Mubasher: Heavy Engineering Industries and Shipbuilding Company (HEISCO) has signed a subcontract with the main contractor of Kuwait Oil Company (KOC) for manufacturing and dyeing works for gas pipelines, at a total value of KWD 1.1 million.
The eight-month deal will contribute to a new pipeline construction project for transporting gas from the north of Kuwait to Mina Al Ahmadi Refinery, according to a bourse statement on Monday.
According to the disclosure, the transaction will generate operating profits that will reflect on HEISCO’s financial statements for fiscal year (FY) 2020/2021.
Last year, HEISCO’s net earnings advanced by 16.4% annually to reach KWD 11.2 million from KWD 9.6 million in 2018.
