Naim ... Jun 09

Construction company Naim Holdings Bhd is eyeing major infrastructure and property development projects in Sarawak Corridor of Renewable Energy (SCORE).

Naim was in talks with state agencies and other interested parties on several development proposals within SCORE. However, discussions are still at the preliminary stage.

SCORE will be driven by the development of Sarawak’s abundant hydro and coal resources to generate electricity to power energy-intensive industries, like alunimium smelters, to be set up with the regional economic development belt.

Sarawak is now building the proposed Murum dam – which could generate about 900MW - in the upper Rejang Basin in central Sarawak. Murum is located upstream of the on-going Bakun hydroelectric dam project capable of generating up to 2,400MW.

Several other hydro dam projects have also been planned in the upper reaches of the Rejang River.

Six major road projects, with a combined length of 403km, within SCORE would be built. The design for the access road from Jalan Bakun extended to Murum has been completed while other proposed access roads are still being designed.

Meanwhile, Naim was close to securing two road projects worth RM250mil in Sarawak. The projects are funded by the federal government under the stimulus package.

Naim had an outstanding net order book of RM2.5bil that could keep the group busy in the next five years. Its ongoing projects include a RM630mil contract from Syarikat Perumahan Negara Sdn Bhd to build some 5,000 residential homes in Kuching, Samarahan and Miri divisions, the RM310mil Bengoh dam near here, RM150mil phase one, Kuching flood mitigation project in Matang (the entire project is estimated to cost RM1.6bil), a RM188mil road project in Sibu and the proposed RM90mil Sarawak Islamic Centre project.

Naim posted a group net profit of RM83mil on a turnover of RM524mil for the financial year ended Dec 31, 2008 compared with RM80mil and RM646mil respectively in 2007.

For the first quarter ended March 31, Naim chalked up a group net profit of RM17mil on revenue of RM95mil.

Naim’s 36%-owned Dayang Enterprise Holdings Bhd contributed RM22mil in net profit to the group last year.