KUALA LUMPUR (April 3): Sarawak Consolidated Industries Bhd (SCIB) has secured projects worth a combined RM864.54 million in Oman and Qatar.

In a bourse filing today, SCIB said its wholly-owned subsidiary SCIB International (Labuan) Ltd has received the letter of award for the engineering, procurement, construction and commissioning projects.

SCIB said the construction package involves the complete construction of 20 villas at Street 14, Block 112, Ruwi, Muscat Sultanate in Oman.

Meanwhile, the projects in Qatar involved the construction and completion of two service centres located at Al Khor, and the construction, completion and maintenance of 18 five-storey buildings with new boundary wall, guardhouse and car parking at Doha.

The group said the contracts are expected to increase the net assets of SCIB and its group of companies for the financial year ending Dec 31, 2020 (FY20) and FY21.

SCIB said the projects will contribute positively to its earnings over the duration of the contracts.

“The contracts are subject to normal business risk such as construction risk, increase in cost due to any escalation of material costs, availability of skilled manpower, materials and contractual terms including default provision and subcontractors’ performance as well as foreign exchange risks due to currency fluctuations.

“However, SCIB will put in place control measures and operational procedures to mitigate the risks,” it said.

At the noon market break, shares in SCIB rose eight sen or 3.72% to RM2.23, bringing a market capitalisation of RM188.942 million. It saw some 998,100 shares transacted.