Kuwait's KCPC seals $49mln deal with ministry

The contract is for the maintenance of roads

  
Image used for illustrative purpose. Construction workers are seen on the site of a newly constructed bridge that is nearing completion at the Jahra roundabout in Kuwait City September 1, 2011.

Image used for illustrative purpose. Construction workers are seen on the site of a newly constructed bridge that is nearing completion at the Jahra roundabout in Kuwait City September 1, 2011.

REUTERS/STR New

Mubasher: Kuwait Company for Process Plant Construction and Contracting (KCPC) has signed a KWD 15 million ($49 million) deal with the Ministry of Public Works (MPW) for the general maintenance of the Fifth Ring Road, as well as Al Ghazali and Al Jahra highways.

The contract carries a maturity period of 1,095 days, KCPC said in a bourse statement on Tuesday.

The transaction is set to generate operating profits that will reflect on the company’s financial results during the project's execution period.

It is noteworthy that in the first nine months of 2019, KCPC registered higher profits by 2.9% year-on-year (YoY) at KWD 3.57 million.

Source: Mubasher

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