KUALA LUMPUR: Advancecon Holdings Bhd said it is going full-speed ahead for ongoing projects, which began operating at 100 per cent workforce capacity as of October 2021.
Advancecon said its current order book of RM737.8 million comprises earthworks and civil engineering service works for projects such as the East Coast Rail Link (ECRL), West Coast Expressway (WCE), as well as road and commercial projects in Sarawak.
This also includes the RM17.0 million ECRL project for construction and completion of ground treatment works of Section 4 that was secured in October 2021.
Advancecon group chief executive officer Datuk Phum Ang Kia said the company is making significant progress in its current order book for the next two years, especially for key infrastructure projects in Peninsular Malaysia and Sarawak.
"Our emerging footprint especially in performing earthworks and civil engineering services for the construction of new roads and supporting key road infrastructure such as Pan Borneo Highway in Sarawak places us favourably in supporting the upcoming infrastructure developments in East Malaysia.
"Apart from these jobs in hand, our long-term prospects will also be enhanced by financial contributions from our recent acquisition of 51 per cent stake in quarry operator Spring Energy Resources Bhd, as well as contributions from the green energy segment through the Large Scale Solar 4 project and Net Energy Metering contracts," he said in a statement today.
The government allocated RM9.8 billion in 2022 Budget for development expenditure in East Malaysia, including the construction and improvement of water and electricity supplies, roads, and the funding of infrastructure projects such as Pan Borneo Highway and Central Spine Road.
Advancecon said despite the operational constraints in construction sites during the full Movement Control Order (MCO), the company remained profitable in the third quarter (Q3) ended September 30, 2021, with RM1.8 million net profit on RM69.6 million revenue.
Comparatively, the company achieved RM3.1 million net profit on RM72.8 million revenue in the previous corresponding quarter.