Share
KUALA LUMPUR (June 26): Piling and foundation specialist Econpile Holdings Bhd (KL:ECONBHD) has bagged a RM48.8 million piling contract for a 74-storey serviced apartment project at Jalan Pavilion here.
The latest award brings Econpile’s total new contract wins for the financial year ending June 30, 2026 (FY2026) to RM404 million. Additionally, the group’s outstanding order book stands at over RM500 million, providing earnings visibility until FY2028.
In a filing with Bursa Malaysia on Friday, Econpile said its wholly owned subsidiary Econpile (M) Sdn Bhd had received a letter of award from Vestland Bhd’s (KL:VLB) wholly-owned unit Vestland Infra Sdn Bhd for the proposed job. The contract encompasses bored pile and foundation-related works for a single-block tower with basement, integrated car parks, retail shop lots and related facilities.
The project will be completed within 16 months, with site operations commencing on July 7 and are targeted for completion in November 2027.
"The project is expected to contribute positively to the group's revenue and earnings from FY2027 onwards," said Econpile.
"Looking ahead, we remain optimistic about our replenishment pipeline. While the current operating environment has its challenges, our strong balance sheet and decades of experience provide resilience to navigate headwinds and ensure smooth project delivery. The industry’s long-term prospects are strongly underpinned by robust high-rise property demand, major infrastructure projects, and continued industrial expansion," executive director and group chief executive officer Raymond Pang said in a separate statement.
Including the latest contract, Econpile’s order book currently stands at 25 ongoing projects, with key sites concentrated in the Klang Valley and Penang. Notable ongoing projects include two Penang LRT packages totalling RM96.8 million and a RM98.2 million industrial project in Klang, Selangor.
Econpile shares settled unchanged at 11.5 sen on Friday, giving the group a market capitalisation of RM163 million. The stock has fallen over 90% so far this year.
..........
Read about emerging trends, data-backed insights, growing subsectors, and expert commentaries in EdgeProp print. Subscribe now for your free copy!
