ISOTeam has secured $31.9 million worth of new contracts wins, which will boost its order book that stood at $152.7 million as at December 2021.
To be completed between November 2022 and January 2024, the new projects comprise a $4.2 million mechanical and electrical project that involves the supply, delivery and installation of grid-tied solar photovoltaic system for SolarNova Phase 4 HDB residential blocks; 10 repair and redecoration (R&R) projects worth $17.9 million, which includes one project that involves R&R works to 20 blocks and improvements to toilets at the market and food centre at Boon Lay Avenue, Boon Lay Drive and Boon Lay Place; as well as nine coating and projects worth about $9.8 million.
"With the Covid-19 situation being carefully managed, we are seeing a return of confidence in the economy. This has led to a definitive uptick in the number of public and private projects up for tender including those that had been put on the backburner during the height of the pandemic," says group executive director and CEO Anthony Koh.
"The government has been supportive of the industry and has taken steps to address the shortage of foreign labour. We are optimistic of being able to ramp up our activities and secure more projects as the labour situation continues to improve. At the same time, we are closely monitoring the cost of raw materials because we expect the current geopolitical tensions in Eastern Europe to have an impact on global supply chains and further drive up prices. We will continue to adjust our procurement strategy as well as our pricing strategy to take into account any significant cost increases in order to safeguard our margins," he adds.
Shares in ISOTeam closed 4.17% higher on Mar 22 at 10 cents.
Photo: The Edge Singapore/ Albert Chua
