Powerwell orderbook rises to RM80m with new jobs

TheEdge Thu, Oct 15, 2020 01:30pm - 3 years View Original


KUALA LUMPUR (Oct 15): Powerwell Holdings Bhd’s outstanding order book has risen to RM80 million after the firm secured new jobs.  

In a bourse filing today, Powerwell said its unit Kejuruteraan Powerwell Sdn Bhd had accepted two letters of intent from Sunway Group for contracts totalling RM9.1 million.

It said the two contracts involve the design, supply and installation of low voltage switchboards for six elevated Light Rail Transit Line 3 (LRT3) stations worth RM3 million, and the design, supply and installation of low voltage switchboards for a mixed development project along Jalan Ampang, Kuala Lumpur, worth RM6.1 million.

Besides the contracts from Sunway Group, Powerwell said it had also since September 2020 secured contracts totalling RM3.7 million from other contractors to supply its products to other LRT3 stations.

The firm said this brings the total LRT3 contract wins by Powerwell to RM6.7 million.

The deliveries of the stipulated works for the LRT3 project are expected to be completed by the second quarter of 2021.

As an approved low voltage switchboard vendor for the LRT3 project, Powerwell said it believes that it is in a good position to secure more LRT3 related contracts as work on the LRT3 project continues to progress.

Powerwell said these contracts bring its outstanding order book to RM80 million and are expected to contribute positively to its financial performance until 2021.

New additions to the group’s order book since September 2020 comprise a mixed development project worth RM1.9 million, a data centre project located in Cyberjaya worth RM1.4 million, semiconductor factories located in Kedah and Johor worth RM3.3 million as well as contracts in Vietnam worth RM2.3 million for an exhibition centre and a customs office.

Powerwell executive director Ricky Lee said these contracts reflect the trust and confidence the industry has in Powerwell despite the challenging economic conditions.

“With the continuous replenishment of our order book, we will continue to work hard and execute our various projects to deliver sustainable earnings and create value for our shareholders,” he said.

At the midday break, Powerwell was unchanged at 31 sen with 21.14 million shares traded.

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