KUALA LUMPUR (Sept 10): HE Group Bhd (KL:HEGROUP) has secured a contract worth RM30.6 million to build a 132kV power station for a proposed semiconductor manufacturing plant in the Ulu Klang Free Trade Zone.

The contract was awarded to Hexatech Engineering Sdn Bhd, a wholly owned subsidiary of HE Group, according to the mechanical, electrical and process contractor's filing on Tuesday.

HE Group did not specify the customer, only saying the contract was awarded by an "engineering, procurement, and construction contractor".

The group that just debuted on the ACE Market of Bursa Malaysia in January this year reported a net profit of RM4.21 million on a revenue of RM48.9 million for its second quarter ended June 30, 2024 (2QFY2024), driven largely by its power distribution system that contributed RM31.87 million or 65.17% of total revenue.

There were no comparative figures for the current period, as this is the first interim financial report since HE Group’s listing.

HE Group shares slipped one sen or 1.8% to close at 54.5 sen on Tuesday, giving the company a market capitalisation of RM239.8 million. The counter has risen 94.6% from its initial public offering price of 28 sen.