HEISCO’s unit wins $6.2mln tender

The six-month tender was offered by Kuwait National Petroleum Company (KNPC)


Mubasher:Heavy Engineering Industries and Shipbuilding (HEISCO) announced that its subsidiary, Gulf Dredging and General Contracting Co, was awarded a KWD 1.89 million worth of tender.

The six-month tender was offered by Kuwait National Petroleum Company (KNPC) to cover the repairs related to the oil export pier, HEISCO said in a filing to Boursa Kuwait on Sunday.

The tender is expected to generate operating profits to be registered in the financial statements of the subsidiary for fiscal year 2019/2020.

It is worth remarking that during the first half of 2019, HEISCO’s profits soared to KWD 5.44 million, a 13.8% year-on-year rise.

Furthermore, in mid-September, the Boursa Kuwait-listed company concluded a 62-month contract worth of KWD 4.018 with KNPC.

Source: Mubasher

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