“TSR Capital wins RM75 million contract for Elmina Business Park 2, boosting its order book and future earnings. Completion expected by March 2026.”
Kuala Lumpur, 19th Sept 2024, 01.46pm – TSR Capital Bhd announced on Wednesday that it has secured a RM75 million contract for construction work at Elmina Business Park 2 in Gombak, Selangor.
In a filing with the stock exchange, the construction company stated that its wholly-owned subsidiary, TSR Bina Sdn Bhd, had accepted the contract from Sime Darby Property Bhd.
According to TSR Capital, the project scope includes site clearance and earthworks, as well as erosion and sediment control. The contract also covers the construction of retaining and reinforced soil walls, along with drainage and sewerage work.
TSR Capital noted that the 18-month project is expected to be completed by March 2026.
“The contract will bolster and expand our current order book. It is anticipated to positively impact earnings and net assets per share for the financial years ending 2025 to 2026,” the company stated.
TSR Capital ended its financial year on June 30, 2024 (FY2024) with a net profit of RM11.35 million, a significant increase from the RM1.37 million earned in FY2023. This surge in profit was attributed to the completion of a construction project, the sale of an investment property, and contributions from ongoing contracts.
On Wednesday, TSR Capital’s shares declined by two sen or 7.7%, closing at 24 sen, with a market capitalization of RM41.9 million.
