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

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Sarawak on sustainable growth trajectory
Sound growth prospects for Bursa-bound Ocean Fresh
OSK Holdings’ capital financing set for solid growth
StanChart, CGC sign portfolio guarantee deal
Rakuten unveils Raku-Invest to ride on US bull market
Ikea fine-tunes supply chain to raise sustainability
Subsidy rationalisation to weigh on sector
Top Glove expects global demand recovery
TM’s data centre deal with Singtel a win
Binastra unit wins RM314mil job in Sabah

Others Also Read