Bina Puri wins RM8.6m Brunei job

Bina Puri wins RM8.6m Brunei job
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By IZWAN IDRIS

PETALING JAYA: Bina Puri Holdings Bhd has secured a RM8.58mil contract for site clearing and earthwork at the Sungai Liang Industrial Park project in Brunei, the company told Bursa Malaysia yesterday.

Works are expected to be completed in 12 months.

Replying to the exchange's query over a recent press report, Bina Puri said in a separate statement that it was in final stages of negotiations for projects in Libya, Brunei and the Middle East.

“The company will make the appropriate announcements, where required, should such opportunities result in definitive agreements,'' it said.

The sharp rise in Bina Puri shares extended the second consecutive day, closing 15.5 sen higher at RM1.13 yesterday. It was the stock's best level since April last year.

The stock has gained 58% year-to-date, boosted by new projects secured in recent months.

Since March, Bina Puri has clinched three overseas contracts with a combined value of RM540mil – two in Thailand, and a RM444mil property development project in Abu Dhabi via a joint venture with SPK-Sentosa Corp Bhd.

Standard & Poor's Malaysia recently estimated that Bina Puri's total construction order book was worth RM1.6bil. That should keep the company busy for the next two years.

Bina Puri made a net profit of RM1.36mil, or 1.68 sen a share, on revenue of RM104mil for the three months ended March 31.

For the year just ended Dec 31, Bina Puri's net profit stood at RM5.3mil, or 6.5 sen a share, on a turnover of RM489mil.

Apart from building properties and infrastructure, Bina Puri is also involved in property development, quarrying and manufacture of natural oil polyol, a base material for polyurethane foam, derived from palm oil.

The company had a market capitalisation of RM91mil at yesterday's closing price.