Heavy Engineering Industries and Shipbuilding Company (HEISCO) announced that a consortium that includes one of its subsidiaries, has signed a KWD 48.75 million tender contract with Kuwait Ports Authority (KPA).

According to a statement issued to Boursa Kuwait today, Thursday, the consortium consists of Gulf Construction Marine Works & General Contracting Company, a subsidiary of " Heavy Engineering Industries and Shipbuilding Company", and Hyundai Engineering and Construction Co., Ltd.

The tender is to develop Shuwaikh Port’s 7 berths for Kuwait Ports Authority (KPA) 
HEISCO expected to achieve operating profits from the tender, which will be included in the company's financial statements for financial years 2023-2026.

In December 2021, HEISCO announced that the consortium consisting of "Gulf Construction" and "Hyundai Engineering" won KPA’s tender by presenting the lowest price. The award letter was received in September.

It is worth noting that HEISCO’s profits in the first half of this year stood at KWD 2.01 million, down by 31.36% compared to KWD 2.93 million in the corresponding period of last year.