Kawan Renergy Berhad announced that it has secured a RM11.8 million contract from Chemical Industries (Malaya) Sdn Bhd for the fabrication and installation services to convert CIM’s bioethanol plant in Ipoh, Perak, from using molasse as feedstock to using corn.
Works are expected to commence on 1 July 2024 and is anticipated to complete within four months. This contract follows the initial RM2.2 million contract awarded by CIM in May 2024 for the design, supply and installation of steel structure of the intake and milling plant.
Kawan Renergy’s Managing Director, Ir. Lim Thou Lai said, “Securing this contract from CIM, a prominent ethanol producer, demonstrates our technical capabilities in delivering innovative and quality engineering solutions, and strengthens our credibility in the sector.”
The Group’s orderbook now stands at RM138.3 million, covering a range of projects including industrial process equipment, process plants, and renewable-energy and co-generation plants.
Following its recent listing on the ACE Market of Bursa Securities on 29 May 2024, which raised RM33.0 million to fuel expansion efforts, Kawan Renergy reported a half-year revenue of RM42.1 million and a profit after tax of RM8.6 million for the financial period ended 30 April 2024. This PAT represents over 50% of the previous year’s total of RM13.3 million.
