The shares of the Heavy Engineering Industries Company and Shipbuilding “Ships”, which circulated on the Kuwait Stock Exchange, increased by 1.03% during the trading of Monday’s session, to circulate at the price of 880 fils per share, after signing a contract with a Saudi company.
At that time, 781.12 thousand shares of heavy engineering industries and shipbuilding were traded, with a value of trading 686.69 thousand dinars.
The highest price of the share at that time was at 880 fils, while the lowest price was at 875 fils.
The share of the Heavy Engineering and Shipbuilding Industries Company (Hesco) witnessed a remarkable increase, driven by the announcement of the company’s branch in the Kingdom of Saudi Arabia to sign a direct contract from the subcontractor with the Saudi Technicas Rionidas Company for Services and Contracting Ltd., at a value of 137 million US dollars (equivalent to about 42 million Kuwaiti dinars).
The contract includes the implementation of civil and electromechanical works within the project of expansion of a power station that operates the complex cycle system in the village area, for the benefit of the Saudi Electricity Company, to extend the project implementation period for 29 months.
The company expected that the effects of this contract will be reflected on its operational results during the period from 2025 to 2028, by listing the expected returns within its financial data during those years.
This development comes in light of the strong performance recorded by “Hesco” in the previous year, as it achieved net profits of 9.07 million Kuwaiti dinars, an annual increase of 27.61% compared to profits of 7.11 million dinars in 2023.
It should be noted that the Heavy Engineering and Shipbuilding Industries Company, which is listed on the Kuwait Stock Exchange since November 1984, is active in the energy sector, with a special focus on oil and gas services and equipment, and its headquarters is located in Kuwait City, where it was founded in February 1974.
