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New Air Force Maintenance Contract Sees Destini's Order Book Surpasses RM800 Million

Business Today ·  Nov 11, 2024 03:41
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Destini Bhd's wholly owned subsidiary, Destini Prima Sdn Bhd (DPSB), has secured a three-year contract from the Defence Ministry for the comprehensive maintenance services for airborne safety and survival equipment, which are vital to the operational readiness and safety of the Malaysia Air Force.

The new contract, valued at approximately RM33.05 million, has propelled Destini's order book beyond RM800 million, enhancing earnings visibility through 2027 and further solidifying Destini's position as a dependable partner in national defence.

As part of the contract terms, DPSB will provide a performance bond and participate in the Professional Training and Education for Growing Entrepreneurs — Ready to Work (PROTÉGÉ-RTW) programme, a national initiative aimed at workforce readiness.

"The contract is anticipated to have a positive impact on Destini's financial performance, contributing to both earnings growth and enhancement of net assets starting from the financial year ending June 30, 2025, and throughout the contract period.

"Our current order book has expanded to around RM824 million, and our tender book is approximately RM777 million," Destini Executive Director Ismail Mustaffa said in a company filing to Bursa Malaysia.

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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