Econpile bags RM33m piling and substructure jobs in KL

• This latest win marks Econpile’s fifth contract secured since the beginning of the year.

KUALA LUMPUR (Oct 2): Econpile Holdings Bhd (KL:ECONBHD) has secured two contracts from Sg Besi Construction Sdn Bhd, totalling RM33.3 million, to carry out piling and substructure works for residential and office buildings in Kuala Lumpur.

The first contract, worth RM21.3 million, is related to a 51-storey serviced apartment with 653 units for Lofthill Development Sdn Bhd, and is expected to be completed within 10 months from Oct 2.

The second contract, valued at RM12 million, is for a 59-storey office building with 350 units for Armani Development Sdn Bhd, and will be completed within 12 months from the commencement date, which will be announced later.

“These contracts are expected to contribute positively to our revenue and earnings for the financial year ending June 30, 2025 (FY2025) onwards," the loss-making construction firm said in a filing with the stock exchange.

This latest win marks Econpile’s fifth contract secured since the beginning of the year.

Earlier in September, Econpile secured a RM71.2 million contract to undertake demolition, substructure, and basement work for a 55-storey building located along Jalan Sultan Ismail, Kuala Lumpur.

Econpile has been in the red for 12 consecutive quarters. For FY2024, its net loss widened to RM25.2 million, compared with RM15.7 million the previous year, despite an 11.1% increase in revenue to RM417.6 million from RM376 million.

Shares in Econpile closed half a sen, or 1.06%, lower at 46.5 sen on Wednesday, giving the company a market capitalisation of RM659.14 million.

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