Primech A&P Secures New Contracts and Extensions Worth Over $2.6 Million for Q1 2025
Rhea-AI Summary
Primech A&P (NASDAQ: PMEC) has secured new contracts and extensions worth over $2.59 million for Q1 2025. The company announced six significant agreements, including a $774,470 2-year contract for cleaning services at an international hotel in Singapore's Orchard Road, a $676,150 2-year contract for a premium residential condominium, and a $563,620 6-month extension for a themed food destination. Additional contracts include cleaning services for residential developments and another international hotel, ranging from 4 months to 1 year, with values between $148,230 and $257,540.
Positive
- Secured multiple new contracts and extensions worth $2.59 million for Q1 2025
- Expanded presence in premium residential and hospitality markets
- Diversified contract portfolio with varying durations (4 months to 2 years)
- Strong client retention demonstrated through contract extensions
Negative
- Several contracts are relatively short-term (4-6 months)
- Individual contract values are relatively modest ($148K-$774K)
News Market Reaction
On the day this news was published, PMEC declined 0.02%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SINGAPORE, May 28, 2025 (GLOBE NEWSWIRE) -- Primech A & P, a subsidiary of Primech Holdings Limited (the “Company”) (Nasdaq: PMEC), an established technology-driven facility services provider in the public and private sectors operating mainly in Singapore, today announced several newly secured contracts and extensions for the first quarter of 2025, with a total value exceeding
The latest contract wins and extensions include:
- Secured a 2-year contract (January 2025 to December 2026) valued at
$774,470 for public area cleaning and housekeeping services at a prominent international hotel chain in Singapore's prime Orchard Road shopping district.
- Secured a 2-year contract (April 2025 to March 2027) valued at
$676,150 for comprehensive cleaning services at a premium residential condominium development.
- Secured a 6-month extension (January through June 2025) valued at
$563,620 for specialized cleaning services at a popular themed food destination within a major tourist attraction in Singapore.
- Secured a 1-year contract (May 2025 to April 2026) valued at
$257,540 for cleaning services at an upscale residential condominium development in Singapore.
- Secured a 4-month extension (January through April 2025) valued at
$168,150 for public area cleaning services at a prestigious international hotel in Singapore's Central Business District.
- Secured a 1-year contract (January 2025 to January 2026) valued at
$148,230 for cleaning services at a mid-sized residential condominium, expanding Primech's residential service portfolio.
Mr. Khazid Omar, Chief Operating Officer of Primech A & P, commented, "We are delighted to announce these significant new contract wins and extensions across multiple sectors. These agreements underscore our clients' confidence in our service quality and reflect our focus on expanding our presence in the premium residential and hospitality markets. As we continue integrating advanced technologies into our operations, we remain committed to delivering exceptional facility services tailored to each client's unique requirements. These contracts provide a strong foundation for our growth trajectory in 2025 and beyond."
About Primech Holdings Limited
Headquartered in Singapore, Primech Holdings Limited is a leading provider of comprehensive technology-driven facilities services, predominantly serving both public and private sectors throughout Singapore. Primech Holdings offers an extensive range of services tailored to meet the complex demands of its diverse clientele. Services include advanced general facility maintenance services, specialized cleaning solutions such as marble polishing and facade cleaning, meticulous stewarding services, and targeted cleaning services for offices and homes. Known for its commitment to sustainability and cutting-edge technology, Primech Holdings integrates eco-friendly practices and smart technology solutions to enhance operational efficiency and client satisfaction. This strategic approach positions Primech Holdings as a leader in the industry and a proactive contributor to advancing industry standards and practices in Singapore and beyond. For more information, visit www.primechholdings.com.
Forward-Looking Statements
Certain statements in this announcement are forward-looking statements, including, for example, statements about completing the acquisition, anticipated revenues, growth, and expansion. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. These forward-looking statements are also based on assumptions regarding the Company's present and future business strategies and the environment in which the Company will operate in the future. Investors can find many (but not all) of these statements by the use of words such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "likely to" or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure that such expectations will be correct. The Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.
Company Contact:
Email: ir@primech.com.sg
Investor Relations Contact:
Matthew Abenante, IRC
President
Strategic Investor Relations, LLC
Tel: 347-947-2093
Email: matthew@strategic-ir.com
FAQ
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