CEO Morning Brief

Nestcon Bags RM21m EPCC Job for Sungai Selangor Solar Plant

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Publish date: Fri, 21 Jun 2024, 10:23 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (June 20): Nestcon Bhd (KL:NESTCON) has secured an engineering, procurement, construction, and commissioning (EPCC) contract worth RM21 million for the development of the selco solar photovoltaic (PV) plant at the Sungai Selangor Phase 1 water treatment plant - Package L5.

Its wholly owned unit Nestcon Solar Sdn Bhd accepted the letter of award (LOA) dated June 14 from Heliosel Sdn Bhd, a green energy assets developer-owner-operator, on Thursday, according to Nestcon’s filing.

The construction engineering company said the project is expected to be completed within seven months from the date of the LOA, and the defect liability period will be 24 months from the commercial operation date.

The contract is expected to contribute positively to Nestcon’s net assets per share, earnings per share, and gearing throughout the duration of the project, the company added.

On Tuesday, Nestcon bagged two high-rise building projects in the Klang Valley worth a total of RM165.56 million.

For the first quarter ended March 31, 2024, Nestcon’s net profit tripled to RM1.58 million from RM518,000 a year earlier as revenue climbed 42.1% to RM208.49 million from RM146.68 million, due to a higher level of construction activities.

Shares of Nestcon closed up half a sen or 1.12% at 45 sen on Thursday, giving the company a market capitalisation of RM318.69 million.

Source: TheEdge - 21 Jun 2024

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