Econpile secures RM35m piling contract for KL apartment project

Oct 17, 2024

This latest award brings the total number of contracts secured by Econpile this year to eight, with a cumulative value of RM344.6 million.
KUALA LUMPUR (Oct 16): Econpile Holdings Bhd (KL:ECONBHD) said it has been awarded a RM35.11 million contract to undertake bored piling, earthworks, and retaining wall and sub-structure works for an apartment project in Kuala Lumpur.
The contract, awarded by WCT OUG Development Sdn Bhd, is expected to be completed within 13 months, said the piling and foundation specialist in a bourse filing.
The apartment project, comprising two 57-storey blocks with 636 units each, is located on Jalan Awan Besar, off Jalan Klang Lama.
This latest award brings the total number of contracts secured by Econpile this year to eight, with a cumulative value of RM344.6 million.
The company’s most recent contract prior to this was for two projects from Sg Besi Construction Sdn Bhd, worth RM33.3 million, to carry out piling and substructure works for residential and office buildings in Kuala Lumpur.
Econpile has been in the red for 12 consecutive quarters. For the financial year ended June 30, 2024 (FY2024), its net loss widened to RM25.23 million from RM15.7 million in the previous year, despite an 11.1% increase in revenue to RM417.6 million from RM375.98 million.
Shares in Econpile ended one sen or 2.15% higher at 45.5 sen on Wednesday, valuing the company at RM644.96 million. Year-to-date, the stock has appreciated by 46.77%.
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Source: EdgeProp.my