IT has been a while since Bintai Kinden Corp Bhd diverted away from its core business of providing mechanical and electrical engineering services.
In recent times, the company has taken a plunge into numerous business activities – from COVID-19 vaccine distribution to property development and the latest being exclusive distributorship of a special vaccine storage box.
Therefore, Bintai Kinden’s announcement today that the company has secured a contract worth RM9.78 mil from Tenaga Nasional Bhd should be music to the ears of its loyal shareholders – notwithstanding the meagre contract sum.
Its wholly-owned subsidiary Kejuruteraan Bintai Kindenko Sdn Bhd (KBK) had today received a Letter of Award from TNB to undertake the asset replacement and refurbishment for transformer, earthing transformer and reactor to PMU 275/33 KV Grik.
The contract stipulates the completion of the project within 540 days or 18 months from the date of its commencement.
According to Bintai Kinden managing director Ong Choon Lui, the contract is expected to contribute positively to the revenue and earnings of the company for its financial year ending March 31, 2021 as well as to the future earnings and net assets per share of the group during the contract’s period.
“Inclusive of this contract, Bintai Kinden has successfully increased its outstanding order book to approximately RM236.67 mil which will provide a healthy earnings visibility for the next two years,” added Ong.
At the close of today’s morning session, Bintai Kinden was unchanged at 52 sen with 6.75 million shares traded, thus valuing the company at RM199 mil. – March 8, 2021