This Malaysian stock to surged to a four-year high

Eversendai Corp Bhd’s shares surged to a four-year high following the acquisition of four new projects valued at RM5.4 billion in Saudi Arabia, the UAE, and India.

On Wednesday, the stock increased by 92.7% to 39.5 sen before giving up part of its gains to settle at 39 sen, up 18.5 sen or 90.2%. Since the beginning of 2024, the counter has more than doubled.

The new winners’ worth is over eighteen times greater than the RM304.6 million market value of Eversendai.

The company’s current outstanding order book has increased to a record high of RM6.6 billion with these new projects, as per its disclosure to Bursa Malaysia on Wednesday.

According to Eversendai, the project in Saudi Arabia is for the flagship structural steel building at the year-round mountain resort Trojena Ski Village, in association with Albawani Company Ltd.

In the meantime, two structural steel projects for the Rupa IT building and the Rupa Crystal IT building have been secured by its Indian subsidiary.

“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 stated.

Some of the most renowned and famous structures in the world, including as the Burj Khalifa in the United Arab Emirates, Petronas Twin Tower 2 and Merdeka 118 Tower in Malaysia, and Neom Sindalah Island in Saudi Arabia, were built thanks to Eversendai’s involvement.