ISOTeam wins S$22.7m in new contracts

ISOTeam CEO Anthony Koh said the company has had a record-breaking year in FY2016.
ISOTeam CEO Anthony Koh said the company has had a record-breaking year in FY2016.PHOTO: ISOTEAM

SINGAPORE - Catalist-listed ISOTeam, an eco-conscious repairs and redecoration and addition and alteration specialist, has secured S$22.7 million worth of new projects.

These new contracts, comprising a mix of R&R and A&A projects as well as the single-largest renewable energy installation job won by the group to-date, are expected to be completed between January 2017 and June 2018.

The contracts are expected to have a positive impact on the group's earnings per share and net tangible assets per share for the current financial year, the company said on Tuesday (Jan 10).

Said Mr Anthony Koh, its executive director and chief executive officer: "ISOTeam has had a record-breaking year in FY2016 and, despite the less than ideal economic environment currently, we are pleased to begin 2017 on the back of such positive news for our stakeholders.

"We are especially excited to have secured our third and single largest renewable energy installation project, worth around $6.3 million, since entering this segment less than a year ago. Our growing track record in this area will be highly advantageous to ISOTeam as the adoption of solar power in Singapore under the Government's SolarNova programme looks set to grow dynamically in the coming years."

The government-led SolarNova programme aims to have solar power contribute 350 megawatt-peak (MWp) to Singapore's energy supply by 2020.

There were 400 HDB blocks with solar panels in 2015, and the programme targets to have around 5,500 blocks by 2020, or clean energy for 55,000 four-room flats annually, said ISOTeam.

Said Mr Koh: "Renewable energy is fast becoming a reality in Singapore given the strong support from the Government. In October 2016, a tender for a total capacity of 40 MWp worth approximately S$100 million was called, and more tenders expected to be called over the next four to five years."