Published in NST, February 17 2010
EVERSENDAI Corp Sdn Bhd, a homegrown structural steel contractor, is unfazed by the slowdown in the Middle East and it will continue to expand in the region, its chief said.
The company will also expand in India and Malaysia, as well as explore opportunities in Libya, Indonesia and Vietnam, group managing director Datuk A.K. Nathan said.
While some local firms have been hit by the turmoil, Eversendai achieved a record net profit last year.
"We made more than the RM71 million net profit we achieved in 2008," Nathan said in an interview with Business Times.
This was driven by its work that is evenly spread between Dubai, Abu Dhabi, Qatar, India and Malaysia.
Although there is a slowdown in Dubai, opportunities are aplenty, but competition is stiffer.
"Although there is price war, we have been able to sail through the storm by being cautious and prudent in our management," he added.
"We are positive on the outlook for 2010 and years to come. We are not affected by the crisis in Dubai. We had only one project stopped in Dubai with no real impact on our performance," Nathan said.
Present in the Middle East for the last 14 years, Eversendai has done more than 40 notable projects such as the Burj Al Arab, Emirates Towers, Dragon Mart, Rose Tower, The Dubai Mall and the Burj Khalifa, the world's tallest tower standing at 828m high.
Nathan said working on Burj Khalifa was a challenge but it gave Eversendai the experience it needs for future complicated structures.
Burj Khalifa's unique three-sided design ascends in a series of stages, around a supportive central core, accessible via a series of double-decker elevators.
Eversendai has contracts in hand worth around RM1.5 billion.
It is executing the structural steel works for the New Doha International Airport, the Dubai Tower, Nakilat shipyard and the Doha Convention Centre in Qatar and the Capital Gate building in Abu Dhabi.
-ENDS-
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