KUALA LUMPUR (March 13): Shares of construction group Eversendai Corp Bhd jumped to a four-year high after it secured four new projects worth RM5.4 billion in Saudi Arabia, the United Arab Emirates (UAE) and India.

The stock surged as much as 92.7% to 39.5 sen on Wednesday, before paring some gain to close at 39 sen, up 18.5 sen or 90.2%. The counter has more than doubled since the start of 2024.

The value of the new wins represents nearly 18 times higher than Eversendai’s market value of RM304.6 million.

With these new projects, the company’s current outstanding order book rises to a record high of RM6.6 billion, according to its filing to Bursa Malaysia on Wednesday.

The project in Saudi Arabia, in collaboration with Albawani Company Ltd, is for the structural steel signature building at the Trojena Ski Village, a year-round mountain resort destination, Eversendai said.

"The scope of work consists of engineering, connection design, material supply, fabrication and installation of structural steel, precast and concreting, metal decking and fireproofing for the iconic mountain resort in Trojena's Ski Village," it said.

The project in the UAE involves structural steel works for the Wynn Al Marjan Island Integrated Resort Development in Ras Al Khaimah — which will feature a 1,500-room hotel with shopping, meeting and convention facilities, restaurants and lounges, entertainment and other amenities.

Meanwhile, its subsidiary in India has secured two structural steel projects for the Rupa IT building and the Rupa Crystal IT building.

Eversendai executive chairman and group managing director Tan Sri AK Nathan said that these newly-won contracts underscore the company's strength and capability in securing and successfully delivering projects.

"Despite going through a very challenging period in the last few years, exasperated by Covid-19 and its related impacts, Eversendai is optimistic that the group will be able to strongly rebound as a result of the record high order book, which will translate in optimum utilisation of all the group's fabrication facilities," he said.

"These structural steel projects are highly complex befitting Eversendai's technical capabilities and colourful landmark track record in executing projects in 18 countries while adhering to safety, quality and timely completion," said AK Nathan in a statement.

Eversendai has been involved in the construction of some of the world's most prestigious and iconic landmarks, including the Burj Khalifa in the Emirates, Petronas Twin Tower 2 and Merdeka 118 Tower in Malaysia, as well as Neom Sindalah Island in Saudi Arabia.