KUALA LUMPUR (April 22): Powerwell Holdings Bhd has secured a RM22.05 million sub-contract to supply a low voltage (LV) switchboard for the first stage of Sg Rasau Water Supply Scheme development in Selangor.

The group, via its wholly-owned unit Kejuruteraan Powerwell Sdn Bhd clinched the sub-contract work on April 19 from One Ocean Environment Sdn Bhd. The scope of the sub-contract includes the supply of LV switchboards and all necessary materials, labour, plants or machineries, and supervision for the execution and completion of the works.

The project is expected to be completed by the end of June 2025.

According to Powerwell’s bourse filing, the sub-contract is expected to contribute positively to the group’s consolidated earnings and net assets for the financial year ending March 31, 2025 onwards.

“This contract marks a significant milestone for Powerwell Holdings as we continue to strengthen our market presence and deliver on our promise of quality and reliability. We are fully committed to ensuring that the LV switchboard supply for One Ocean Environment meets the highest standards of excellence,” said Powerwell executive director Catherine Wong in a separate statement.

For the nine months ended Dec 31, 2023, Powerwell’s net profit jumped over three-fold to RM13.25 million from RM4.02 million a year earlier, driven by higher revenue, improved gross profit and other income from the disposal of investment property as well as other plant and equipment.

Revenue for the nine months surged 31.04% to RM132.9 million from RM101.42 million previously.

At Monday’s noon break, shares of Powerwell rose one sen or 2.5% at 41 sen, giving the electric switchboard and switchgear manufacturer a market capitalisation of RM238.03 million.