KUALA LUMPUR (Sept 18): TSR Capital Bhd (KL:TSRCAP) said on Wednesday that it has secured a RM75 million contract to undertake construction works at Elmina Business Park 2 in Gombak, Selangor.

In a bourse filing, the construction firm said its wholly-owned TSR Bina Sdn Bhd had accepted the contract from Sime Darby Property Bhd (KL:SIMEPROP).

The scope of work involves site clearance and earthworks, according to TSR Capital. The project also includes erosion and sediment control, the construction of retaining and reinforced soil walls, as well as drainage and sewerage works.

The 18-month job is expected to be completed by March 2026, TSR Capital noted.

"The contract will increase and enhance our existing order book. It is expected to contribute positively to earnings and net assets per share for the financial years ending 2025 to 2026," the company said.

TSR Capital closed its financial year ended June 30, 2024 (FY2024) with a net profit of RM11.35 million, more than eight times the RM1.37 million it made in FY2023, thanks to the completion of a construction project, the sale of an investment property, and contributions from ongoing contracts.

Shares of TSR Capital fell two sen or 7.7% to 24 sen at Wednesday's market close, giving it a market capitalisation of RM41.9 million.