Eversendai Group has announced that it has secured 9 new projects worth RM1.1 billion from its subsidiaries in United Arab Emirates (UAE), Qatar, Kingdom of Saudi Arabia (KSA), India and Singapore.
With the current backlog of new orderbook secured and the overall positive market outlook in key geographical regions in which the Group operates, the Group said it anticipates a gradual and steady recovery in 2023 and beyond with a strong emphasis and renewed focus on their core values.
Due to 2022 being fraught with challenges and slow down the group said its total fabrication capacity utilisation was only 30% adding that this was the first time in the group’s history that they faced such low utilisation of their fabrication facilities which was clearly reflected in the Group’s financial results for 2022.
“The Group has embarked on a comprehensive and thorough internal review of cost estimates and margins of all the ongoing projects to ensure prudent recognition of profits, and further strengthening operational and management controls. The focus has been on solidifying the business and concentrating on the geographies where we have a strong competitive advantage
and opportunities for growth. Eversendai’s tender book is estimated at approximately RM11 billion with interesting and highly prospective iconic landmark projects in the pipeline, especially in Saudi Arabia and India,” said Tan Sri Dato’ A K Nathan, Group Managing Director of Eversendai Corporation Berhad.
