KUALA LUMPUR (Aug 29): Binastra Corp Bhd (KL:BNASTRA), formerly known as Comintel Corp Bhd, has secured a RM155.01 million contract for the redevelopment of a sewage treatment plant in Sri Hartamas.

Its wholly owned Binastra Builders Sdn Bhd received the letter of award on Thursday from Greenearth Landmark Sdn Bhd (GLSB) to design and build a membrane biological reactor (MBR)-type sewage treatment plant, which will have a capacity of 160,000 population equivalents.

The contract shall be completed in 36 months from the date of commencement, which will be notified by GLSB, said Binastra in a filing with the bourse.

"We are delighted to secure this significant new contract as it continues to expand the group’s portfolio in environmental and infrastructure development. The MBR technology offers a compact and energy-efficient solution, providing superior water quality while requiring less space compared to conventional treatment methods,” said Binastra’s managing director Datuk Jackson Tan Kak Seng in a statement.

“This project not only strengthens Binastra’s position in the construction and engineering industry, but also reflects our commitment to environmental, social, and governance principles,” he added.

As of Thursday, Binastra’s outstanding order book stands at about RM2.3 billion. This latest contract boosted the group’s year-to-date contract wins for FY2025 to RM1.4 billion.

Binastra’s first quarter net profit ended April 30, 2024 (1QFY2025) jumped over three-fold to RM18.1 million from RM5.73 million in the same period a year earlier, as revenue more than doubled to RM179.63 million from RM59.29 million.

Shares of Binastra closed five sen or 3.85% lower at RM1.25 on Thursday, giving the group a market capitalisation of RM1.36 billion.