WCT gets PLUS expressway lane expansion contract worth RM250 mil
20 June 2024
KUALA LUMPUR (June 20): WCT Holdings Bhd (KL:WCT) said on Thursday that it has secured a contract worth RM249.74 million to build additional lanes for the North-South Expressway (PLUS) expansion project.
The contract, awarded by Projek Lebuhraya Usahasama Bhd, involves the construction of the additional lanes on the stretch from Yong Peng (North) to Senai (North) in Johor, said WCT.
The job includes site clearance, demolition works, earthworks, drainage works, pavement works, road markings, road furniture, and geotechnical works.
Work will commence on June 28 and span over 36 months, WCT said in an exchange filing.
Property tycoon Tan Sri Desmond Lim Siew Choon’s private vehicle Dominion Nexus Sdn Bhd holds the largest stake in WCT at 18.15%, followed by Lim himself with a 7.42% stake, and Amanah Saham Nasional Bhd with 5.82%.
WCT returned to the black in the first quarter of 2024 after two consecutive quarters of losses, thanks to improved results from its construction, property, and property investment segments.
Net profit for the three months ended March 31 was RM16.14 million, compared to a net loss of RM7.69 million a year earlier. Revenue rose 15.51% year-on-year to RM467.39 million from RM404.65 million.
Shares in WCT closed one sen or 1.29% lower at 76.5 sen on Thursday, giving the company a market capitalisation of RM1.08 billion.
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