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Friday, September 11, 2015

George Kent: 2 significant contracts

In the span of few days, George Kent announced 2 new contracts that probably will enhance its group's earning moving forward.

The first one was the LRT 3 contract awarded by Prasarana Malaysia Berhad. The group and their JV partner, MRCB are the Project Delivery Partner (PDP) to build the LRT 3 from Bandar Utama to Johan Setia.

Total development cost is around RM9 billion. Construction work will begin in early 2016 and expected to be completed in Aug 2020. The JV will get 6% management fees. So, George Kent probably will get around RM270 million for the whole project, which translated into around RM45 million annually.

I not sure whether this RM45 million is considered as operating profit or net profit. To recap, the group's net profit for the past 3 financial years was RM25mil, RM36mil and RM28 million respectively. Nevertheless, the annual RM45 million from the said project will contributed significantly to the group's bottom line.

The second contract was the delivery of 600k units of water meters to Water Supplies Department (WSD), Hong Kong over the next 2 years for a total sum of USD7.17 million which is roughly RM31 million.

From the press release, the group stated that this contract is the largest single order for the water meters division which further enhance their reputation in the meter industry. The meters will be delivered in 24 batches and the first shipment is in Oct 2015.

In another statement, the group anticipated the contract will contribute around 0.29 sen for financial year end 2016. That's 4 months contribution since the first batch is to be delivered in Oct.

0.29 sen is equivalent to RM871k in 4 months. So, estimate  the 2-year contract will contribute RM5.2 million to the group's bottom line assumed the delivery is constant throughout the years.

Ignore the USD fluctuation, profit margin will be 5.2/31 = 16.7%. Strengthening of RM against USD of course will affect the earning.

So moving into next year,earning will be quite certain unless there is delay in the construction work for the LRT 3 project. 

For the rest of the current financial year, do not forget the contribution from the Ampang extension line and the stable contribution from the meter division. 


6 comments:

  1. I think it is operating profit, need to deduct 25% income tax. meaning the net profit is RM40mil per year, which translate to EPS 13.5c

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