Latest news with #HSSEngineersBhd
The Star
6 days ago
- Business
- The Star
HSS clears Baghdad Metro hurdle, cashflow improves
CGSI Research also noted that Iraq's infrastructure market offered opportunities and the Najat-Karbala rail project could be the next project win. PETALING JAYA: A major hurdle has been cleared for HSS Engineers Bhd 's Baghdad Metro project, paving the way for earnings recovery and improving operating cashflows in the second half of this year. In a report to clients, CGS International (CGSI) Research also noted that Iraq's infrastructure market offered opportunities and the Najat-Karbala rail project could be the next project win. 'Despite the geopolitical conflict in the Middle East, HSS believes the market represents an opportunity. It is looking to entrench its exposure in Iraq with the formalisation of another project, the Najaf-Karbala rail project, worth US$5.35bil. 'The company said it has learned from the initial teething problems for the Baghdad Metro and will ensure all processes are in place and will raise the performance bond within 21 days from the signing of the contract,' said the research house. Meanwhile, the railway scheme approval for Malaysia's Mass Rapid Transit 3 (MRT 3) in July and should pave the way for civil package awards in late 2026, it added. Citing an analyst meeting on Aug 8, CGSI Research said it learned that a major hurdle to its Baghdad Metro project had been cleared as it received the completion certificate, officially issued by the mayoralty of Baghdad, for the first 10% milestone payment of RM10mil on July 16. After Baghdad's Planning Ministry's approval, the research house said the next steps would be more commercial in nature while the timeline for the monies to be paid may range from 21 to 41 days. It viewed this positively as this has been the key overhang for the share price, leading to a 47% derating over a 12-month period. 'As such, we expect better earnings delivery in the second half of this year and, more importantly, operating cash flow should swing back to the black in the fourth quarter of 2025 after showing negative RM12.6mil in the first quarter. 'Additionally, with all the requirements met in order to receive this first payment (performance bond, opening of branch office and registration of local company), we expect the subsequent milestone payments to be much quicker.' it said. CGSI Research noted until June 25, the project management consultancy work for the Baghdad project had reached 45% and is slated for completion by end-2025.
New Straits Times
31-07-2025
- Business
- New Straits Times
HSS Engineers' chairman steps down
KUALA LUMPUR: HSS Engineers Bhd says Datuk Mohd Zakhir Siddiqy Sidek has stepped down as its chairman effective July 31. He wants to pursue other commitments and responsibilities outside the company and focus on other ongoing professional priorities, HSS Engineers said in a statement. Mohd Zakhir, 58, served on HSS Engineers' board from April 17, 2015 and was also a member of the audit and risk management committee. Datuk Seri Ismail Md Salleh, a senior independent non-executive director, will assume the role of acting chairman on Friday. HSS Engineers said over the past decade as chairman, Mohd Zakhir played a pivotal role in guiding the company through several significant milestones. He oversaw the company's initial public offering and listing on the ACE Market of Bursa Malaysia in 2016, followed by its successful transfer to the Main Market in 2017. He provided strategic oversight during the acquisition of SMHB Engineering Sdn Bhd, which strengthened the company's engineering consultancy capabilities and leadership in infrastructure and water-related projects. HSS Engineers executive vice chairman Tan Sri Ir Kuna Sittampalam said Mohd Zakhir's strategic vision was instrumental in taking it public and advancing key corporate initiatives, including the acquisition of SMHB. "We are immensely appreciative of his invaluable contributions and unwavering support, which have laid a solid foundation for the company's continued growth," he added.
The Star
25-06-2025
- Business
- The Star
HSS wins Philippines transport job
PETALING JAYA: HSS Engineers Bhd 's associate has via a joint venture (JV) entered into a consultancy contract with the Philippines' Department of Transportation for the Davao Public Transport Modernisation Project. In a filing with Bursa Malaysia, HSS Engineers said HSS Integrated Sdn Bhd's partnership with Oriental Consultants Global Co Ltd, Japan was appointed a general consultant for contract package No.9 of the project. It said the estimated project value attributable to HSS Integrated was about RM19.27mil in professional fees and reimbursable expenses. The contract commenced in May 2025 for a period of 42 months. 'The JV will provide general consultant services encompassing project and contract management, risk and quality control, interface and communication management, environmental and social aspects, and tender support,' it said.
The Star
25-06-2025
- Business
- The Star
HSS Engineers' associate JV secures consulting role in Philippines public transport project
KUALA LUMPUR: HSS Engineers Bhd 's associate has via a joint venture entered into a consultancy contract with the Philippines' Department of Transportation for the Davao Public Transport Modernisation Project. In a filing with Bursa Malaysia, HSS Engineers said HSS Integrated Sdn Bhd's partnership with Oriental Consultants Global Co Ltd, Japan was appointed a general consultant for contract package No.9 of the project. It said the estimated project value attributable to HSS Integrated was about RM19.27mil in professional fees and reimbursable expenses. The contract commenced on May 2025 for a period of 42 months. "The JV will provide general consultant services encompassing project and contract management, risk and quality control, interface and communication management, environmental and social aspects, economic benefit review, tender support, and anti-corruption compliance. "The JV will also oversee civil works through design reviews, construction monitoring, quality assurance, safety, and cost management. Additionally, it will manage diesel/EV bus procurement, including design review, testing, inspection, site preparation, and commissioning," said the filing.
The Star
23-06-2025
- Business
- The Star
HSS Engineers unit secures RM10mil consultancy job in India
KUALA LUMPUR: HSS Engineers Bhd via its wholly-owned subsidiary HSS Engineering Sdn Bhd has been hired for building information modelling (BIM) and engineering design consultancy services by M/s Ocean Lifespaces India Pvt Ltd. The group said in a stock exhange filing the project was for the proposed development of a container terminal at Tuna Tekra, India – Design And Build (Package 2) for Hindustan Gateway Container Terminal Kandla Private Limited. The contract with an estimated services value of US$2.35mil (about RM10.05mil) commenced on June 6, 2025, for a period of 28 months. The project is expected to contribute positively to the revenue, earnings and net assets of HSS Engineers group for the financial years ending Dec 31, 2025, until Dec 31, 2027.
