H.H. Sheikh Sabah Al-Ahmad Al-Sabah - CGC · 2018. 6. 21. · Mr. Abdul Rahman Mousa Al Ma’rouf-...
Transcript of H.H. Sheikh Sabah Al-Ahmad Al-Sabah - CGC · 2018. 6. 21. · Mr. Abdul Rahman Mousa Al Ma’rouf-...
-
1
-
2
-
3
H.H. Sheikh Sabah Al-Ahmad Al-SabahThe Amir of the State of Kuwait
H.H. Sheikh Nawaf Al-Ahmad Al-SabahThe Crown Prince of the State of Kuwait
H.H. Sheikh Jaber Al-Mubarak Al-Ahmad Al-SabahThe Prime Minister of the State of Kuwait
-
4
ANNUAL REPORT
2013 48 years of excellence
Combined Group Contracting Co.
(K.S.C.)
-
5
ANNUAL REPORT
2013 48 years of excellence
Combined Group Contracting Co.
(K.S.C.)
-
6
2012 2013Revenues 176,762,831 154,971,442Gross Profit 20,817,052 14,577,725Gross Margin (%) 11.8% 9.4%Net Profit 10,697,218 5,305,363Net Margin (%) 6.1% 3.4%Earnings per Share (KD Fils per share) 96.70 43.99
Total Assets 173,157,266 193,039,303Total Equity 44,488,194 42,424,045
Bonus Shares Issued -5% (5 fils for each 100 fils)
Shares Outstanding 106,193,307 106,193,307Cash Dividend per Share (KD Fils per Share)
70% (70 fils) 35% (35 fils)
Return on Assets (%) 6.7% 2.9%Return on Equity (%) 25.1% 12.2%
2013 Achievements
-
7
Table of Contents
Board of Directors 8
Chairman’s Message 9
Economic and Industry Highlights 16
The Group 22
Financial Year 2013 Projects Analysis 31
Financial Review 36
Stock Performance 42
Contact Details 50
FY 2013 Audited Financial Statements 53
-
8
ANNUAL REPORT 2013
Page 4
Board of Directors
Mr. Abdul Rahman Mousa Al Ma’rouf- Chairman (Non– Executive Member)
Mr. Raad Khalaf Al Abdullah- Vice Chairman (Executive Member)
Mr. Emad Ahmad Al Houti- Board Member (Non- Executive Member)
Mr. Ahmad Khalid Ahmad Al Homaizi- Board Member (Non- Executive Member)
Mr. Sulaiman Abdul Rahman Al Ma’rouf- Board Member (Executive Member)
Mr. Ma’rouf Abdul Rahman Al Ma’rouf- Board Member (Non- Executive Member)
Mr. Mousa Ahmad Al Ma’rouf- Board Member (Executive Member)
ANNUAL REPORT 2013
Page 4
Board of Directors
Mr. Abdul Rahman Mousa Al Ma’rouf- Chairman (Non– Executive Member)
Mr. Raad Khalaf Al Abdullah- Vice Chairman (Executive Member)
Mr. Emad Ahmad Al Houti- Board Member (Non- Executive Member)
Mr. Ahmad Khalid Ahmad Al Homaizi- Board Member (Non- Executive Member)
Mr. Sulaiman Abdul Rahman Al Ma’rouf- Board Member (Executive Member)
Mr. Ma’rouf Abdul Rahman Al Ma’rouf- Board Member (Non- Executive Member)
Mr. Mousa Ahmad Al Ma’rouf- Board Member (Executive Member)
Board of Directors
-
9
ANNUAL REPORT 2013
Page 4
Board of Directors
Mr. Abdul Rahman Mousa Al Ma’rouf- Chairman (Non– Executive Member)
Mr. Raad Khalaf Al Abdullah- Vice Chairman (Executive Member)
Mr. Emad Ahmad Al Houti- Board Member (Non- Executive Member)
Mr. Ahmad Khalid Ahmad Al Homaizi- Board Member (Non- Executive Member)
Mr. Sulaiman Abdul Rahman Al Ma’rouf- Board Member (Executive Member)
Mr. Ma’rouf Abdul Rahman Al Ma’rouf- Board Member (Non- Executive Member)
Mr. Mousa Ahmad Al Ma’rouf- Board Member (Executive Member)
ANNUAL REPORT 2013
Page 4
Board of Directors
Mr. Abdul Rahman Mousa Al Ma’rouf- Chairman (Non– Executive Member)
Mr. Raad Khalaf Al Abdullah- Vice Chairman (Executive Member)
Mr. Emad Ahmad Al Houti- Board Member (Non- Executive Member)
Mr. Ahmad Khalid Ahmad Al Homaizi- Board Member (Non- Executive Member)
Mr. Sulaiman Abdul Rahman Al Ma’rouf- Board Member (Executive Member)
Mr. Ma’rouf Abdul Rahman Al Ma’rouf- Board Member (Non- Executive Member)
Mr. Mousa Ahmad Al Ma’rouf- Board Member (Executive Member)
ANNUAL REPORT 2013
Page 5
Chairman’s Message
In the name of Allah, the most Gracious, the most Merciful.
Dear Shareholders,
On behalf all Board of Directors members, I’m glad to welcome you to this important forum, and special thanks to you all for accepting Combined Group Contracting Company (K.S.C.C.) Annual General Assembly Meeting invitation.
Due to the delay of the start of 2 major projects for the period of 9- 11 month, and relating to the run-down of the actual revenues, the company was not able to maintain the projected revenues and profits during the financial year 2013.
In line with the company’s development, expansion and growth policies, the following has been accomplished during 2013:
1. Incorporation of a new subsidiary in Abu Dhabi- UAE; Combined Group Contracting Co. Emirates L.L.C.
2. The startup of asphalt emulsion factory has been completed and production operations have been started.
Chairman’s Message
In the name of Allah, the most Gracious, the most Merciful.
Dear Shareholders,
On behalf of all Board of Directors members, I’m glad to welcome you to this important forum, and special thanks to you all for accepting Combined Group Contracting Company (K.S.C.) Annual General Assembly Meeting invitation.
Due to the delay of the start of 2 major projects for the period of 9- 11 month, and relating to the run-down of the actual revenues, the company was not able to maintain the projected revenues and profits during the financial year 2013.
In line with the company’s development, expansion and growth, the following has been accomplished during 2013:
Incorporation of a new subsidiary in Abu Dhabi- UAE; Combined Group Contracting Co. 1. Emirates L.L.C.
The startup of asphalt emulsion factory has been completed and production operations have 2. been started.
-
10
1. 2.
During financial year 2013, new Joint Venture agreements (JV) have been signed between 3. the mother company in Kuwait and well known International companies such as; Langdon Wilson International- USA, Carlo Gavazzi Holding- Italy, Sacyr Vallehermoso S.A.- Spain, Samsung Construction & Trading- South Korea and Shapooriji Pallonji Group- India.
In addition to the JV agreements signed by the mother company, our Qatar subsidiaries signed different JV agreements with Posco from South Korea, Nurol from Turkey, Yuksel from Turkey and Al Naboodah from the UAE.
This holds with our previous signed agreements with major International companies such as: Hyundai from South Korea, Arabtec from the UAE, Flowtech from India and Tekar from Turkey.
-
11
Corporate governance:4.
During financial year 2013, the Capital Markets Authority (CMA) announced rule number (25) for the year 2013 regarding the corporate governance activities of the companies under the oversight of the authority.
In accordance with the new rule, the company has decided to reconcile its posture to coincide its corporate governance activities and therefore it designated an external consultant to reconcile its position.
A detailed plan, which includes; the restructuring of the board of directors, the formation of board committees, the development of the bylaws and policies, amending the article of association and other corporate governance related activities, have been positioned.
In addition, the company started the plan during the last quarter of financial year 2013 and it will continue to undertake all actions, accommodate its corporate governance position before December 31, 2014.
Financial performance:
• Revenues for the year 2013 declined by 12.3% to KD 154,971,442 from KD 176,762,831 in the previous year.
• Operational performance of the company fell by 29.9% during the year as a result of the gross profit decreasing to 14,577,725 from KD 20,817,052 in the previous year.
• Net profit for the year fell by 50.4% to KD 5,305,363 from KD 10,697,218 in the previous year.
• Total assets of the company in the year 2013 increased by 11.5% to KD 193,039,303 from KD 173,157,266 in the previous year.
• The earnings per share (EPS) for the twelve month ending December 2013 is 43.99 fils compared to the previous year EPS at 96.70fils.
Operational performance:
During financial year 2013, the preliminary delivery of the following projects has been made:
Construction, completion and maintenance of the Headquarter Building and 1. Executive Branch for the Ministry of Public Works in the State of Kuwait for a total amount of KD 10,473,608.
-
12
Construction, completion and maintenance of the 2.
airport road from the 4th ring road subject to the
Ministry of Public Works in the State of Kuwait with a
total value of KD 8,846,588.
Construction, completion and maintenance of roads, 3.
sewerage and other utilities in Al Bida’a Area subject
to the Ministry of Public Works in Kuwait with a total
value of KD 3,095,000.
The construction of 12 KM asphalt road in Al Shuwayeb 4.
Area in the UAE with a total value of 8,915,285
Dirhams equivalent to KD 686,477.
Concrete floors, sewerage systems and pumping 5.
stations works in Ghantoot Area in the UAE with a
total value of 58,200,000 Dirhams equivalent to KD
4,423,000.
The construction of the preliminary stage of the 6.
officers villas in Abu Dhabi in the UAE with a total value
of 12,442,000 Dirhams equivalent to KD 945,000.
During financial year 2013, the mother company and its subsidiaries signed contracts with a total value of KD 112.3 Million including; 5 projects in the State of Kuwait with a total value of KD 48.2 Million, 6 projects in Abu Dhabi- UAE with a total value of 306.1 Million Dirhams equivalent to KD 23.6 Million, and 2 projects in Qatar with a total value of QR 519 Million equivalent to KD 40.5 Million.
-
13
State of Kuwait Projects:
Signing contract with the Ministry of Public Works for KD 2,000,000 subject to 1. the emergency and urgent maintenance of the highway roads.
Signed a contract with the Public Authority for Housing Welfare for KD 36,444,000 2. subject to the construction, completion and maintenance of Plot E in Sabah Al Ahmad Housing Project.
Signing a contract with the Kuwait Oil Company for USD 20,399,608 equivalent to 3. KD 5,774,512 subject to the construction of facilities to bridge the hydrocarbon waste in North Kuwait area Group B.
Signing a contract with Al Khafji Joint Operations for USD 9,835,991.66 equivalent 4. to KD 2,779,616 subject to the supply and installation of pipes.
Signing a contract with Kuwait Institute for Scientific Research for a total value 5. of KD 1,169,860 subject to pipelines design.
Abu Dhabi- UAE Projects:
Signing Contract for tender number (ITT-PPP/CCP100) with an entity in UAE for 1. 77,000,000 Dirhams equivalent to KD 5.9 Million subject to the excavation and backfilling of all infrastructure services.
Signing a subcontract agreement with Drake & Scull for pipeline works for an 2. entity in the UAE for 8,000,056 Dirhams equivalent to KD 624,332.
-
14
Signing Contract for tender number (C001-CMW-13023) with an entity in UAE- 3. Abu Dhabi for 59,000,000 Dirhams equivalent to KD 4.58 Million.
Signing Contract for tender number (C002-CMW-13023) with an entity in UAE- 4. Abu Dhabi for 59,500,000 Dirhams equivalent to KD 4.6 Million.
Signing Contract for tender number (C007-CMW-11057) with an entity in UAE- 5. Abu Dhabi for 3,483,170 Dirhams equivalent to KD 270,000.
Signing 6. Contract for tender number (MW-AF-240-2009) with an entity in UAE-
Abu Dhabi for 99,073,701 Dirhams equivalent to KD 7.6 Million subject to
asphalt and infrastructure works.
Qatar Projects:
Signing 1. Contract for tender number (2013/L/MRPSC/011/2012)) with Public
Works Body in Qatar for 326,406,000 QR equivalent to KD 25.6 Million
subject to the roads and infrastructure for North Bani Hajer Area.
Signing 2. Contract for tender number (C-12-024-CN-01) with an entity in Qatar
for 192,557,000 QR equivalent to KD 14.9 Million subject to the construction
of multi-purpose building
Dividends:
In the light of the financial and operational performance witnessed by the company
during 2013, the Board of Directors of the Company proposed to distribute cash
dividends at 35% of the nominal value shares, which is equivalent to 35 fils and the
distribution of 5% free bonus shares from the total paid up capital (5 shares for each
100 shares) to the shareholders registered in the company’s records as of the date of
the General Assembly Meeting.
Future Outlook:
We seek to accomplish the main objective of the group which is increasing growth
rate in revenues and profits in the mother company and through all of our subsidiaries
and branches inside and outside the State of Kuwait in order to improve the return
on the shareholders equity and maintain our position as one of the top construction
-
15
companies in Kuwait and the region.
Finally, and on behalf of the board of directors, I would like to convey my gratitude
and appreciation to H.H. The Amir of Kuwait, H.H. The Crown Prince of Kuwait, H.H.
The Prime Minister of Kuwait, various Ministries and Government Bodies and to all
Companies, Organizations and Banks that supported us through the year 2013 along
with a special thanks to our Board of Directors, Staff and Employees, praying for their
continued advancement and success and we ask the Almighty God to continue blessing
us with the gift of security and safety, and to guide us in further leading the cause for
the continued progress of the Country and our people.
May peace and God’s mercy and blessings be upon us and help us in our steps to elevate the
State of Kuwait.
Mr. Abdul Rahman Mousa Al Ma’rouf
Chairman
-
16
ANNUAL REPORT 2013
Page 12
Kuwait Economic Indicators
Population vs. GDP per head (USD at PPP)
Nominal GDP (USD mn) vs. Real GDP growth (%)
Fiscal Indicators (% of GDP)
3.2
3.4
3.6
3.8
4.0
- 10,000 20,000 30,000 40,000 50,000 60,000
2008 2009 2010 2011 2012 2013
GDP per head (USD at PPP)
Population
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
2008 2009 2010 2011 2012 2013
Government revenue
Government expenditure
Net public debt
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
-
50,000
100,000
150,000
200,000
2008 2009 2010 2011 2012 2013
Nominal GDP (USD mn)
Real GDP growth (%)
ANNUAL REPORT 2013
Page 11
Economic and Industry Highlights
At CGC we still seek Kuwait as our main destination for operations, and continue our expansion in the Gulf region.
Economic and Industry Highlights
Despite the global economic turmoil, and the unstable economic performance across the region, Kuwait maintained a strong economy in the year 2013.
Value of Major planned and underway construction projects across the GCC:
Country Value (USD Bn) Kuwait 188 UAE 549 Qatar 222 KSA 732 Bahrain 62 Oman 116 Total 1,869
34 142 Global Competitiveness
0.771 1 Human Development Index
67 183 Ease of Doing Business
47 169 Human Development Index Rank
Economic Freedom Index Rank MENA : 7 Rank in World : 71 Credit Ratings
S&P : AA-/Stable/A-1+
Moody's: Aa2/Negative
Fitch : AA/Stable/F1+
EIU : A/Stable
Planned and underway projects varied amongst different sectors of the economy such as; transportation, education, industry, energy & resources, social infrastructure, commercial and health care.
188, 10%
549, 30%
222, 12%
732, 39%
62, 3%
116, 6%
Kuwait
UAE
Qatar
KSA
Bahrain
Oman
66.35 91.16
60.68 76.32
105.63 9.8% 22.2%
-23.2%
16.7% 26.9%
-40.0%-20.0%0.0%20.0%40.0%
0
50
100
150
2007 2008 2009 2010 2011
Oil prices (usd) GDP growth %
-
17
ANNUAL REPORT 2013
Page 12
Kuwait Economic Indicators
Population vs. GDP per head (USD at PPP)
Nominal GDP (USD mn) vs. Real GDP growth (%)
Fiscal Indicators (% of GDP)
3.2
3.4
3.6
3.8
4.0
- 10,000 20,000 30,000 40,000 50,000 60,000
2008 2009 2010 2011 2012 2013
GDP per head (USD at PPP)
Population
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
2008 2009 2010 2011 2012 2013
Government revenue
Government expenditure
Net public debt
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
-
50,000
100,000
150,000
200,000
2008 2009 2010 2011 2012 2013
Nominal GDP (USD mn)
Real GDP growth (%)
ANNUAL REPORT 2013
Page 11
Economic and Industry Highlights
At CGC we still seek Kuwait as our main destination for operations, and continue our expansion in the Gulf region.
Economic and Industry Highlights
Despite the global economic turmoil, and the unstable economic performance across the region, Kuwait maintained a strong economy in the year 2013.
Value of Major planned and underway construction projects across the GCC:
Country Value (USD Bn) Kuwait 188 UAE 549 Qatar 222 KSA 732 Bahrain 62 Oman 116 Total 1,869
34 142 Global Competitiveness
0.771 1 Human Development Index
67 183 Ease of Doing Business
47 169 Human Development Index Rank
Economic Freedom Index Rank MENA : 7 Rank in World : 71 Credit Ratings
S&P : AA-/Stable/A-1+
Moody's: Aa2/Negative
Fitch : AA/Stable/F1+
EIU : A/Stable
Planned and underway projects varied amongst different sectors of the economy such as; transportation, education, industry, energy & resources, social infrastructure, commercial and health care.
188, 10%
549, 30%
222, 12%
732, 39%
62, 3%
116, 6%
Kuwait
UAE
Qatar
KSA
Bahrain
Oman
66.35 91.16
60.68 76.32
105.63 9.8% 22.2%
-23.2%
16.7% 26.9%
-40.0%-20.0%0.0%20.0%40.0%
0
50
100
150
2007 2008 2009 2010 2011
Oil prices (usd) GDP growth %
-
18
ANNUAL REPORT 2013
Page 14
As of financial year 2013, the UAE’s construction industry elevated faster than other GCC countries and it surpassed the KSA despite the large difference in terms of area between the two countries.
Largest contracts awarded in the GCC:
1. UAE joint venture with Turkey’s TAV to build the Midfield Terminal Building at Abu Dhabi International Airport- USD 2.8bn,
2. KSA deal to expand the Masjid Al Haram in Medina- USD 1.5bn,
3. Kuwait deal to build Subiya Causeway- USD 2.6bn,
Construction projects breakdown- Kuwait:
The Kuwaiti government has major construction projects plans of total USA 188 Billion. The planned projects comprise of the construction of Boubyan port with a total value of USD 11.4 Bn, a Mass Rapid Transit (MRT) with value of USD 7 Bn, Al Zour Power plant with a total value of USD 2.7 Bn, Upgrades and expansions for Mina Abdallah and Ahmadi Refineries with total value of USD 4 Bn, and Sabah Al Salim University with a total value of USD 3 Bn.
35%
27%
7%
12%
1% 4% 9% 5% Rail
Roads & bridgesOil &gasPower plantsWaterConstructionAirportsPorts
ANNUAL REPORT 2013
Page 14
As of financial year 2013, the UAE’s construction industry elevated faster than other GCC countries and it surpassed the KSA despite the large difference in terms of area between the two countries.
Largest contracts awarded in the GCC:
1. UAE joint venture with Turkey’s TAV to build the Midfield Terminal Building at Abu Dhabi International Airport- USD 2.8bn,
2. KSA deal to expand the Masjid Al Haram in Medina- USD 1.5bn,
3. Kuwait deal to build Subiya Causeway- USD 2.6bn,
Construction projects breakdown- Kuwait:
The Kuwaiti government has major construction projects plans of total USA 188 Billion. The planned projects comprise of the construction of Boubyan port with a total value of USD 11.4 Bn, a Mass Rapid Transit (MRT) with value of USD 7 Bn, Al Zour Power plant with a total value of USD 2.7 Bn, Upgrades and expansions for Mina Abdallah and Ahmadi Refineries with total value of USD 4 Bn, and Sabah Al Salim University with a total value of USD 3 Bn.
35%
27%
7%
12%
1% 4% 9% 5% Rail
Roads & bridgesOil &gasPower plantsWaterConstructionAirportsPorts
ANNUAL REPORT 2013
Page 14
As of financial year 2013, the UAE’s construction industry elevated faster than other GCC countries and it surpassed the KSA despite the large difference in terms of area between the two countries.
Largest contracts awarded in the GCC:
1. UAE joint venture with Turkey’s TAV to build the Midfield Terminal Building at Abu Dhabi International Airport- USD 2.8bn,
2. KSA deal to expand the Masjid Al Haram in Medina- USD 1.5bn,
3. Kuwait deal to build Subiya Causeway- USD 2.6bn,
Construction projects breakdown- Kuwait:
The Kuwaiti government has major construction projects plans of total USA 188 Billion. The planned projects comprise of the construction of Boubyan port with a total value of USD 11.4 Bn, a Mass Rapid Transit (MRT) with value of USD 7 Bn, Al Zour Power plant with a total value of USD 2.7 Bn, Upgrades and expansions for Mina Abdallah and Ahmadi Refineries with total value of USD 4 Bn, and Sabah Al Salim University with a total value of USD 3 Bn.
35%
27%
7%
12%
1% 4% 9% 5% Rail
Roads & bridgesOil &gasPower plantsWaterConstructionAirportsPorts
ANNUAL REPORT 2013
Page 14
As of financial year 2013, the UAE’s construction industry elevated faster than other GCC countries and it surpassed the KSA despite the large difference in terms of area between the two countries.
Largest contracts awarded in the GCC:
1. UAE joint venture with Turkey’s TAV to build the Midfield Terminal Building at Abu Dhabi International Airport- USD 2.8bn,
2. KSA deal to expand the Masjid Al Haram in Medina- USD 1.5bn,
3. Kuwait deal to build Subiya Causeway- USD 2.6bn,
Construction projects breakdown- Kuwait:
The Kuwaiti government has major construction projects plans of total USA 188 Billion. The planned projects comprise of the construction of Boubyan port with a total value of USD 11.4 Bn, a Mass Rapid Transit (MRT) with value of USD 7 Bn, Al Zour Power plant with a total value of USD 2.7 Bn, Upgrades and expansions for Mina Abdallah and Ahmadi Refineries with total value of USD 4 Bn, and Sabah Al Salim University with a total value of USD 3 Bn.
35%
27%
7%
12%
1% 4% 9% 5% Rail
Roads & bridgesOil &gasPower plantsWaterConstructionAirportsPorts
ANNUAL REPORT 2013
Page 13
GCC Construction Industry Outlook
The GCC region is well known for its oil rich infrastructure, yet all GCC economies are trying to lift off from the single dependent economy into a more diversified one.
Doing so, the construction industry plays a major role in achieving the prospective diversified economy.
For the first time in since 2008, the KSA has not recorded the largest construction industry value in the GCC, and the UAE replaced it.
On- going GCC Construction Projects Value (2012/2013) USD Billion:
Contract awarded (USD Billion):
513.8, 47%
335.5, 31%
79.9, 7%
64.6, 6%
52.5, 5% 39.4, 4%
UAEKSAKuwaitQatarOmanBahrain
16.2, 32%
15.6, 31%
10.4, 21%
8, 16%
UAE
KSA
Qatar
Kuwait
ANNUAL REPORT 2013
Page 13
GCC Construction Industry Outlook
The GCC region is well known for its oil rich infrastructure, yet all GCC economies are trying to lift off from the single dependent economy into a more diversified one.
Doing so, the construction industry plays a major role in achieving the prospective diversified economy.
For the first time in since 2008, the KSA has not recorded the largest construction industry value in the GCC, and the UAE replaced it.
On- going GCC Construction Projects Value (2012/2013) USD Billion:
Contract awarded (USD Billion):
513.8, 47%
335.5, 31%
79.9, 7%
64.6, 6%
52.5, 5% 39.4, 4%
UAEKSAKuwaitQatarOmanBahrain
16.2, 32%
15.6, 31%
10.4, 21%
8, 16%
UAE
KSA
Qatar
Kuwait
ANNUAL REPORT 2013
Page 13
GCC Construction Industry Outlook
The GCC region is well known for its oil rich infrastructure, yet all GCC economies are trying to lift off from the single dependent economy into a more diversified one.
Doing so, the construction industry plays a major role in achieving the prospective diversified economy.
For the first time in since 2008, the KSA has not recorded the largest construction industry value in the GCC, and the UAE replaced it.
On- going GCC Construction Projects Value (2012/2013) USD Billion:
Contract awarded (USD Billion):
513.8, 47%
335.5, 31%
79.9, 7%
64.6, 6%
52.5, 5% 39.4, 4%
UAEKSAKuwaitQatarOmanBahrain
16.2, 32%
15.6, 31%
10.4, 21%
8, 16%
UAE
KSA
Qatar
Kuwait
ANNUAL REPORT 2013
Page 13
GCC Construction Industry Outlook
The GCC region is well known for its oil rich infrastructure, yet all GCC economies are trying to lift off from the single dependent economy into a more diversified one.
Doing so, the construction industry plays a major role in achieving the prospective diversified economy.
For the first time in since 2008, the KSA has not recorded the largest construction industry value in the GCC, and the UAE replaced it.
On- going GCC Construction Projects Value (2012/2013) USD Billion:
Contract awarded (USD Billion):
513.8, 47%
335.5, 31%
79.9, 7%
64.6, 6%
52.5, 5% 39.4, 4%
UAEKSAKuwaitQatarOmanBahrain
16.2, 32%
15.6, 31%
10.4, 21%
8, 16%
UAE
KSA
Qatar
Kuwait
ANNUAL REPORT 2013
Page 13
GCC Construction Industry Outlook
The GCC region is well known for its oil rich infrastructure, yet all GCC economies are trying to lift off from the single dependent economy into a more diversified one.
Doing so, the construction industry plays a major role in achieving the prospective diversified economy.
For the first time in since 2008, the KSA has not recorded the largest construction industry value in the GCC, and the UAE replaced it.
On- going GCC Construction Projects Value (2012/2013) USD Billion:
Contract awarded (USD Billion):
513.8, 47%
335.5, 31%
79.9, 7%
64.6, 6%
52.5, 5% 39.4, 4%
UAEKSAKuwaitQatarOmanBahrain
16.2, 32%
15.6, 31%
10.4, 21%
8, 16%
UAE
KSA
Qatar
Kuwait
-
19
ANNUAL REPORT 2013
Page 14
As of financial year 2013, the UAE’s construction industry elevated faster than other GCC countries and it surpassed the KSA despite the large difference in terms of area between the two countries.
Largest contracts awarded in the GCC:
1. UAE joint venture with Turkey’s TAV to build the Midfield Terminal Building at Abu Dhabi International Airport- USD 2.8bn,
2. KSA deal to expand the Masjid Al Haram in Medina- USD 1.5bn,
3. Kuwait deal to build Subiya Causeway- USD 2.6bn,
Construction projects breakdown- Kuwait:
The Kuwaiti government has major construction projects plans of total USA 188 Billion. The planned projects comprise of the construction of Boubyan port with a total value of USD 11.4 Bn, a Mass Rapid Transit (MRT) with value of USD 7 Bn, Al Zour Power plant with a total value of USD 2.7 Bn, Upgrades and expansions for Mina Abdallah and Ahmadi Refineries with total value of USD 4 Bn, and Sabah Al Salim University with a total value of USD 3 Bn.
35%
27%
7%
12%
1% 4% 9% 5% Rail
Roads & bridgesOil &gasPower plantsWaterConstructionAirportsPorts
ANNUAL REPORT 2013
Page 14
As of financial year 2013, the UAE’s construction industry elevated faster than other GCC countries and it surpassed the KSA despite the large difference in terms of area between the two countries.
Largest contracts awarded in the GCC:
1. UAE joint venture with Turkey’s TAV to build the Midfield Terminal Building at Abu Dhabi International Airport- USD 2.8bn,
2. KSA deal to expand the Masjid Al Haram in Medina- USD 1.5bn,
3. Kuwait deal to build Subiya Causeway- USD 2.6bn,
Construction projects breakdown- Kuwait:
The Kuwaiti government has major construction projects plans of total USA 188 Billion. The planned projects comprise of the construction of Boubyan port with a total value of USD 11.4 Bn, a Mass Rapid Transit (MRT) with value of USD 7 Bn, Al Zour Power plant with a total value of USD 2.7 Bn, Upgrades and expansions for Mina Abdallah and Ahmadi Refineries with total value of USD 4 Bn, and Sabah Al Salim University with a total value of USD 3 Bn.
35%
27%
7%
12%
1% 4% 9% 5% Rail
Roads & bridgesOil &gasPower plantsWaterConstructionAirportsPorts
ANNUAL REPORT 2013
Page 14
As of financial year 2013, the UAE’s construction industry elevated faster than other GCC countries and it surpassed the KSA despite the large difference in terms of area between the two countries.
Largest contracts awarded in the GCC:
1. UAE joint venture with Turkey’s TAV to build the Midfield Terminal Building at Abu Dhabi International Airport- USD 2.8bn,
2. KSA deal to expand the Masjid Al Haram in Medina- USD 1.5bn,
3. Kuwait deal to build Subiya Causeway- USD 2.6bn,
Construction projects breakdown- Kuwait:
The Kuwaiti government has major construction projects plans of total USA 188 Billion. The planned projects comprise of the construction of Boubyan port with a total value of USD 11.4 Bn, a Mass Rapid Transit (MRT) with value of USD 7 Bn, Al Zour Power plant with a total value of USD 2.7 Bn, Upgrades and expansions for Mina Abdallah and Ahmadi Refineries with total value of USD 4 Bn, and Sabah Al Salim University with a total value of USD 3 Bn.
35%
27%
7%
12%
1% 4% 9% 5% Rail
Roads & bridgesOil &gasPower plantsWaterConstructionAirportsPorts
ANNUAL REPORT 2013
Page 14
As of financial year 2013, the UAE’s construction industry elevated faster than other GCC countries and it surpassed the KSA despite the large difference in terms of area between the two countries.
Largest contracts awarded in the GCC:
1. UAE joint venture with Turkey’s TAV to build the Midfield Terminal Building at Abu Dhabi International Airport- USD 2.8bn,
2. KSA deal to expand the Masjid Al Haram in Medina- USD 1.5bn,
3. Kuwait deal to build Subiya Causeway- USD 2.6bn,
Construction projects breakdown- Kuwait:
The Kuwaiti government has major construction projects plans of total USA 188 Billion. The planned projects comprise of the construction of Boubyan port with a total value of USD 11.4 Bn, a Mass Rapid Transit (MRT) with value of USD 7 Bn, Al Zour Power plant with a total value of USD 2.7 Bn, Upgrades and expansions for Mina Abdallah and Ahmadi Refineries with total value of USD 4 Bn, and Sabah Al Salim University with a total value of USD 3 Bn.
35%
27%
7%
12%
1% 4% 9% 5% Rail
Roads & bridgesOil &gasPower plantsWaterConstructionAirportsPorts
ANNUAL REPORT 2013
Page 14
As of financial year 2013, the UAE’s construction industry elevated faster than other GCC countries and it surpassed the KSA despite the large difference in terms of area between the two countries.
Largest contracts awarded in the GCC:
1. UAE joint venture with Turkey’s TAV to build the Midfield Terminal Building at Abu Dhabi International Airport- USD 2.8bn,
2. KSA deal to expand the Masjid Al Haram in Medina- USD 1.5bn,
3. Kuwait deal to build Subiya Causeway- USD 2.6bn,
Construction projects breakdown- Kuwait:
The Kuwaiti government has major construction projects plans of total USA 188 Billion. The planned projects comprise of the construction of Boubyan port with a total value of USD 11.4 Bn, a Mass Rapid Transit (MRT) with value of USD 7 Bn, Al Zour Power plant with a total value of USD 2.7 Bn, Upgrades and expansions for Mina Abdallah and Ahmadi Refineries with total value of USD 4 Bn, and Sabah Al Salim University with a total value of USD 3 Bn.
35%
27%
7%
12%
1% 4% 9% 5% Rail
Roads & bridgesOil &gasPower plantsWaterConstructionAirportsPorts
ANNUAL REPORT 2013
Page 13
GCC Construction Industry Outlook
The GCC region is well known for its oil rich infrastructure, yet all GCC economies are trying to lift off from the single dependent economy into a more diversified one.
Doing so, the construction industry plays a major role in achieving the prospective diversified economy.
For the first time in since 2008, the KSA has not recorded the largest construction industry value in the GCC, and the UAE replaced it.
On- going GCC Construction Projects Value (2012/2013) USD Billion:
Contract awarded (USD Billion):
513.8, 47%
335.5, 31%
79.9, 7%
64.6, 6%
52.5, 5% 39.4, 4%
UAEKSAKuwaitQatarOmanBahrain
16.2, 32%
15.6, 31%
10.4, 21%
8, 16%
UAE
KSA
Qatar
Kuwait
ANNUAL REPORT 2013
Page 13
GCC Construction Industry Outlook
The GCC region is well known for its oil rich infrastructure, yet all GCC economies are trying to lift off from the single dependent economy into a more diversified one.
Doing so, the construction industry plays a major role in achieving the prospective diversified economy.
For the first time in since 2008, the KSA has not recorded the largest construction industry value in the GCC, and the UAE replaced it.
On- going GCC Construction Projects Value (2012/2013) USD Billion:
Contract awarded (USD Billion):
513.8, 47%
335.5, 31%
79.9, 7%
64.6, 6%
52.5, 5% 39.4, 4%
UAEKSAKuwaitQatarOmanBahrain
16.2, 32%
15.6, 31%
10.4, 21%
8, 16%
UAE
KSA
Qatar
Kuwait
ANNUAL REPORT 2013
Page 13
GCC Construction Industry Outlook
The GCC region is well known for its oil rich infrastructure, yet all GCC economies are trying to lift off from the single dependent economy into a more diversified one.
Doing so, the construction industry plays a major role in achieving the prospective diversified economy.
For the first time in since 2008, the KSA has not recorded the largest construction industry value in the GCC, and the UAE replaced it.
On- going GCC Construction Projects Value (2012/2013) USD Billion:
Contract awarded (USD Billion):
513.8, 47%
335.5, 31%
79.9, 7%
64.6, 6%
52.5, 5% 39.4, 4%
UAEKSAKuwaitQatarOmanBahrain
16.2, 32%
15.6, 31%
10.4, 21%
8, 16%
UAE
KSA
Qatar
Kuwait
-
20
ANNUAL REPORT 2013
Page 16
SWOT Analysis for GCC Construction Industry
Strengths:
All GCC governments are trying to diversify its economies, and they are relying heavily on the construction industry to do so, therefore they are increasing the spending and easing the business related laws and regulations,
The KSA has the largest construction sector in the Middle East, All GCC countries are carrying out developments plans for the
upcoming years which include major construction projects, GCC countries are affiliating with high tech International
construction companies to carry out the planned projects,
Weaknesses:
Similar to all other International economies, the GCC is still trying to lift itself up from the 2008 global crisis,
Utilities and service infrastructure have not been moving in parallel with the construction development, therefore some completed construction projects are not been supported with utility and power services,
Opportunities:
The availability of land and money to carry out the proposed and planned projects,
FIFA 2020 world cup in Qatar is expected to benefit all countries of the GCC,
The GCC countries plan to get connected via metro and large scale bridges similar to the projects in Europe, Asia and America,
Threats:
Political and economic stability in the MENA region affects the GCC region,
The start-up of projects and not completing it,
ANNUAL REPORT 2013
Page 15
Country Construction Sector UAE 30% share of GCC’s market,
5.3% estimated annual average growth between 2013 and 2021 in construction industry,
6,384,800 estimated total construction workforce in 2013,
Non housing construction represents the largest projects value in the UAE with 62% of total construction spending, followed by energy projects with 19% of total construction spending,
One of the major planned projects is the Abu Dhabi Nuclear Power Plant with value of USD 30 Bn,
KSA 39% share of GCC”s project market, Plan to increase hotel’s current capacity by
60%, 1.25Mn new housing units are to be
completed by the end of 2014, Energy, reactors and desalination construction
represents the largest projects value in the KSA with 47% of total projects, followed by non-housing construction with 20% of total projects,
Estimated total value of projects planned or underway is estimated at USD 732Bn,
One of the major planned projects is the 16 nuclear reactors with a total value of USD 100 Bn,
Qatar 12% share of GCC’s market, 9% is the estimated growth in construction
between 2017 and 2021, Qatar has one of the worlds highest levels of
GDP per capita- EUR 51,000, Qatar government plans to spend an
estimated of 40% of the budget on infrastructure projects between 2011 and 2016,
Developments in Doha Metro is considered to be the largest planned project with USD 20 Bn,
-
21
ANNUAL REPORT 2013
Page 16
SWOT Analysis for GCC Construction Industry
Strengths:
All GCC governments are trying to diversify its economies, and they are relying heavily on the construction industry to do so, therefore they are increasing the spending and easing the business related laws and regulations,
The KSA has the largest construction sector in the Middle East, All GCC countries are carrying out developments plans for the
upcoming years which include major construction projects, GCC countries are affiliating with high tech International
construction companies to carry out the planned projects,
Weaknesses:
Similar to all other International economies, the GCC is still trying to lift itself up from the 2008 global crisis,
Utilities and service infrastructure have not been moving in parallel with the construction development, therefore some completed construction projects are not been supported with utility and power services,
Opportunities:
The availability of land and money to carry out the proposed and planned projects,
FIFA 2020 world cup in Qatar is expected to benefit all countries of the GCC,
The GCC countries plan to get connected via metro and large scale bridges similar to the projects in Europe, Asia and America,
Threats:
Political and economic stability in the MENA region affects the GCC region,
The start-up of projects and not completing it,
ANNUAL REPORT 2013
Page 15
Country Construction Sector UAE 30% share of GCC’s market,
5.3% estimated annual average growth between 2013 and 2021 in construction industry,
6,384,800 estimated total construction workforce in 2013,
Non housing construction represents the largest projects value in the UAE with 62% of total construction spending, followed by energy projects with 19% of total construction spending,
One of the major planned projects is the Abu Dhabi Nuclear Power Plant with value of USD 30 Bn,
KSA 39% share of GCC”s project market, Plan to increase hotel’s current capacity by
60%, 1.25Mn new housing units are to be
completed by the end of 2014, Energy, reactors and desalination construction
represents the largest projects value in the KSA with 47% of total projects, followed by non-housing construction with 20% of total projects,
Estimated total value of projects planned or underway is estimated at USD 732Bn,
One of the major planned projects is the 16 nuclear reactors with a total value of USD 100 Bn,
Qatar 12% share of GCC’s market, 9% is the estimated growth in construction
between 2017 and 2021, Qatar has one of the worlds highest levels of
GDP per capita- EUR 51,000, Qatar government plans to spend an
estimated of 40% of the budget on infrastructure projects between 2011 and 2016,
Developments in Doha Metro is considered to be the largest planned project with USD 20 Bn,
-
22
The GroupComplementing our group’s mission, we dedicated all of our resources to accomplish the growth and expansion which satisfies our stakeholders. Unfortunately, some major projects have been delayed during financial year 2013 which affected our performance.Despite the challenges faced during the year, we attempted to maintain a stable performance throughout the different business divisions and the regions we operate in.One subsidiary, Combined Group Contracting Emirates L.L.C (Abu Dhabi, UAE), was added to our groups of subsidiaries which makes the total number of subsidiaries owned by the group as of financial year 2013 is 9.In addition, new Joint Venture agreements have been signed by the mother company and our subsidiary in Qatar which casts the important of International Expansion for our group. Currently, the group has a total of 24 joint ventures agreements with well- known International companies allocated around the globe.Due to unexpected events, our financial performance during FY 2013 indicates a fall down through revenues and profit margins, but it also shows the increase in the assets we hold as of December 2013.For us, the financial year 2013 numbers will be used for advice, and at Combined Group Contracting, we will try our best to recover from the financial drop.On the other hand, we have nominated an external advisor to guide us in the new CMA Corporate Governance requirements.In general, the year 2013 was an acceptable year for the group in terms of growth, expansion and organization of legal matter.
ANNUAL REPORT 2013
Page 18
The Group Structure
Combined Group Contracting- K.S.C.
(The Mother Company)
Subsidiaries
Combined International Real Estate Co. K.S.C.C- Kuwait United Kingdom General Trading & Contracting Co. W.L.L.- Kuwait
Combined Group Rocks Co. K.S.C.C- Kuwair
Al Marouf & Al Barjas Combined for General Trading & Contracting- Kuwait
Combined Group Trading & Contracting Co. W.L.L.- Qatar
Combined Group Factories Co. W.L.L.- Qatar
Combined Group Contracting Co. W.L.L.- Muscat, Oman
Syrian Combined Group Contracting Co. W.L.L- Syrain Arab Republic
Combined Group Contracting Co. Emirates L.L.C. - UAE
Branches
Combined Group Contracting Co. (K.S.C.) - Baghdad Branch- Iraq
Combined Group Contracting Co. (K.S.C.) - Abu Dhabi Branch- UAE
Combined Group Contracting Co. (K.S.C) - Dubai Branch- UAE
Combined Group Contracting Co. (K.S.C.) – Doha Branch- Qatar
Combined Group Contracting Co. (K.S.C.) - Al Khobar Branch- KSA
As of financial year 2013, the group has 9 subsidiaries and 6 branches located across different MENA countries.
Combined Group Contracting Co. (K.S.C.) - Al Ain Branch- UAE
W.L.L.-
-
23
ANNUAL REPORT 2013
Page 18
The Group Structure
Combined Group Contracting- K.S.C.
(The Mother Company)
Subsidiaries
Combined International Real Estate Co. K.S.C.C- Kuwait United Kingdom General Trading & Contracting Co. W.L.L.- Kuwait
Combined Group Rocks Co. K.S.C.C- Kuwair
Al Marouf & Al Barjas Combined for General Trading & Contracting- Kuwait
Combined Group Trading & Contracting Co. W.L.L.- Qatar
Combined Group Factories Co. W.L.L.- Qatar
Combined Group Contracting Co. W.L.L.- Muscat, Oman
Syrian Combined Group Contracting Co. W.L.L- Syrain Arab Republic
Combined Group Contracting Co. Emirates L.L.C. - UAE
Branches
Combined Group Contracting Co. (K.S.C.) - Baghdad Branch- Iraq
Combined Group Contracting Co. (K.S.C.) - Abu Dhabi Branch- UAE
Combined Group Contracting Co. (K.S.C) - Dubai Branch- UAE
Combined Group Contracting Co. (K.S.C.) – Doha Branch- Qatar
Combined Group Contracting Co. (K.S.C.) - Al Khobar Branch- KSA
As of financial year 2013, the group has 9 subsidiaries and 6 branches located across different MENA countries.
Combined Group Contracting Co. (K.S.C.) - Al Ain Branch- UAE
W.L.L.-
-
24
ANNUAL REPORT 2013
Page 20
Quality and Safety Certificates
On January 13th 2004, we have obtained the ISO certification 9001: 2000 which has been updated on November 2009 to ISO 9001: 2008. This certificate is valid till January 10th 2016.
In May 2009, the company has obtained the OHSAS 18001: 2007 certificate. This certificate represents Occupational Health and Safety Management System (OHSAS). The certificate is valid till May 14th 2015.
In May 2009, the company has obtained the ISO 14001: 2004. This certificate represents Environmental Management Systems.The certificate is valid till May 14th 2015.
ANNUAL REPORT 2013
Page 19
The Group’s Shareholders
49% of our group’s shares are owned by Mr. Abdul Rahman Al Marouf and Mr. Ahmad Mousa Al Marouf. Mr. Abdul Rahman Al Marouf is a board member as well as the Chairman of the group.
9.9% of our group’s shares are owned by Mr. Sulaiman Khalid Al Hamad represents by IFA (International Financial Advisors), which is a Kuwaiti Closed Shareholding Company incorporated by the Kuwaiti government on January 31, 1974. IFA’s main operations are related to investments.
5.3% of our group’s shares are owned by KAMCO which is a premier investment company based in the State of Kuwait with its operations starting in 1998.
The balance 35.8% of our group’s shares are owned by the public.
“As of December 31, 2013, our group had a paid up capital of KD 10,629,366 divided up into 106,293,660 shares of 100 fils per share”
24.5%
24.5% 9.9%
5.3%
35.8%
Abdul Rahma Al Marouf
Ahmad Mousa Al Marouf
Mr. Sulaiman Al Hamad, (IFACapital)
KAMCO
Others
ANNUAL REPORT 2013
Page 19
The Group’s Shareholders
49% of our group’s shares are owned by Mr. Abdul Rahman Al Marouf and Mr. Ahmad Mousa Al Marouf. Mr. Abdul Rahman Al Marouf is a board member as well as the Chairman of the group.
9.9% of our group’s shares are owned by Mr. Sulaiman Khalid Al Hamad represents by IFA (International Financial Advisors), which is a Kuwaiti Closed Shareholding Company incorporated by the Kuwaiti government on January 31, 1974. IFA’s main operations are related to investments.
5.3% of our group’s shares are owned by KAMCO which is a premier investment company based in the State of Kuwait with its operations starting in 1998.
The balance 35.8% of our group’s shares are owned by the public.
“As of December 31, 2013, our group had a paid up capital of KD 10,629,366 divided up into 106,293,660 shares of 100 fils per share”
24.5%
24.5% 9.9%
5.3%
35.8%
Abdul Rahma Al Marouf
Ahmad Mousa Al Marouf
Mr. Sulaiman Al Hamad, (IFACapital)
KAMCO
Others
-
25
ANNUAL REPORT 2013
Page 20
Quality and Safety Certificates
On January 13th 2004, we have obtained the ISO certification 9001: 2000 which has been updated on November 2009 to ISO 9001: 2008. This certificate is valid till January 10th 2016.
In May 2009, the company has obtained the OHSAS 18001: 2007 certificate. This certificate represents Occupational Health and Safety Management System (OHSAS). The certificate is valid till May 14th 2015.
In May 2009, the company has obtained the ISO 14001: 2004. This certificate represents Environmental Management Systems.The certificate is valid till May 14th 2015.
ANNUAL REPORT 2013
Page 19
The Group’s Shareholders
49% of our group’s shares are owned by Mr. Abdul Rahman Al Marouf and Mr. Ahmad Mousa Al Marouf. Mr. Abdul Rahman Al Marouf is a board member as well as the Chairman of the group.
9.9% of our group’s shares are owned by Mr. Sulaiman Khalid Al Hamad represents by IFA (International Financial Advisors), which is a Kuwaiti Closed Shareholding Company incorporated by the Kuwaiti government on January 31, 1974. IFA’s main operations are related to investments.
5.3% of our group’s shares are owned by KAMCO which is a premier investment company based in the State of Kuwait with its operations starting in 1998.
The balance 35.8% of our group’s shares are owned by the public.
“As of December 31, 2013, our group had a paid up capital of KD 10,629,366 divided up into 106,293,660 shares of 100 fils per share”
24.5%
24.5% 9.9%
5.3%
35.8%
Abdul Rahma Al Marouf
Ahmad Mousa Al Marouf
Mr. Sulaiman Al Hamad, (IFACapital)
KAMCO
Others
ANNUAL REPORT 2013
Page 19
The Group’s Shareholders
49% of our group’s shares are owned by Mr. Abdul Rahman Al Marouf and Mr. Ahmad Mousa Al Marouf. Mr. Abdul Rahman Al Marouf is a board member as well as the Chairman of the group.
9.9% of our group’s shares are owned by Mr. Sulaiman Khalid Al Hamad represents by IFA (International Financial Advisors), which is a Kuwaiti Closed Shareholding Company incorporated by the Kuwaiti government on January 31, 1974. IFA’s main operations are related to investments.
5.3% of our group’s shares are owned by KAMCO which is a premier investment company based in the State of Kuwait with its operations starting in 1998.
The balance 35.8% of our group’s shares are owned by the public.
“As of December 31, 2013, our group had a paid up capital of KD 10,629,366 divided up into 106,293,660 shares of 100 fils per share”
24.5%
24.5% 9.9%
5.3%
35.8%
Abdul Rahma Al Marouf
Ahmad Mousa Al Marouf
Mr. Sulaiman Al Hamad, (IFACapital)
KAMCO
Others
-
26
ANNUAL REPORT 2013
Page 22
Joint Venture Agreements
Building strong relations with strong International players have been one of the Group’s main objectives. During financial year 2013, we expanded our joint venture agreements to reach Kuwait and Qatar, with a total of 24 joint venture agreements.
We aim at connecting Kuwait with the world.
Tekar Teknik Arastirma
Kuwait
ANNUAL REPORT 2013
Page 21
Classifications
Achievements are results of hard work and dedication.
Central Tenders Committee:
1. Category 1 for infrastructure works (Roads and Sewers), 2. Category 1 for civil construction works 3. Category 2 for electrical works, 4. Category 3 for air conditioning works.
Kuwait Oil Company:
1. Category 02A, 02B and 02C for pipelines and associated works for pipelines of all diameters, manifolds and maintenance,
2. Category 03 for domestic water, air and gas main up to 4” diameter, 3. Category 04A, 04B and 04C for mechanical engineering, plant
installation and maintenance for process plant piping, 4. Category 08 for plant maintenance and production facilities, 5. Category 15S for small engineering purchasing and construction
contracts, (EPS).
KNPC:
1. Category CEC01 for civil works, 2. Category CEC03 for piping, valves and associated works, 3. Category CEC04 for road and DYKE Works, 4. Category CEC05 for plant maintenance, 5. Category CEC07 for electrical works, 6. Category CEC10 for heavy equipment, 7. Category CEC18 for fire, security and safety, 8. Category CEC24 for petrol stations, 9. Category CEC27 for procurements & construction works,
Al Khafji Joint Operations:
1. CC-2 for major civil works, 2. CC-4 for major asphalting and roads works, 3. MTS for skilled manpower supply services.
Classifications
-
27
ANNUAL REPORT 2013
Page 22
Joint Venture Agreements
Building strong relations with strong International players have been one of the Group’s main objectives. During financial year 2013, we expanded our joint venture agreements to reach Kuwait and Qatar, with a total of 24 joint venture agreements.
We aim at connecting Kuwait with the world.
Tekar Teknik Arastirma
Kuwait
-
28
ANNUAL REPORT 2013
Page 24
Operational Review
Business Divisions:
Buildings •Construction of offices, apartment blocks, houses, local mosques, shopping malls, boundary walls and structures.
Electromechanical
•Executing electrical works such as power supply, street lighting, underground cabling, renewable energy resources, cathode protection, earthing & lighting as well as mechanical works such as HVAC, firefighting and plumbing, sewage and water supply.
Closed circuit
television system
•Executing cleaning works for storm water and sanitary networks in addition to taking video pictures of the existing networks by using CCTV based sewer monitoring systems.
Oil Sector
•Handling installation, testing and commissioning of pipelines, isolation cold cutting and removal of existing crude oil line, all associated civil works such as road crossings, valve pits, fencing, asphalted roadway paving and electrical, instrumentation and cathode protection.
EPC Oil & Gas
•An integrated engineering design system to develop and execute energy related projects,.
Supporting services oil
& gas
•Engineering techniques and methods to help in planning and completing a project. Services provided include scaffolding solutions, drawings, trouble shooting, onsite dismantling and installation.
Micro- tunneling
•Executing infrastructure sanitary and storm water networks for line depths and allowing them to cross under minor and major roads.
Roads & infrastructure
•Constructing bridges, roads maintenance and repairs, paving works, resurfacing and milling & asphalt works, sanitary sewage networks and maintenance of water & gas networks, street lighting, traffic control system, warning signs, guide signs and road marking, chain link fencing and overhead sign gantries.
Service center •Operating 2 asphalt plants, 3 ready mix concrete plants, an aggregate division, a garage and
vehicles and equipment.
ANNUAL REPORT 2013
Page 23
Qatar Qatar
-
29
ANNUAL REPORT 2013
Page 24
Operational Review
Business Divisions:
Buildings •Construction of offices, apartment blocks, houses, local mosques, shopping malls, boundary walls and structures.
Electromechanical
•Executing electrical works such as power supply, street lighting, underground cabling, renewable energy resources, cathode protection, earthing & lighting as well as mechanical works such as HVAC, firefighting and plumbing, sewage and water supply.
Closed circuit
television system
•Executing cleaning works for storm water and sanitary networks in addition to taking video pictures of the existing networks by using CCTV based sewer monitoring systems.
Oil Sector
•Handling installation, testing and commissioning of pipelines, isolation cold cutting and removal of existing crude oil line, all associated civil works such as road crossings, valve pits, fencing, asphalted roadway paving and electrical, instrumentation and cathode protection.
EPC Oil & Gas
•An integrated engineering design system to develop and execute energy related projects,.
Supporting services oil
& gas
•Engineering techniques and methods to help in planning and completing a project. Services provided include scaffolding solutions, drawings, trouble shooting, onsite dismantling and installation.
Micro- tunneling
•Executing infrastructure sanitary and storm water networks for line depths and allowing them to cross under minor and major roads.
Roads & infrastructure
•Constructing bridges, roads maintenance and repairs, paving works, resurfacing and milling & asphalt works, sanitary sewage networks and maintenance of water & gas networks, street lighting, traffic control system, warning signs, guide signs and road marking, chain link fencing and overhead sign gantries.
Service center •Operating 2 asphalt plants, 3 ready mix concrete plants, an aggregate division, a garage and
vehicles and equipment.
-
30
ANNUAL REPORT 2013
Page 26
Financial Year 2013 Projects Analysis
“During Financial Year 2013, we have been operating projects worth of KD 971,783,376”
We carry out operations in Kuwait, Qatar and the UAE- Abu Dhabi, with projects distributed amongst the three countries.
Our operations include; Construction, Maintenance & Services, Water & Electricity, Highways, infrastructure, Roads and Oil.
608,527,879
, 63%
291,402,069
, 30%
71,853,428 , 7%
Kuwait Qatar UAE
608
,527
,879
291
,402
,069
71,
853,
428
26
9
13
-
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
-
5
10
15
20
25
30
Kuwait Qatar Abu Dhabi
Actual Projects Value (KD)
Value (KD) # of projects
ANNUAL REPORT 2013
Page 25
Financial Year 2013 Signed Projects
During financial year 2013 the Group signed total contracts value of KD 112.3 Million.
Date Value (KD Mn)
Owner Description & Duration
Kuwait 03/04 2 Ministry of Public
Works Railways Maintenance (2 years)
31/10 36.4 Public Authority for Housing Welfare
Construction & maintenance (2 years)
04/12 5.8 KOC Construction (4 years)
02/11 2.8 Al Khafji JO Piping construction (3 years)
11/12 1.2 KISR Design & renovation (18 month)
Abu Dhabi 01/04 5.9 United for Contracting
& Engineering Drilling (1 year)
14/03 0.6 Private Entity Subcontract agreement (7 month)
13/11 4.6 Governmental Institution
Construction (17 month)
13/11 4.6 Governmental Institution
Construction (17 month)
25/11 0.3 Governmental Institution
Construction (45 days)
24/12 7.6 Governmental Institution
Infrastructure, Asphalt (14 month)
Qatar 29/04 25.6 PWA Qatar Infrastructure (15
month) 13/06 14.9 Private Entity Construction (14
month) Total 112.3 Million
-
31
ANNUAL REPORT 2013
Page 26
Financial Year 2013 Projects Analysis
“During Financial Year 2013, we have been operating projects worth of KD 971,783,376”
We carry out operations in Kuwait, Qatar and the UAE- Abu Dhabi, with projects distributed amongst the three countries.
Our operations include; Construction, Maintenance & Services, Water & Electricity, Highways, infrastructure, Roads and Oil.
608,527,879
, 63%
291,402,069
, 30%
71,853,428 , 7%
Kuwait Qatar UAE
608
,527
,879
291
,402
,069
71,
853,
428
26
9
13
-
100,000,000
200,000,000
300,000,000
400,000,000
500,000,000
600,000,000
700,000,000
-
5
10
15
20
25
30
Kuwait Qatar Abu Dhabi
Actual Projects Value (KD)
Value (KD) # of projects
ANNUAL REPORT 2013
Page 25
Financial Year 2013 Signed Projects
During financial year 2013 the Group signed total contracts value of KD 112.3 Million.
Date Value (KD Mn)
Owner Description & Duration
Kuwait 03/04 2 Ministry of Public
Works Railways Maintenance (2 years)
31/10 36.4 Public Authority for Housing Welfare
Construction & maintenance (2 years)
04/12 5.8 KOC Construction (4 years)
02/11 2.8 Al Khafji JO Piping construction (3 years)
11/12 1.2 KISR Design & renovation (18 month)
Abu Dhabi 01/04 5.9 United for Contracting
& Engineering Drilling (1 year)
14/03 0.6 Private Entity Subcontract agreement (7 month)
13/11 4.6 Governmental Institution
Construction (17 month)
13/11 4.6 Governmental Institution
Construction (17 month)
25/11 0.3 Governmental Institution
Construction (45 days)
24/12 7.6 Governmental Institution
Infrastructure, Asphalt (14 month)
Qatar 29/04 25.6 PWA Qatar Infrastructure (15
month) 13/06 14.9 Private Entity Construction (14
month) Total 112.3 Million
-
32
ANNUAL REPORT 2013
Page 28
Qatar and UAE Projects:
During financial year 2013 the company’s branches and subsidiaries in Qatar and UAE (Abu Dhabi) operated 22 projects; 9 in Qatar and 13 in the UAE,
Total value of projects carried out in Qatar amounted at KD 291,402,069 representing 30% of total projects value,
Total value of carried out in the UAE amounted at KD 71,853,428 representing 7% of total projects value,
During financial year 2013, our subsidiary company in Qatar finished two projects with a total value of KD 40,442,763,
14,576,447 , 20%
57,276,981 , 80%
UAE Projects
Building & Housing construction Roads Services & maintenance
151,678,958 , 52% 139,723,111 , 48%
Qatar Projects
Construction projects Roads & Infrastructure projects
ANNUAL REPORT 2013
Page 27
Kuwait Projects:
During financial year 2013, the mother company and its subsidiaries operated 26 different projects in Kuwait valued at KD 608,527,879, representing the largest contribution to the total projects operated by the group with 63%,
The projects carried out varied amongst; 5 construction projects, 9 maintenance & services projects, 3 water & electricity projects, 3 highways projects and 6 oil projects,
Details of Kuwait projects:
I. Construction projects at KD 140,738,076 (23.1%), II. Maintenance and services projects at KD 48,171,256 (7.9%),
III. Water and electricity projects at KD 82,814,555 (13.6%), IV. Highways projects at KD 243,446,309 (40.0%), V. Oil projects at KD 93,357,683 (15.4%), and
VI. Total projects at KD 608,527,879.
-
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
Construction Maintenance& Services
Water &Electricity
Highways Oil
140,738,076
48,171,256
82,814,555
243,446,309
93,357,683
Kuwait Projects (KD)
-
33
ANNUAL REPORT 2013
Page 28
Qatar and UAE Projects:
During financial year 2013 the company’s branches and subsidiaries in Qatar and UAE (Abu Dhabi) operated 22 projects; 9 in Qatar and 13 in the UAE,
Total value of projects carried out in Qatar amounted at KD 291,402,069 representing 30% of total projects value,
Total value of carried out in the UAE amounted at KD 71,853,428 representing 7% of total projects value,
During financial year 2013, our subsidiary company in Qatar finished two projects with a total value of KD 40,442,763,
14,576,447 , 20%
57,276,981 , 80%
UAE Projects
Building & Housing construction Roads Services & maintenance
151,678,958 , 52% 139,723,111 , 48%
Qatar Projects
Construction projects Roads & Infrastructure projects
ANNUAL REPORT 2013
Page 27
Kuwait Projects:
During financial year 2013, the mother company and its subsidiaries operated 26 different projects in Kuwait valued at KD 608,527,879, representing the largest contribution to the total projects operated by the group with 63%,
The projects carried out varied amongst; 5 construction projects, 9 maintenance & services projects, 3 water & electricity projects, 3 highways projects and 6 oil projects,
Details of Kuwait projects:
I. Construction projects at KD 140,738,076 (23.1%), II. Maintenance and services projects at KD 48,171,256 (7.9%),
III. Water and electricity projects at KD 82,814,555 (13.6%), IV. Highways projects at KD 243,446,309 (40.0%), V. Oil projects at KD 93,357,683 (15.4%), and
VI. Total projects at KD 608,527,879.
-
50,000,000
100,000,000
150,000,000
200,000,000
250,000,000
Construction Maintenance& Services
Water &Electricity
Highways Oil
140,738,076
48,171,256
82,814,555
243,446,309
93,357,683
Kuwait Projects (KD)
-
34
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log ANNUAL REPORT 2013
Page 29
“The total actual revenue collected during financial year amounted to KD 154,971,442”
Mother company revenue by division:
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
Construction Maintenance& Services
Water &Electricity
Highways Oil Others
25,
346,
592
4,4
55,4
91
27,
004,
897
23,
545,
143
20,
393,
426
11,
419,
708
122,520,423 , 79%
14,981,947 , 10%
17,469,072 , 11%
Kuwait Qatar UAE
-
35
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.
The Highways contracts have the highest back log (percentage wise) as only 21% of the contract value has been billed amounting to KD 50,238,092, leaving an order book of 79% amounting to KD 193,208,217.
The Oil contracts had a back log 34% with a value of KD 31,337,283 since 66% of the contract value have been collected as revenue valued at KD 62,020,400.
0%10%20%30%40%50%60%70%80%90%
100%
Construction Maintenance& Services
Water &Electricity
Highways Oil
66%
95% 75%
21%
66%
34%
5% 25%
79%
34%
Booked revenue Back log
ANNUAL REPORT 2013
Page 30
2013 Back Log- Kuwait
The previous chart indicates the back log for the running projects in Kuwait as at the end of financial year 2013.
For Construction projects, 66% of the contracts signed were booked as revenue amounting to KD 92,817,957 and 34% of it remains as back log with a value of KD 47,920,119.
95% of the maintenance & services projects were booked as revenue amounting to KD 45,756,303, while the back log amounted to KD 2,414,953 which comprised 5% of the total contracts value.
The water & electricity contracts have had 75% of the contract value billed amounting to KD 62,087,230 leaving a back log that comprised 25% of the total value amounting to KD 20,727,325.