Sarawak Consolidated Industries bags two contracts worth RM271m

Sarawak Consolidated Industries bags two contracts worth RM271m
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KUALA LUMPUR (Dec 3): Sarawak Consolidated Industries Bhd (SCIB) has bagged two engineering, procurement, construction and commissioning contracts for an estimated total value of RM271.1 million.

The contracts, one in Sarawak and the other in the Gulf nation of Qatar, have increased the group’s order book to RM1.7 billion, the integrated civil construction group said.

“It has also allowed us to achieve our internal order book target of RM1.5 billion for 2020,” SCIB managing director and CEO Rosland Othman said in a statement today.

SCIB said the first contract was awarded by Dermaga Makmur Sdn Bhd for the construction of a new school with 12 classrooms, six units of residences for teachers and other facilities at Sekolah Kebangsaan Kalor in Betong with an estimated contract value of RM18.3 million. The project is expected to be completed in March 2022.

The second contract was awarded by Pavilion Qatar Engineering Co. W. L.L. for a civil works fire water project at the Ras Laffan Industrial City Power Station with an estimated contract value of US$62 million (RM252.84 million). The project is expected to be completed in November 2021.

“These successful bids are expected to improve our earnings for the next 12- to 18 months and also now that we are actively expanding our domestic construction activities. We hope to pursue other projects locally in the coming year, that allow us to roll out more infrastructure developments for Rakyat’s welfare,” Rosland added.

Shares of SCIB closed two sen or 0.43% higher at RM4.69 today, for a market capitalisation of RM575.15 million.

S Kanagaraju