KUALA LUMPUR (April 26): Ranhill Utilities Bhd rose over 9% to a 17-month high of 64 sen in the morning session on Wednesday (April 26) after it announced its subsidiary had secured a US$50 million (RM210 million) job for detailed engineering design works for compression complexes in a Qatari gas field.
At market close, Ranhill’s share price had eased to 63.5 sen, up five sen or 8.55% with 15.66 million shares traded. The stock last traded at 64 sen on Oct 28, 2021.
Year to date, the counter has risen 39.56%. At 63.5 sen, the company has a market capitalisation of RM822.91 million.
On Tuesday, Ranhill announced that its 51%-owned subsidiary Ranhill Worley Sdn Bhd secured a RM210 million contract from Italian oil major Saipem SpA’s wholly-owned unit Servizi Energia Italia SpA for detailed engineering design for two compression complexes associated with the North Field Production Sustainability (NFPS) Offshore Compression Complexes Project.
The job, which is expected to be completed by the third quarter of 2024, was awarded to Perunding Ranhill Worley Sdn Bhd, a company 49%-owned by Ranhill Worley.
Through a service agreement, Perunding Ranhill has exclusively appointed Ranhill Worley to perform services in respect of projects awarded to Perunding Ranhill, which include but are not limited to the provision of design and engineering technical services and know-how.
Shares in Ranhill have been on the ascent over the past month, having risen 35.11% from 47 sen on March 27.
For the financial year ended Dec 31, 2022 (FY2022), Ranhill posted a record net profit of RM96.74 million, three times higher than the RM30.6 million reported a year earlier, mainly due to recognition of non-revenue water reduction incentives received by Ranhill SAJ.
Revenue was also at a record high of RM1.73 billion, 12.77% higher than the RM1.53 billion logged in FY2021.
On April 6, Ranhill declared a second interim dividend of two sen per share for FY2022, with Wednesday fixed as the entitlement date, and payable on May 15.
Back in December, it declared a first interim dividend of half a sen per share, which had a Jan 4 entitlement date and payment on Jan 18.