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.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 46
Cxense type: free
User access status: 3

Next In Business News

EXPLAINER-Why is India losing sleep over record high palm oil and other vegetable oil prices
Palm price gains more than 6% on bargain-hunting, soyoil strength
US IPOs hit annual record in less than six months
Wall Street ends down as data spooks investors awaiting Fed report
Oil up nearly 2% to multi-year highs on demand expectations
BCorp goes on consumer path
Emirates gets government aid after pandemic leads to huge loss
Solid comeback by banks
Luno Malaysia achieves RM4.2bil in crypto transactions
Vaccination key to National Recovery Plan

Stories You'll Enjoy