03 June, 2019

Al Imtiaz’s unit wins $17.8mln contract in Kuwait's Shuwaikh Power Plant

The 30-month contract is expected to have a profit margin ranging from 2% to 4% of the total value

Image used for illustrative purpose. Power plant,Energy power station.

Image used for illustrative purpose. Power plant,Energy power station.

Gettyimages

Mubasher:Al Imtiaz Investment Group announced that its 50.69%-owned subsidiary has won a KWD 5.39 million contract in Shuwaikh Power Plant, affiliated to the Kuwaiti Ministry of Electricity and Water.

The contract’s scope of work also involves upgrading infrastructure works for receiving fuel systems within Shuwaikh power plant, according to the company’s statement to Boursa Kuwait on Monday.

The 30-month contract is expected to have a profit margin ranging from 2% to 4% of the total value.

On Sunday, Al Imtiaz also announced that its 50.69% subsidiary has been awarded a five-year contract at a value of KWD 2.98 million to supply and implement mechanical, civil, electrical, and micro-machinery operations at Mina Abdullah refinery.

During the first quarter of 2019, Al Imtiaz’s profits slumped 82.9% to KWD 1 million from KWD 5.85 million in Q1-18.

Source: Mubasher

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