Sapphire’s rail engineering arm nabs RMB373m contract win

It will build a 1.6km metro line in Taiyuan.

Ranken Infrastructure, Sapphire Corporation's newly acquired rail engineering unit, has clinched a fresh RMB373m—equivalent to $82m—contract in Taiyuan City, Shanxi province.

According to a media release by Sapphire, this boosts the total value of new orders Ranken recently won to RMB1.3b, or $282m.

Ranken’s newest project involves designing and developing part of the city’s first metro line, Taiyuan Metro-Line 2. The company will construct 1.6km of the 23.4km metro line, including two tunnels and the Xijianhe Station. The project connects the Kuangji, Small Commodities Bazaar, and Xijianhe stations, and is expected to be completed within 30 months.

The release further noted that Ranken is expected to be Sapphire’s biggest revenue contributor going forward. The total value of Ranken’s RMB1.3b ($282m) new orders is expected to have a positive impact on Sapphire’s earnings per share and net asset value per share for the FY16 and FY17.