Hill International (HINT) is one of the largest construction consulting firms in the world providing project management and construction claims services to public and private clients worldwide.
In the first week of the new year, the company announced it had entered into an agreement with Makan Capital Group (“MCG”), a merchant banking and investment management firm. A new joint venture company will be formed, to be named Makan Hill International Ltd., to develop commercial, mixed-use, residential, infrastructure and other projects throughout the Middle East and North Africa. MCG and Hill will have a 50/50 share in Makan Hill, and will be headquartered in Abu Dhabi, United Arab Emirates. MCG, headed by H.H.P. Abdulaziz bin Fahad bin Abdullah Al Saud, intends to raise a fund targeted at approximately $500M to invest in projects to be developed by Makan Hill.
Also announced by the company was the acquisition of John Shreeves Holdings Ltd. and its operating subsidiary John Shreeves & Partners Ltd., a London-based firm that provides project management and cost consultancy services on private- and public-sector projects throughout the United Kingdom. The acquired business will continue to operate under the Shreeves brand name until its operations have been consolidated with Hill’s. For its last fiscal year, ended April 30, 2007, Shreeves had revenues of approximately GBP 2.4 million ($4.9 million).
Hill International was awarded a contract from Escape LLC to provide project management services during the construction of the Escape, an upscale equestrian and family activities residential community in Ajman, United Arab Emirates. The nearly three-year contract has an estimated value to the company of approximately AED 13.4M ($3.7M). The Escape, the company’s first project in the Northern Emirates, will cover an area of 8.3M square feet comprised of villas, townhouses and apartments, a boutique hotel and spa, a clubhouse, an activities and community center, an equestrian center, a show complex, and an equine spa and therapy center. The anticipated cost of the development is approximately AED 1.8M ($490M)
For the nine-month period ending 2007, revenues for third quarter increased by 36% to $204,052 compared to $130,156 for the same period ending 2006. For the three-month period, revenue increased by 30% to $72,177 compared to $49,866 in 2006. Net income reported was also favorable; in the nine-month period ending 2007 an increase of 35% to $9,067 was reported, up from $5,890 of the same period previous year. For the three-month period an increase of 23% to $3,800 from $2,911 reported in the same period 2006.
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