Tuesday, April 13, 2010
Ahmad Zaki to bid for RM700m contracts
CONSTRUCTION group Ahmad Zaki Resources Bhd (AZRB) (7078) said it will bid for contracts to build four office towers in Putrajaya worth some RM700 million to grow its income.
It will also bid for other building and infrastructure projects called by Putrajaya Holdings Sdn Bhd, AZRB executive director Datuk Wan Zulkifli Wan Muda said.
Wan Zulkifli told Business Times that AZRB is hopeful of getting more contracts by the end of this year. It is bidding for work in Malaysia, the Middle East and in India.
"The unbilled portion of our existing order book is RM1.4 billion and this is expected to grow. We are hopeful of doing better in the current financial year," he said. For the year to December 31 2009, AZRB posted a net profit of RM20.7 million on revenue of RM458.1 million.
Putrajaya Holdings chief Datuk Azlan Abdul Karim said it will call for tenders for the 14- and 15-storey office towers in the next five months. It will also call for tenders for other building projects in Putrajaya later this year due to demand for new office space.
Ahmad Zaki Sdn Bhd chairman Datuk Abdul Rahman Abdullah said each project the group bids for is worth several hundred million ringgit. "These are mainly building and infrastructure projects. There are a lot of new projects coming up in Malaysia and in the Middle East.
We will take on the projects provided the price is right," he said. It plans to build its base and tap the potential in the Gulf region, covering Saudi Arabia, Qatar, Bahrain, Oman, Kuwait and the United Arab Emirates. AZRB has four existing projects in Saudi Arabia worth almost RM900 million.