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HEISCO renews tender deal with KOC by KWD 6.5m

HEISCO renews tender deal with KOC by KWD 6.5m
The transaction will reflect on financial statements for 2020 and 2021
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Mubasher: Heavy Engineering Industries and Shipbuilding Company (HEISCO) has issued the seventh change order to increase the value of a tender contract by KWD 6.52 million.

The tender covers the maintenance and support services to Kuwait Oil Company’s (KOC) exporting facilities for one year starting as of 1 January 2020 until 31 December, according to a bourse statement on Thursday.   

The transaction will generate operating revenues that will reflect on HEISCO’s financial statements for 2020 and 2021.

It is worthy to note that during the fiscal year (FY) 2019, HEISCO’s net profits increased by 16.4% to reach KWD 11.2 million from KWD 9.6 million in 2018.