KUALA LUMPUR (July 10): Advancecon Holdings Bhd (KL:ADVCON) has secured a RM121.66 million subcontract to undertake construction and related earthworks for an off-river storage (ORS) facility for a water supply scheme development in Port Dickson, Negeri Sembilan, that is being built to supply water to a data centre there.
In a bourse filing on Friday, the company said its wholly-owned subsidiary, Advancecon Infra Sdn Bhd, had accepted the letter of award on July 10 by an undisclosed customer. The works are scheduled to be completed within 30 months.
The undisclosed customer is a contractor with more than 30 years of experience in the construction industry, it said, and had previously undertaken projects such as the PKNS Cyber Valley, Raw Water Pipeline in Rasau and was involved in finishing works for the MRT Line 2 in Cyberjaya.
Advancecon noted that the sub-contract will be funded through a combination of internally generated funds and bank borrowings.
Advancecon reported an 85.7% net profit jump to RM1.81 million in its first quarter ended March 31, 2026 (1QFY2026), from RM973,000 a year earlier, despite a 3.7% dip in revenue to RM97.45 million from RM101.21 million.
The group derives revenue from five segments, with construction and support services contributing 51.3% out of total revenue, followed by quarry operation with 47.3%, while property investment, green energy as well as property development made up the remaining 1.4%.
Advancecon's share price was unchanged at 17.5 sen on Friday, valuing the company at RM102.3 million.