KUALA LUMPUR (May 27): Inta Bina Group Bhd (KL:INTA) has bagged a construction contract worth RM198.73 million to develop a residential apartment project in Ara Damansara, Petaling Jaya.
In a bourse filing on Monday, the construction group said the contract was awarded by Sime Darby Property (Ara Damansara) Sdn Bhd, a wholly-owned subsidiary of Sime Darby Property Bhd (KL:SIMEPROP).
The project involves the construction of two blocks of 18-storey apartments and one block of 23-storey apartments, consisting of a total of 450 residential units.
The construction period would be 34 months from the commencement date on June 10, Inta Bina indicated that the company intends to finance the contract through a combination of borrowings and internally generated funds.
As at Dec 31, 2023, Inta Bina reported an unbilled order book of RM1 billion. This is the fourth construction contract it has secured so far this year, totalling up to about RM942.12 million.
For the financial year ended Dec 31, 2023, the group saw its net profit more than doubled to RM22.87 million from RM9.55 million in the previous year due to improvements in gross profit margin.
Revenue rose 39.4% to RM650.11 million from RM466.27 million, mainly from the construction of residential and commercial properties.
Shares of Inta Bina remained unchanged at 42 sen at Monday’s market close, valuing the group at RM228.5 million.