KUALA LUMPUR (Jan 7): Kumpulan Kitacon Bhd (KL:KITACON) has secured a RM65.68 million residential construction contract in Sungai Buloh, Selangor.
Its wholly owned subsidiary, Kitacon Sdn Bhd, accepted the letter of award from KL-Kepong Country Homes Sdn Bhd on Monday for the construction and completion of bungalows located at Lot 851, Precinct 4C1, Bandar Seri Coalfields.
The project is slated to be completed within 20 months, starting from the commencement date on Feb 3, Kumpulan Kitacon said in a bourse filing.
This marks the group’s first contract win for 2025 and is expected to contribute positively to its earnings and net assets per share for the financial year ending Dec 31, 2025 onwards.
Kumpulan Kitacon recorded a net profit of RM14.14 million for the third quarter ended Sept 30, 2024 (3QFY2024), marking its highest quarterly net profit since its Main Market listing in January 2023.
This represents a 92.2% increase from the RM7.4 million reported in 3QFY2023, driven by a 13% year-on-year growth in revenue, primarily due to higher construction activities from ongoing projects and the commencement of new projects.
As of end-September 2024, the group’s outstanding order book stood at RM1.2 billion.
Source: EdgeProp.my
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