Sources say it is close to securing a contract valued at some Rm700 million for the development of a housing project in Kuala Belait, Brunei.
It is said to be about to conclude negotiations with the Brunei Economic Development Board to build 2000 houses under the oil rich nation’s National Housing Scheme.
The new contract also puts Bina Puri in a good position to secure more jobs in Brunei.
Other than Brunei, it has undertaken jobs in Abu Dhabu, Thailand, Pakistan and Libya.
About 59% of the company’s jobs were abroad, which could work as a buffer in the current slow construction and property development market in Malaysia.
However, these forays abroad also could work as a double edged sword, with several companies getting burnt, especially in the Middle East.
The Brunei project will help the company busy over the next two years.
Financial Results
For the year ended December 2008, Bina Puri posted a profit of RM4.3 million on the back of RM677 million in revenue. In contrast to a year ago, net profit fell some 38.6% despite revenue gaining 11.4%.
8 hours ago
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