KUALA LUMPUR (July 11): Construction company Aneka Jaringan Holdings Bhd (KL:ANEKA) has secured a RM53 million sub-contract for the execution of bored piles and precast reinforced concrete piles works in Selangor.

In filing with Bursa Malaysia on Thursday, Aneka Jaringan said the sub-contract was awarded to its wholly owned subsidiary Aneka Jaringan Sdn Bhd by Grand Dynamic Builders Sdn Bhd.

The project, scheduled to start on July 17 and is expected to be completed by March 1, 2025, involves the construction of a new logistics hub for Strategic Sonata Sdn Bhd. 

Aneka Holdings anticipates the sub-contract to contribute positively to the group's consolidated earnings and net assets for the financial years ending Aug 31, 2024 (FY2024) and FY2025, during the duration of the sub-contract.

"The company does not foresee any exceptional risks other than the normal operational risks associated with the sub-contract. The company will take the necessary steps to mitigate the risks," it said.

For the second quarter ended Feb 29, 2024 (2QFY2024), Aneka Jaringan reported a net profit of RM121,000 from RM5.12 million net loss recorded in the previous year. Revenue for the quarter also jumped 26.16% to RM54.22 million from RM42.98 million 2QFY2023. 

Aneka Jaringan’s shares ended half a sen or 2.78% higher at 18.5 sen, bringing the company’s market capitalisation to RM122.89 million.