Engineering, procurement, construction and maintenance (EPCM) services provider Rotary Engineering reported S$133.4 million (€81.6 million) revenue for the first quarter ended 31 March 2012. The company’s profit after tax was S$3.2 million.
Sixty percent of this revenue was generated from Saudi Arabia as Rotary has been awarded two large-scale EPC contracts in the Middle East.
In Saudi Arabia, it is working on a $745 million (€566 million) EPC contract from Saudi Aramco Total Refining and Petrochemical Company, while in the UAE it was awarded a $250 million contract from Fujairah Oil Terminal.
Additionally, Rotary won a $34 million contract to construct 17 field storage tanks in Saudi Arabia. The project, slated for completion by the end of 2012, will see Rotary carry out EPC activities, involving 62 atmospheric storage tanks and eight bullet tanks. The refinery will be able to export 400,00 barrels per day for both local and international markets.
‘The Middle East will remain a key market,’ says Chia Kim Piow, Rotary’s chairman and MD. ‘Rotary has been there since 2006 and we plan to be there for the long term.’
Rotary has also penetrated the Asian markets, particularly Singapore, Indonesia, Malaysia, Thailand, China and India. Singapore contributed 34% of Rotary’s revenue.
The company currently has received orders worth S$596.9 million spanning up to 2014. Almost 80% of these are projects located oversees.