KUALA LUMPUR (Feb 5): Vestland Bhd has bagged a RM278.81 million contract to undertake design and building works for two blocks — 30 and 44 storeys each — of service apartments and related facilities in Ara Damansara, Petaling Jaya.

In a bourse filing on Monday, the construction group said its wholly owned subsidiary Vestland Resources Sdn Bhd (VRSB) had secured the award from Sg Besi Construction Sdn Bhd, a private-limited company principally involved in building construction and property developer activities.

Construction works will commence effective immediately, with completion on Aug 4, 2026.

Vestland said the contract is expected to contribute positively towards the group's earnings and net assets for the duration of the contract, assuming no material delay in the timing.

“VRSB does not foresee any exceptional risks other than the normal operational risks associated with the contract,” it added.

For the third quarter ended on Sept 30, 2023 (3QFY2023), Vestland reported a smaller net profit of RM6.07 million, down from RM6.91 million a year earlier.

Nevertheless, its net profit for the cumulative nine-month period (9MFY2023) rose to RM22.1 million from RM17.58 million a year earlier.

Vestland's counter closed unchanged at 32 sen on Monday, giving it a market capitalisation of RM318.2 million.