Kuwait’s Combined Group Contracting Company (CGCC) has won two separate construction and oil pipeline contracts in the Gulf emirate worth around $132 million.
In a statement on Kuwait’s bourse on Monday, CGCC said the first project involves construction work at the planned Mutla residential city in North Kuwait.
The project will be completed within 12 months and will enable the firm to make good profits, the statement said adding that the project has a value of 26.7 million dinars ($88.1 million).
The second contract, worth around 13.3 million dinars ($43.9), is for pipeline work for the state-owned Kuwait Oil Company in North Kuwait, it added without providing further details.
CGCC reverted to profits of around 1.59 million dinars ($5.2 million) in the first half of 2021 from a loss of nearly 6.9 million dinars ($22.7 million) in the first half of 2020.
(Writing by Nadim Kawach; Editing by Anoop Menon)
This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here
© ZAWYA 2021