By Khairul Khalid
AK Nathan
Eversendai Corp Bhd posted a nett profit of RM14.5 million for its third quarter of financial year 2015 (3Q15), up a massive 400% year-on-year from RM2.9 million in 3Q14.
The steel construction specialist’s revenue grew 95% year-on-year in 3Q15 to RM471 million.
“The group’s revenue continues to be predominantly driven by its operations in the Middle East, which registered for 70% of its entire revenue portfolio, while the remaining revenue was derived from the steel fabrication contracts and the power plant projects in Malaysia (20.8%) and construction industry in India (9.2%),” said the company in a regulatory filing on Bursa Malaysia.
Eversendai’s total revenue and profit after tax increased to RM1.3 billion and RM51.8 million respectively for the nine-month period ended Sept 30, 2015 compared to RM694.3 million and RM20 million in the preceding year.
As of September 2015, Eversendai has secured approximately RM1.4 billion in new contracts and its order book stood at RM1.8 billion.
“The team at Eversendai has continued to focus on strong operational performance which has placed us in a good position to capitalise on the current business environment and demonstrate our capabilities.
“We will continue to focus on delivering our business goals for the last quarter of 2015 in the respective regions. For the ensuing financial year, the group will continue to actively bid for new projects while intensifying efforts to grow in existing and to diversify into new markets,” said AK Nathan, executive chairman and group managing director of Eversendai.
With over 20 ongoing projects, some of the company’s most notable project wins in 2015 include the 12 Waves Warehouse in Batu Kawan, Penang, and two separate packages at the Petronas Refinery and Petrochemicals Integrated Development project in Pengerang, Johor in Malaysia; Dhirubhai Ambani International Convention and Exhibition Centre and Statue of Unity in India; Doha Mixed Used Development theme park in Qatar and Nas Indoor Futsal and Volleyball Arena in Dubai.
Eversendai also addressed its exclusion from the list of Syariah-compliant securities released by the Securities Commission Malaysia (SC) on Nov 27, 2015.
“The contribution of non-Syariah-compliant activities to the group’s profit before tax had exceeded the required 5% threshold based on its audited results as at Dec 31, 2014. However, based on the unaudited results as of June 30, 2015, Eversendai has already complied with the said 5% threshold and targets to be reclassified as a Syariah-Compliant counter in SC’s next review,” it said.
Eversendai reassured its shareholders and stakeholders that it will continuously revisit the requirements and place relevant controls to meet the Syariah compliance requirements.
Earnings per share for 3Q15 and the group’s nett asset value per share stood at 1.88 cents and RM1.49 respectively.
At 2.35pm today, Eversendai’s shares were trading at 81 sen, down 2 sen.
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