Crane manufacturer Favelle Favco Bhd (FFB) is off to a solid start in 2023 after securing a number of contracts totaling RM225 million.
The company told Bursa Malaysia yesterday that its wholly-owned subsidiaries Kroll Cranes A/S and Favelle Favco Cranes Pty Limited have won three contracts worth a total of RM84.9 million for the supply of tower cranes to be delivered by the second quarter of next year.
FFB said that the cranes are for G A Caelli Holdings Trust, Aarsleff BIZ Sp. z o.o. and Afcons Infrastructure Ltd.
"The above contracts are expected to contribute positively to the earnings and net assets of FFB for the financial year ending Dec 31, 2023, and beyond," it said.
In March, FFB secured two contracts for the supply of tower and offshore cranes from Samsung Heavy Industries Co Ltd and Malaysia Marine and Heavy Engineering Sdn Bhd (MMHE) with a combined value of RM95 million.
Before that in January the company had announced that its subsidiaries secured three purchase orders, totalling RM45.5.
Its wholly-owned unit, Favelle Favco Cranes (M) Sdn Bhd bagged two offshore crane supply contracts with MMHE and Ocean Might Sdn Bhd, while its Denmark-based unit, Kroll Cranes, won a tower crane supply contract with Daewoo Shipbuilding and Marine Engineering Co Ltd.
Favelle Favco's share price has risen 12.94 per cent year to date. It closed at RM1.92 on May 11. This gives the group a market capitalisation of RM451.03 million.