BHIC bags Navy submarine job from Mindef

KUALA LUMPUR: Boustead Heavy Industries Corp Bhd’s (BHIC) wholly-owned subsidiary, BHIC Submarine Engineering Services Sdn Bhd (BSES), has bagged an award from the Defence Ministry (Mindef) Malaysia, representing the government, to award the Royal Malaysian Navy (RMN) Prime Minister Class Submarines contract worth RM43.60mil.

In a filing with Bursa Malaysia, BHIC said the contract entails the expansion of the scope of work and additional contract ceiling price for the in-service support interim for the RMN submarines.

“A formal contract between the government and BSES will be finalised and executed at a later date,” it said.

The contract will contribute positively to the earnings of the BHIC Group for the financial year ending Dec 31, 2024 (FY24).

For FY23, BHIC’s net loss widened to RM263.88mil from RM19.92mil in the previous corresponding period, while revenue dipped to RM127.36mil from RM141.76mil in the previous corresponding period. — Agencies

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