TRC Synergy Bhd has clinched contract for scheduled and corrective maintenance work worth RM125 million at the Royal Malaysian Navy submarine base in Kota Kinabalu, Sabah.

KUALA LUMPUR (June 25): TRC Synergy Bhd (KL:TRC) has secured a RM125 million contract to perform scheduled and corrective maintenance work at the Royal Malaysian Navy submarine base in Kota Kinabalu, Sabah.

It secured the 60-month project from BHIC Submarine Engineering Services Sdn Bhd — a wholly owned unit of Boustead Heavy Industries Corp Bhd (KL:BHIC) — via its wholly owned Trans Resources Corp Sdn Bhd.

In a statement, TRC Synergy said the job will encompass the Zone D area, jetty facility building, bosun building, floating breakwater jetty, shiplift jetty and safety conditioning facilities at the navy submarine base.

For the first quarter ended March 31, 2024, TRC Synergy made a net profit of RM147,000, down 94.13% from RM2.51 million in the previous year’s corresponding quarter, which it said was due to the completion of several in-hand projects, while revenue dropped 35.4% to RM92.71 million from RM143.49 million.

TRC Synergy shares rose one sen or 2.2% to close at 46.5 sen on Tuesday, giving the group a market capitalisation of RM223.43 million. Year to date, the stock has gained 10 sen or 25.68%.