KUALA LUMPUR: Eversendai Corp Bhd, an integrated structural steel turnkey and power plant contractor, has won a US$28.5 million (RM87.3 million) job for the Crescent City project in Baku, Azerbaijan.
The job was awarded to its subsidiary, Eversendai Engineering LLC in Dubai, by the Crescent City developer Gilan Holding LLC.
It involves the supply, fabrication and installation of structural steel works for a 41-storey office tower, which is part of the project's first phase of development.
"This is a highly complex project but it fits in well with the experience and skill set available within the group," says the executive chairman and group managing director of Eversendai, Datuk AK Nathan.
Nathan said work on the project will start this month and is projected to complete by August next year.
He expects earnings from the new job to be recognised in its current financial year ending December 31 2013, and also next year.
The Main Market-listed Eversendai is 70.52 per cent-owned by Nathan and 8.85 per cent by the Employees Provident Fund.
The group recently reported a revenue and net profit of RM1.02 billion and RM121.7 million, respectively, compared with RM1.03 billion and RM131.6 million last year.
Eversendai had secured a few complex fabrication projects in the last one to two years, which resulted in a slight delay in recognising the potential higher revenue and its corresponding profits.
"The current scale of our order book will provide excellent visibility of future revenue streams across the group. With our solid performance in fiscal year 2012, we are confident of another robust year in 2013," Nathan said.
Eversendai's current order book stands at RM1.6 billion with over 20 major projects.
"Going by our strong past performances and recognised execution capabilities, we are upbeat to achieve a revenue target of RM2 billion within the next five years, via organic growth and acquisitions," Nathan said.