KUALA LUMPUR: Muhibbah Engineering (M) Bhd, which posted a net profit of RM6.1mil in the third quarter ended Sept 30, has a total outstanding secured order book in hand of RM2.41bil for the construction and cranes division.
Muhibbah said the construction division secured two new projects with total project value of RM479mil, consist of Lumut Maritime Terminal Sdn Bhd of RM161mil and Petronas Carigali Sdn Bhd of RM318mil during the quarter.
“The group had secured several oil & gas (O&G), infrastructure and building construction projects of total RM1.26bil over the last 12 months period,” it said.
Muhibbah noted that global oil & gas prices have recovered over the last few years and hence the O&G investment is expected to move in an upward trend.
“As such, there will be higher demand for offshore platform structures, offshore cranes, automation of offshore platforms systems and offshore support vessels from global market, which are the core businesses of Muhibbah group's construction, cranes, intelligent automation and shipyard divisions respectively,” it said.
In 3Q, Muhibbah’s revenue rose 13.4% to RM287.04mil compared with RM253.05mil last year while earnings per share stood at 0.84 sen from loss per share of 0.18 sen a year ago.
Muhibbah posted a higher net profit of RM13.3mil in the first nine months to Sept 30, compared with RM531,000 last year while revenue grew to RM814.7mil from RM624.6mil.
