Mubasher: Al Imtiaz Investment Group on Tuesday announced that one of its subsidiaries signed a subcontract to carry out the asphalt works of the main roads related to the low-income housing project of Kuwait’s Public Authority for Housing Welfare (PAHW).
The deal is valued at KWD 10.78 million and will carry a maturity period of 12 months, according to a bourse statement.
The subsidiary, moreover, is forecast to generate a profit margin ranging from 2% to 4% of the contract’s value, the parent company revealed, adding that such percentage is not fixed and is subject to change as per variable factors, including the project’s workflow, the implementation period, and the project completion percentage.
It is worth pointing out that Al Imtiaz Investment’s 50.69% share from this contract shall be calculated based on the net realised profit as per the estimated completion rate.
