Econpile eyes new jobs worth RM500m in FY21

PETALING JAYA: Econpile Holdings Bhd is aiming to secure RM500 million in new job wins for the financial year ending June 30, 2021 (FY2021), as it tenders for more jobs in the local and regional space.

As of Sept 30, the group’s order book stood at RM680 million, which will provide earnings visibility over the next 12 months. This includes piling and substructure works for developments such as Phase 2 of Pavilion Damansara Heights, TNB mixed development in Bangsar and Terra mixed development in Putrajaya.

Group CEO and executive director Raymond Pang said aside from endering for projects in Malaysia, the group is also actively exploring opportunities in the Asean region, leveraging on the niche expertise it has honed over the decades in the deep foundation industry.

“Despite Covid-19 taking a huge toll on the overall economy, we are optimistic that national infrastructure projects will be rolled out in the construction sector next year as they could spur and have a spillover effect on other economic activities,” he said.

For its first quarter ended Sept 30, the group recorded net profit of RM5.6 million on revenue of RM102 million.

As a comparison, Econpile achieved RM8.8 million net profit in 1Q20 on RM135.4 million revenue. The weaker performance year-on-year was mainly attributed to lower billings as project sites resumed in stages after the movement control order from March 2020 to May 2020, additional compliance costs for standard operating procedures regulations and compressed margins in line with scope of works.