KUALA LUMPUR (July 9): Vestland Bhd (KL:VLB) has secured a RM195.35 million contract to undertake earthworks for the Kota Bharu–Kuala Krai Expressway project in Kelantan.

Euro Saga Sdn Bhd awarded the contract to Vestland’s wholly owned subsidiary Vestland Resources Sdn Bhd, covering site clearance, demolition, earthworks, drainage, pavement, and road furniture works.

The construction work is scheduled to start on July 19 and is expected to be completed by July 18, 2026. Vestland Bhd said the contract is anticipated to positively impact the group’s earnings and net assets throughout the duration of the contract, assuming no material delay in the timing.

Vestland was listed on the Bursa Malaysia’s ACE Market in November 2022. Its net profit slipped 5.06% to RM7.55 million for the first quarter ended March 31, 2024, from RM7.96 million a year earlier on higher finance costs.

Quarterly revenue surged by 40% to RM124.04 million, from RM88.66 million, driven by contributions from the D’vine Residences and Beluran Police Camp projects, the Pinnacle Subang Jaya SOHO project, and other ongoing design and build projects.

Vestland shares, which have risen over 28% since the start of this year, closed unchanged at 45 sen on Tuesday, giving the group a market capitalisation of RM424.94 million.