Mushrif signs $299m infrastructure contract
Three-year deal for infrastructure works in the Al Shadadiyah area
Kuwait-based Mushrif Trading & Contracting has announced that it has secured a $299m contract (KD: 84.88m) to design, install and maintain infrastructure works in the Al Shadadiyah area of the city for Kuwait's Public Authority for Industry.
The contract, which was won following a tender process, will start on site this year and take three years to complete.
The company said that it expected to make a profit margin of around 8.78% on the work.
Mushrif Trading & Contracting Co initially announced that it had won a tender for works in the area on December 27 last year, but this is the first announcement of a contract signing.
During its 2012 financial year, Mushrif posted a 10% increase in revenues to $105.2m. Pre-tax profits before Zakat and other payments increased marginally to $5m (2011: $4.9m).
The company has since won a $40m pipelines replacement deal in January for a Kuwait/Saudi joint venture on the border between both countries, as well as a $48m deal for gas flaring equipment from Kuwait Oil Co in April.