KUALA LUMPUR: Advancecon Holdings Bhd has bagged an RM83.82 million contract to undertake earthworks and civil engineering works for the Setia Alamsari (South) township development in Bangi, Selangor.

This brings its outstanding order book to RM794.3 million, with revenue visibility for at least 24 months, said Advancecon.

In a filing with Bursa Malaysia yesterday, Advancecon said its wholly-owned subsidiary Advancecon Infra Sdn Bhd (AISB) on Monday received the letter of award from G&P Infra Sdn Bhd for the appointment of AISB as the contractor for the township development by S P Setia Bhd.

The contract is for 34 months commencing from today, with completion on May 31, 2022.

Advancecon said the contract is expected to contribute positively towards the group’s future earnings in the financial years ending Dec 31, 2019 to 2022.

It plans to fund the contract via internal funds and/or external borrowings.

Advancecon group chief executive officer Datuk Phum Ang Kia said repeated orders from reputable customers are often the best indications of work quality and reliability.

“Supporting yet another of S P Setia’s township project over the next few years ensures continued productivity and resource optimisation both in terms of machinery and manpower that will eventually lead to higher earnings in the future,” he said in a separate statement.