KUALA LUMPUR (Jan 17): Construction crane manufacturer Favelle Favco Bhd (FFB) has secured five contracts, for the supply of cranes to machinery replacements, worth a combined RM79.4 million.

The contracts, which are expected to be delivered by mid- to end of 2024, were awarded to its subsidiaries Favelle Favco Cranes (M) Sdn Bhd, Favelle Favco Cranes Pty Ltd and Sedia Teguh Sdn Bhd between Nov 30, 2023 and Jan 17, 2024.

The clients are Servizi Energia Italia SpA, Resolution Rigging Services Pty Ltd, E&P O&M Services Sdn Bhd, Petron Malaysia Refining & Marketing Bhd, and Petronas Carigali Sdn Bhd.

“The above contracts are expected to contribute positively to the earnings and net assets of FFB for the financial year ending Dec 31, 2024 and beyond,” FFB told Bursa Malaysia on Wednesday.

In May last year, FFB announced that it had secured three contracts for the supply of tower cranes to G A Caelli Holdings Trust, Aarsleff BIZ Sp. z o.o. and Afcons Infrastructure Ltd for a total of RM84.9 million.

FFB shares slipped one sen or 0.57% to close at RM1.73 on Wednesday, valuing the group at RM406.47 million.