Hyflux seeking $400m Middle East deals
Singapore water firm targeting large-scale projects in region
Hyflux, Singapore’s biggest publicly traded water firm, is currently seeking Middle East contracts worth around US $400 million, according to Bloomberg. The company has almost finished work at its $468 million desalination project in Algeria, and Chief Financial Officer Cho Wee Peng has said that the firm is now looking at similar size projects that were previously delayed.
The firm recently released its second quarter results, showing revenue increasing by 71% and net profit up 21%. Revenue from the company’s MENA business was down 6% at $9.9 million, a consequence of the current projects in the region coming to completion. MENA markets contributed 44% of the Group’s total revenue during H1 in 2011.
The group’s order book stood at $824 million at the end of June 2012, split between EPC and operations and maintenance contracts.
“The global outlook remains challenging. However we still see opportunities in the MENA region and we are well placed to capture these,” said Ms Olivia Lum, Hyflux Group CEO and Executive Chairman.
The firm in March 2012, together with Hitachi and Itochu Corporation, signed a co-developer’s agreement for the development of a desalination project at the Dahej Special Economic Zone in India’s Gujarat state.