Mushrif Trading and Contracting Announces FY2015 results

March 31, 2016

Kuwait, March 31, 2016: Mushrif Trading and Contracting, a leading civil construction company in Kuwait, today announced its financial results for the year 2015. The company reported revenues of KD50.2 million, up 41.5% from 2014, and a net profit of KD1.0 million for the year.

Mushrif Chief Executive Officer, Chris Preece, said: “We are pleased to announce that under new management we have commenced a turnaround into a structured, more dynamic company that is well-positioned to take advantage of the opportunities presented to us in the infrastructure sector, public construction sector and the oil & gas construction sector. Our Kuwait business, which grew by 45% last year and generated 90.5% of our total top line results, will continue to be our focus and a generator of growth.

Today, our established presence, our 48-year experience in country, and our Grade 1 classification by the largest government customers in Kuwait, puts us in a strong position to play a major role in this growing infrastructure market. As we start the year with a backlog of KD250 million (USD825 million), we are closely following the tendering process of a previously announced pipeline of infrastructure projects worth more than USD230 billion (KD69.5 billion) in power, water, oil & gas and infrastructure sectors to 2020.”

FY2015 Financial Highlights:

  • Operating Revenue: KD50.2 million, up 41.5% from 2014
  • Gross Profit: KD4.1 million, up 62.4%
  • EBITDA: KD1.1 million
  • Net Profit to shareholders: KD1.0 million compared to a net loss of KD2.99 million in 2014
  • Earnings Per Share (EPS) of 3.35 fils

Balance Sheet Highlights:

  • Total Assets of KD105.8 million; increased by KD14.9 million from December 2014
  • Shareholders’ Equity of KD40.82 million; increased by KD1.93 million from December 2014

In 2015, the company signed contracts worth over KD165 million including an KD82.8 million contract from the Ministry of Public Works for the construction of a 40-kilometer road link to Mina Abdulla City and Wafra; a lowest bidder contract for the construction of a treated sewage effluent (TSE) network and reservoir for a total KD74.9 million; and a KD8.9 million contract from the Kuwait Oil Company (KOC) to construct the flowlines and source well in the Minagish oil field. In January 2016, Mushrif signed a KD13.9 million contract with the Ministry of Public Works for roadworks at the Al Bidda Roundabout.

Mushrif is classified as Grade 1 for Roads, Sewage and Building Works with the Central Tenders Committee (CTC), Kuwait Oil Company (KOC) and Kuwait National Petroleum Company (KNPC) in Kuwait and has a specialized classification for work in the UAE with various government authorities, which allows it to undertake a wide variety of civil construction projects.

Mushrif owns and operates its own fleet which includes over 500 pieces of construction equipment along with an extensive labor force

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About Mushrif Trading and Contracting Company K.S.C.P.

Founded in 1968, Mushrif Trading and Contracting Company K.S.C.P. is a leading, KSE-listed is, civil construction company in the Gulf with exceptional design & build capabilities in heavy civil works, major pipeline projects, road works, waste water treatment plants, deep foundation works, buildings and specialized construction services. Mushrif’s track record of quality, safety and reliability has made it a contractor of choice for major developers, government ministries and private clients throughout the region.

Reporters may contact:

Fatima El-Saadani | Bensirri Public Relations | | +965 999 81334