KUALA LUMPUR (March 16): Eversendai Corporation Bhd has secured two new construction contracts worth RM246 million in Saudi Arabia.

In a statement Monday, Eversendai (Fundamental: 0.85; Valuation: 2.40) said it secured the contracts via its subsidiary in Saudi Arabia.

Eversendai said the first contract valued at RM203 million was awarded by the BACS Joint Venture comprising Saudi Arabian Bechtel Company, Almabani General Contractors and Consolidated Contractors Company WLL, to construct the East, North & South Depots of the Riyadh Metro project - Package 1 (Lines 1 and 2) for the Riyadh Development Authority.

The Riyadh Metro is a rapid transit system and part of the Riyadh Public Transport Project (RPTP).

Eversendai said the contracts were scheduled to be completed by October 2016.

“This steel work package is the first of the steel works package in this Riyadh Metro development and Eversendai is optimistic of securing more steel works packages in this US$22.5 billion mega project,” it said.

Eversendai said it had also secured a RM43 million structural contract for a commercial hangar in Riyadh.

The hangar will be used for the servicing and maintenance of aircrafts.

(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.)