KUALA LUMPUR (Sept 3): Bina Puri Holdings Bhd secured a RM94.94 million construction contract within Petroliam Nasional Bhd's (Petronas) refinery and petrochemical integrated development (RAPID) project in Pengerang, Johor.
In a statement to the exchange today, Bina Puri (fundamental: 0.15; valuation: 2.6) said it would build a steam cracker facility within RAPID. Bina Puri said it clinched the steam cracker project from Toyo Engineering & Construction Sdn Bhd.
“With the latest award mentioned above, the Group’s unbuilt book order stands at RM2.72 billion as at to date. With this award, we have managed to secure RM933 million projects in 2015. We are still actively tendering for various projects both locally and overseas. We hope there will be more new projects before year end.
“The said project is expected to contribute positively to the net assets and earnings of Bina Puri Group for the financial year ending December 31, 2016,” Bina Puri said.
In a separate statement, Bina Puri group executive director Matthew Tee said the contract marked the builder's first sizeable construction project in the oil and gas sector.
Tee said the 27-month project beginning January next year would include earthwork, foundation for equipment, and fire proofing.
“It is testament to the group’s versatility and competency in using advanced construction techniques that meet the exacting requirements of the scope of work.
“The group is still actively tendering for various projects, both locally and overseas, and it hopes to secure more new projects before year end,” he said.
At 3.14pm, Bina Puri shares rose 0.5 sen or 1.4% to 36 sen, giving the company a market capitalisation of RM78.3 million.
The stock saw 161,000 shares done.
(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)