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Combined Group Qatari unit awarded QAR245.7m project

Combined Group Qatari unit awarded QAR245.7m project
CGC
CGC
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Kuwait - based Combined Group Contracting said its 49% - owned subsidary Combined Group for Trading and Contracting - Qatar has awarded a new contract worth QAR245.7 million (KWD19.6 million) at Qatar.

According to the contract's clauses , the group will undertake the design and construcation operations of ALWakrh wedding halls complex.

The contract's duration is 18 months and the enforcemnt date will be November 1st , 2014.

Combined Group said it expects the new contract to generate profit margin of 0.12% , 4.7% and 3.1% for the first , second and third year respectively per the project's total value.

In related development, the company announced last July it was awarded a tender by Kuwait Oils Co. for building pipelines for crude in northern Kuwait, at a total value of KWD 81,970,513.

The group reported its interim financial statements for H1-FY14 which showed KWD 2.06 million net profit , down by around 47% from KWD 3.88 million in the corresponding period of previous year.