KUALA LUMPUR (Sept 9): Eversendai Corp Bhd (KL:SENDAI) said the group has received full debt settlement in relation to one of its oil and gas (O&G) lift boat deliveries to the private vehicle of its largest shareholder and group managing director Tan Sri AK Nathan.
In a statement announcing a RM1.1 billion new contract wins by Eversendai, Nathan said the group’s Ijarah facility drawdown for the first lift boat, Vahana Aryan, “has been fully settled by Vahana Offshore (M) Sdn Bhd”.
Eversendai raised borrowings to build two lift boats contracted by Vahana Offshore, where Nathan is also a shareholder, back in 2014.
Advertisement Inpage Mrec Ad “Eversendai’s total borrowings has reduced by 26% from RM1.05 billion (at end-2023) to RM778 million, and we are working towards reducing the borrowings further in the next few years,” said Nathan, who owns 69.77% in Eversendai, where he is also executive chairman.
The debt reduction has been reflected in the group’s April-June quarter. In the same period, trade receivables fell to RM476.47 million, from RM89.52 million at end-2023, partly thanks to Vahana Offshore’s settlement.
The Edge has reached out to Eversendai on the amount cleared by Vahana Offshore for the first vessel, and the outstanding balance for the second vessel.
The latest balance sheet position has reduced Eversendai’s net gearing to 1.74 times, from 2.78 times at the end of last year. Short-term borrowings stood at RM758.28 million, while retained losses stood at RM448.87 million, the company filing showed.
In total, Vahana Offshore contracted Eversendai to construct two vessels for RM850 million, but the O&G industry was swiftly hit by a prolonged downturn beginning in 2015.
Eversendai at the time took a loan to execute the liftboat contract. The plan was to transfer the loan to Vahana Offshore later, but the initial bank ran into financial troubles, and the subsequent bank insisted that the loan remain on Eversendai’s books, rather than on Vahana Offshore’s, Nathan told The Edge in an interview in April.
Shares of Eversendai traded seven sen or 13.3% higher at the time of writing on Monday, valuing the group at RM464.76 million.
I am begging all Malaysians to stay away from eversendai. This pariah company was listed at RM1.60 any years ago and has only gone downhill. It has not paid a single cent as dividend BUT the company owner says the order book runs into billions all the time with losses or minimal profits. So what's happening? They don't know construction mathematics or is it designed that way? In the Middle East almost 98% of the mammoth buildings are built by eversendai. Where are the mammoth profits? I am of the strong opinion that the profits are in the cost of sales. Do you get my drift? KYY lost heavily by investing in eversendai. Please listen to me otherwise in eversendai you will surely die.
Dear HIGHCHAPERAL, We don’t need opinions on past events. Newly listed companies often experience losses in their early years before they start to grow. If you’re not confident this time, it’s best not to spread negativity. KYY's losses are his concern—everyone has their share of wins and losses.
“I see Eversendai being able to showcase profits quarter by quarter. This will be a positive year and 2025 will be on another level altogether,” said Eversendai’s founder and largest shareholder Tan Sri AK Nathan.
Quit true... trending in profits has started downhill since last 3q. This is a family run biz, and they ain't got anything to show except boasting like Rajnikanth in Bwood movies. Stay away from this parata roti Co.
KUALA LUMPUR: Many may not know that a Malaysian construction company, Eversendai Corporation Bhd (Eversendai), is one of the main contributors to the construction of several iconic landmarks in the world including Burj Khalifa (Dubai), Al Shams Sky Tower (Abu Dhabi) and KLCC (Petronas) Twin Towers and Merdeka 118 Tower.
The achievement was shared by Public Works Minister Datuk Seri Alexander Nanta Linggi through a post on his Facebook after visiting Eversendai's largest steel fabrication factory located in Hamriyah Free Zone Establishment, Sharjah, UAE recently.
Nanta, who was on an official working visit to Dubai, said Eversendai is the only Malaysian construction company to create a world record and an important milestone in the construction industry for the iconic landmark project "One Za'abeel" in Dubai in 2020.
"During this visit, I was given a briefing regarding the operation of the factory, manufacturing, iron fabrication and the design of the building structure carried out at the factory. I was informed that BIM technology is used in the implementation of the project, especially in the preparation stage of the project design, especially the steel structure," he said in the message.
He said Eversendai has a workforce of 15,000 staff and more than 300 projects have been completed in more than 14 countries with five steel fabrication plants located in Malaysia, Dubai, Sharjah, Qatar and India with an annual capacity of 150,000 tonnes.
Penyumbang pembinaan mercu tanda ikonik dunia, Eversendai jadi kebanggaan negara Bernama 18/09/2024 07:45 MYT Penyumbang pembinaan mercu tanda ikonik dunia, Eversendai jadi kebanggaan negara Nanta (dua, kiri) melawat kilang fabrikasi keluli terbesar milik Eversendai di Hamriyah Free Zone Establishment, Sharjah, UAE baru-baru ini. - Facebook Alexander Nanta Linggi KUALA LUMPUR: Mungkin ramai yang tidak mengetahui syarikat pembinaan kebanggaan negara, Eversendai Corporation Bhd (Eversendai) merupakan antara penyumbang pembinaan beberapa mercu tanda ikonik di dunia termasuk Burj Khalifa (Dubai), Al Shams Sky Tower (Abu Dhabi) dan Menara Berkembar KLCC serta Menara Merdeka 118. Perkara berkenaan dikongsikan Menteri Kerja Raya Datuk Seri Alexander Nanta Linggi dalam hantaran menerusi Facebooknya selepas melawat kilang fabrikasi keluli terbesar milik Eversendai di Hamriyah Free Zone Establishment, Sharjah, Emiriah Arab Bersatu (UAE) baru-baru ini. Nanta yang dalam lawatan kerja rasminya ke Dubai berkata Eversendai merupakan satu-satunya syarikat pembinaan Malaysia mencipta rekod dunia dan pencapaian penting dalam industri pembinaan dengan projek mercu tanda ikonik "One Za'abeel" di Dubai pada 2020.
"Dalam lawatan ini, saya telah diberikan taklimat berhubung pengoperasian kilang, pembuatan, fabrikasi besi dan reka cipta struktur bangunan yang dilaksanakan di kilang tersebut. "Saya dimaklumkan bahawa teknologi BIM (Pemodelan Maklumat Bangunan) diguna pakai dalam pelaksanaan projek terutamanya dalam peringkat penyediaan reka bentuk projek khususnya struktur keluli," katanya dalam hantaran itu.
Beliau berkata Eversendai mempunyai 15,000 tenaga kerja dan lebih daripada 300 projek telah dicapai di lebih 14 negara dengan lima kilang fabrikasi keluli yang terletak di Malaysia, Dubai, Sharjah, Qatar dan India dengan kapasiti tahunan sebanyak 150,000 tan.
"Kilang fabrikasi keluli tercanggih ini telah membina beberapa struktur mercu tanda yang paling ikonik di dunia seperti Burj Khalifa dan Menara Merdeka 118," katanya. Nanta berkata Pengerusi Eksekutif dan Pengarah Urusan Kumpulan Eversendai serta pengasas syarikat itu Tan Sri Datuk A K Nathan dalam satu kenyataan menyifatkan Eversendai sebagai kebanggaan negara dan berbangga untuk mengibarkan Jalur Gemilang setinggi-tingginya dengan menjadi sebahagian daripada rekod dunia untuk bangunan julur terpanjang di dunia
Rangkuman lawatan kerja ke Dubai, Emiriah Arab Bersatu (UAE) bersama delegasi KKR, JKR, LLM, CIDB dan MOT. Lawatan ini pasti membawa manfaat yang terbaik kepada negara Malaysia tatkala kita meneroka peluang dan lapangan di peringkat global yang mampu dimantapkan buat kesejahteraan rakyat Malaysia.
With the arrival of Trojena’s first crane and steel in the Ski Village, construction of one of the development’s signature assets could finally begin. Celebrating the major milestone in Trojena’s journey. Michael Florit (Project Director), Jean-Philippe Patesson (Executive Director - Projects) and N.S Rao (COO, Eversendai) were on-site to celebrate the team's achievements and to highlight this vital step in making Trojena's Ski Village a reality.
Terima kasih semua rakan media di atas liputan berita lawatan kerja di Dubai, Emiriah Arab Bersatu (UAE) bersama delegasi KKR, JKR, LLM, CIDB dan MOT baru-baru ini.
(Edge Weekly) In his latest interview with The Edge, Eversendai Corp Bhd’s founder and largest shareholder Tan Sri AK Nathan, who is also Eversendai's executive chairman and group managing director, shared how the group plans to manage the risks associated with the projects at hand.
KUALA LUMPUR (March 23): Structural steel specialist Eversendai Corp Bhd shares jumped earlier this month following four contract wins worth RM5.4 billion combined, which brought its outstanding order book to RM6.6 billion.
One of the contracts is the mind-boggling outdoor ski resort in Saudi Arabia dubbed Trojena, with 36km of ski slopes located up the mountains in the Tabuk province near the Red Sea, and bordering Jordan and Egypt.
Despite its strong execution track record, eyebrows were raised over the size of the contracts at hand, the degree of difficulty in bringing to reality the ski village, as well as the financial strength that will be required to execute such a project.
“I see Eversendai being able to showcase profits quarter by quarter. This will be a positive year and 2025 will be on another level altogether,” said Eversendai’s founder and largest shareholder Tan Sri AK Nathan.
In his latest interview with The Edge, Nathan, who is also Eversendai's executive chairman and group managing director, shared how the group plans to manage the risks associated with the projects at hand.
The self-made entrepreneur said that Eversendai is putting the house in order to capture the upside of its contracts, amid an extended recovery from its oil and gas (O&G) venture in the 2010s that was further expounded by the Covid-19 pandemic.
He also responded to questions about an earlier related party transaction, which saw Eversendai face financial strain due to a contract to build two oil O&G vessels for a company linked to Nathan. The group is closing its chapter on the O&G venture, even as the industry is seeing better days again.
Can Eversendai regain investor confidence with the staggering Trojena project, in Nathan’s words, paving the way back to its glory days? Read the rest of the story in this week's issue of The Edge Malaysia weekly.
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When you buy shares in a company, there is always a risk that the price drops to zero. But when you pick a company that is really flourishing, you can make more than 100%. For example, the Eversendai Corporation Berhad (KLSE:SENDAI) share price had more than doubled in just one year - up 300%. It's also up 20% in about a month. And shareholders have also done well over the long term, with an increase of 160% in the last three years.
Let's take a look at the underlying fundamentals over the longer term, and see if they've been consistent with shareholders returns.
View our latest analysis for Eversendai Corporation Berhad
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time.
During the last year Eversendai Corporation Berhad grew its earnings per share, moving from a loss to a profit.
The result looks like a strong improvement to us, so we're not surprised the market likes the growth. Generally speaking the profitability inflection point is a great time to research a company closely, lest you miss an opportunity to profit.
Stocks slipped Tuesday as Wall Street took profits coming off an unusually strong month and quarter and as traders eyed what appeared to be an escalating situation in the Middle East.
Hari ini YBrs Dr Sathia Prakash Nadarajan telah mengadakan perjumpaan bersama Pengasas Eversendai Tan Sri Dato A.K.Nathan.
Beliau merupakan seorang Warganegara Malaysia dan telah menjalankan perniagaan di seluruh dunia. Pengasas Eversendai, membina syarikat itu daripada syarikat pembinaan keluli struktur sederhana di Malaysia kepada salah satu kontraktor turnkey keluli struktur bersepadu yang paling dicari di dunia. Keazaman yang tinggi, keghairahan yang tinggi dan perhatian yang tajam terhadap butiran terperinci telah menjadi kuasa penggerak di sebalik pembangunan Kumpulan Eversendai.
Perjumpaan ini lebih tertumpu pada perkembangan idea pengajian perniagaan peringkat antrabangsa di India. Diharapkan perjumpaan ini dapat memberi manfaat dan kebaikan kepada masyarakat Hulu Selangor.
Eversendai Corporation has faced short-term price pressure, but the long-term outlook remains positive. The stock is expected to recover, with investors advised to stay in their positions
Futures lower, Tesla deliveries, Levi Strauss shares dip - what's moving marketsInvesting.com - US stock futures pointed lower ahead of a new batch of economic data on Thursday. Investors took a cautious stance in the previ
Eversendai Corporation Berhad went from making a loss to reporting a profit, in the last year.
We think the growth looks very prospective, so we're not surprised the market liked it too. Inflection points like this can be a great time to take a closer look at a company.
In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One way to examine how market sentiment has changed over time is to look at the interaction between a company's share price and its earnings per share (EPS).
This Sendai, i have been follwing past 10 yrs. Lots of project in Middle East, billions...but in the end ,huge loses. I dont understand why. Where has the money lost into? Nta in 2021 was 99c. Now it has drop to 47c. He once appear in TV talk , being the builder of Petronas Twin Tower. So whare are the money last 20 years?
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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Eversendai bags RM1.1 bil contracts in India, Singapore and Saudi Arabia