Kuwait's Mushrif posts 41.5% rise in 2015 revenues

Kuwait's Mushrif posts 41.5% rise in 2015 revenues
Mushrif chief executive officer, Chris Preece.
Published: 31 March 2016 - 7:30 a.m.
By: Paromita Dey

Kuwaiti contractor Mushrif Trading and Contracting reported a rise of 41.5% in revenues for 2015.

The numbers went up to $166m (KWD50.2m) from 2014, and recorded a net profit of $3.3m (KWD1m) for the year.

Mushrif chief executive officer, Chris Preece, said: "We are pleased to announce that under new management we have commenced a turnaround into a structured, more dynamic company that is well-positioned to take advantage of the opportunities presented to us in the infrastructure sector, public construction sector and the oil & gas construction sector. Our Kuwait business, which grew by 45% last year and generated 90.5% of our total top line results, will continue to be our focus and a generator of growth.

"As we start the year with a backlog of $825m (KWD250m), we are closely following the tendering process of a previously announced pipeline of infrastructure projects worth more than $230bn (KWD69.5bn) in power, water, oil & gas and infrastructure sectors to 2020.”

Total assets for the company increased to $350m (KWD105.8m) in 2015.

In 2015, the company signed contracts worth over $546m (KWD165m) including an $274m (KWD82.8m) contract from the Ministry of Public Works for the construction of a 40km road link to Mina Abdulla City and Wafra; a lowest bidder contract for the construction of a treated sewage effluent (TSE) network and reservoir for a total $248m (KWD74.9m); and a $29.4m (KWD8.9m) contract from the Kuwait Oil Company (KOC) to construct the flowlines and source well in the Minagish oil field.

In January 2016, Mushrif signed a $46m (KWD13.9m) contract with the Ministry of Public Works for roadworks at the Al Bidda Roundabout.

Mushrif is classified as Grade 1 for roads, sewage and building works with the Central Tenders Committee (CTC), Kuwait Oil Company (KOC) and Kuwait National Petroleum Company (KNPC) in Kuwait and has a specialized classification for work in the UAE with various government authorities, which allows it to undertake a wide variety of civil construction projects.

Mushrif owns and operates its own fleet which includes over 500 pieces of construction equipment along with an extensive labor force.

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