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Property News

Nestcon bags two construction projects in Klang Valley worth RM166 mil

KUALA LUMPUR (June 18): Construction engineering company Nestcon Bhd (KL:NESTCON) has bagged two high-rise building projects in the Klang Valley worth a total of RM165.56 million.
In a bourse filing on Tuesday, Nestcon said it was awarded a RM103.5 million contract by Sunrise Charm Sdn Bhd to construct a 45-storey mixed commercial development comprising strata offices and serviced apartments on Jalan Mayang in Kuala Lumpur.
The job is to be completed within 44 months from the date of commencement, which has yet to be notified.
In a separate filing, Nestcon said it received a contract worth RM62.06 million from Taipanika Development Sdn Bhd to construct 12-storey apartments in Subang Murni, Shah Alam.
This project is to be completed within 20 months from July 8.
For the first quarter ended March 31, 2024, Nestcon’s net profit tripled to RM1.58 million from RM518,000 a year earlier. Revenue climbed 42.1% to RM208.49 million from RM146.68 million, due to a higher level of construction activities.
As of March 31, Nestcon had recorded an unbilled order book of RM1.83 billion. Following the quarterly results announcement, Nestcon said it bagged a contract worth RM37.3 million from Seriemas Development Sdn Bhd for earthworks in Kuala Langat.
Shares of Nestcon closed unchanged at 42 sen. Year-to-date, the counter has climbed 12%. At its current price, the company is valued at RM297.4 million.
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Source: EdgeProp.my

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