KUALA LUMPUR (March 19): TSR Capital Bhd (KL:TSRCAP), a construction and property developer, has been awarded a RM219 million contract by Kwasa Land Sdn Bhd for infrastructure and water reservoir construction at the Kwasa Damansara township in Sungai Buloh, Selangor.
The contract size is more than five times its market capitalisation, which stood at RM45.36 million.
In a filing with the local bourse on Wednesday, TSR said the contract was awarded by Kwasa Land Sdn Bhd, a wholly-owned subsidiary of the Employees Provident Fund (EPF).
The scope of work includes site clearance, demolition, earthworks, road construction, drainage, water reticulation, sewerage and the development of a water reservoir.
Over the last eight years, TSR has been getting a slew of construction projects in Kwasa Damasara, which is led by Kwasa Land Sdn Bhd, a unit of the Employees Provident Fund (EPF). TSR is also one of Kwasa Land’s development partners at the Kwasa Damansara township.
“Our expanded fleet of machinery has propelled our capacity to execute large-scale earthworks and infrastructure projects with great efficiency,” said TSR executive director Lim Dian Ping in the statement.
“Securing this contract not only strengthens our foothold in the earthwork and infrastructure sector but also reflects the unwavering trust our clients have in our ability to deliver high-quality infrastructure works,” he added.
For the first half of the financial year 2025 (1HFY2025), TSR reported a net profit of RM1.25 million, significantly lower than RM8.42 million in the same period last year, despite revenue more than doubling to RM59.43 million from RM29.55 million. The revenue increase was driven by higher contributions from its construction and property development divisions.
TSR shares rebounded in recent trading sessions, rising 1.5 sen or 6.12% to close at 26 sen on Wednesday, giving the company a market capitalisation of RM45.36 million.
