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KNPC awards KWD 1.9m to HEISCO’s subsidiary

KNPC awards KWD 1.9m to HEISCO’s subsidiary
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Mubasher: Al Khaleej Constructions, Marine Works, and General Contracting Company, which is 99.91% owned by the Heavy Engineering Industries and Shipbuilding (HEISCO), has signed a KWD 1.89 million contract, according to a Bourse Filing on Thursday.

The six-month contract was awarded through a tender by the Kuwait National Petroleum Company (KNPC) for maintenance works, according to the company’s statement on Thursday.

The company expects to achieve operational revenues of that will appear in its financial results for 2019/2020.

HEISCO reported an increase in profits during the third quarter (Q3) of the year by 11.88% to KWD 2.61 million ($8.62 million), and KWD 8.05 million in profits for the nine-month period ended 30 September.