KUALA LUMPUR (March 15): Haily Group Bhd has secured a RM32.67 million contract to build 186 units of single-storey terrace houses in Bandar Putra Kulai, Johor.

The group said the contract was awarded to its wholly owned subsidiary Haily Construction Sdn Bhd by JYP Architects Sdn Bhd on behalf of Nice Frontier Sdn Bhd, a member of the IOI Properties Group Bhd.

The construction is expected to be completed in 15 months or by June 26, 2024, Haily said in a Bursa Malaysia filing.

It said the award is expected to contribute positively to the group's earnings and net assets over the duration of the project.

Haily founder and executive director See Tin Hai noted that in less than three months of this year, the group has secured total contracts worth RM148.79 million.

"With just these contracts, we are pleased to announce that we have exceeded the contract value secured in the entire [of] last year.

“This puts us on track to achieve a stronger financial year in 2023. Haily is actively working towards securing more high-value projects this year,” he said in a statement.

Haily's net profit fell 23.13% to RM2.46 million for the fourth quarter ended Dec 31, 2022, from RM3.20 million a year earlier. Quarterly revenue improved 71.18% to RM59.28 million from RM34.63 million on higher revenue from the building construction segment.

Full-year net profit rose 5.43% to RM6.60 million from RM6.26 million in the prior year, as revenue increased 58.18% of RM196.26 million from RM124.07 million.

Haily's share price closed unchanged at 39.5 sen on Wednesday (March 15), giving the group a market capitalisation of RM69.58 million.