Mubasher: Heavy Engineering Industries & Shipbuilding Co. (HEISCO) has won a KWD 12.84 million ($42.29 million) contract from Kuwait Oil Company (KOC), a subsidiary of Kuwait Petroleum Corporation (KPC). 

Under the 900-day contract, HEISCO will construct 11-kilovolt electricity substations for electrical pumps in Districts 4 and 5 in South and East Kuwait, according to a bourse statement released on Thursday.

Operating profits arisen from this contract will be recorded in the company’s financial statements in the years 2019, 2020, and 2021.

HEISCO achieved a growth of 32.4% in profits during the first quarter of 2018 compared to the same period in the previous fiscal year, recording KWD 1.88 million.