KUALA LUMPUR (April 4): MN Holdings Bhd (MNHB) has secured a contract worth RM25.96 million for the engineering, procurement, construction and commissioning work for a large-scale solar photovoltaic plant in Kulim, Kedah.

According to a bourse filing on Thursday, MNHB announced that the contract was awarded to its wholly-owned subsidiary MN Power Transmission Sdn Bhd by Samaiden Sdn Bhd, a wholly-owned subsidiary of Samaiden Group Bhd.

The contract involves establishing new step-up station interconnection facilities for the large-scale solar substation, as well as extending one bay of 132kV interconnection facilities at the existing 132kV NUR Power Station for NUR Renewables Sdn Bhd.

The contract is set to span 11 months with the commencement date on April 1.

Previously, MN Holdings secured two substation engineering contracts worth RM29.3 million from Tenaga Nasional Bhd (TNB) and one underground cable contract worth RM13.5 million from a customer that provides data centre services.

The latest win increases MN Holdings’ order book to RM444.5 million, according to its statement on Thursday, which is expected to contribute to the group's earnings positively over the next two to three financial years.

Datuk Dang Siong Diang, executive director of MN Holdings, said the company's substation engineering segment will continue to achieve a strong replenishment rate.

"With the recent open bidding for the fifth round of the LSS programme or LSS-Peralihan Tenaga SuRiA by the Ministry of Energy Transition and Water Transformation offering a total generation quota of 2,000MW, we anticipate more substation engineering projects to come in,” he stated.

For the financial quarter ended Dec 31, 2023 (2QFY2024), the company posted a net profit of RM3.92 million, up 51% from RM2.58 million a year earlier. Its quarterly revenue was up 82.7% year-on-year to RM74.92 million from RM41 million, thanks to increased construction activities within the substation engineering segment.

At Thursday's market close, shares of MN Holdings remained unchanged at 64 sen, giving it a market capitalisation of RM284.9 million.