KUALA LUMPUR (Oct 31): Integrated construction and property firm PTT Synergy Bhd has secured a RM53.29 million contract for construction and completion of various works related to Phase A (Package 1) Elmina Business Park 2 in Rawang.

The group via its wholly-owned unit Pembinaan Tetap Teguh Sdn Bhd received a letter of award (LOA) from Sime Darby Property Bhd on Oct 23, according to PTT Synergy’s bourse filing on Tuesday.

The project is scheduled to commence on Nov 13, 2023 and to be completed by May 12, 2025 and contribute positively to the group’s future earnings over the duration of the LOA.

For the full financial year ended June 30, 2023 (FY2023), PTT Synergy’s net profit slumped 81.07% to RM1.59 million from RM8.42 million a year earlier primarily due to the recognition of a RM3.1 million interest accretion on the net present value of the landowner entitlement for some development projects.

This was despite its full-year revenue rising 30.15% to RM163.42 million from RM125.56 million in FY2022 on higher revenue contribution from the construction segment division.

On Tuesday, PTT Synergy closed three sen or 2.56% up at RM1.20, valuing it at RM216.1 million. Sime Darby Property finished 0.82% higher at 61.5 sen with a market value of RM4.15 billion.