KUALA LUMPUR, June 15 — Boustead Heavy Industries Corp Bhd (BHIC) sees better prospect in 2022 against a backdrop of improving and favourable economic conditions, the government’s commitment to safeguard national defence and security, as well as a strong order book.

In a statement today, BHIC chief executive officer Sharifuddin Md Zaini Al-Manaf said the group is optimistic in view of an increase in seaborne trade and marine leisure vessels’ traffic, a rebound in the aviation sector, as well as offshore exploration and production activities.

In addition, he said the government’s fairly generous allocation of RM16 billion for the defence sector in Budget 2022 augurs well for the group as this will give rise to new and extension of contracts in the defence and security sectors.

"With our facilities, track record and experienced human capital, we have proven ourselves to be able to complete projects to the satisfaction of our customers.

"The delivery of three Littoral Mission Ships to the Royal Malaysian Navy and the completion of various projects, plus the awards of various new contracts and contract extensions in 2021 stand testimony to this,” said Sharifuddin.

As of May 31, 2022, the BHIC group including its associates and joint ventures had an outstanding order book of RM4.9 billion and this is expected to last until 2028.

The group’s order book replenishment target for financial year ending December 31, 2022 is RM274.5 million, Sharifuddin said. — Bernama