said.

For the financial year ended Dec 31, 2020, Muhibbah Engineering posted a net loss of RM123.25mil on revenue of RM1.18bil.

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