KUALA LUMPUR (Aug 23): Tuju Setia Bhd is tendering for RM3.8 billion worth of projects mainly to construct high-rise buildings, as well as to design and construct hospitals.

In a statement today, managing director Wee Eng Kong said that in the past two months, the group had been invited by established property players to submit tenders for residential and non-residential high-rise projects.

Simultaneously, he said there had been a pickup in tender queries for the design and construction of healthcare facilities including hospitals, particularly from the private sector, to alleviate the issue of hospital bed shortage in Malaysia. 

“We see positive prospects amid the dampened economic sentiment.

“Our track record with reputable property developers is advantageous, as we stand to support their new launches to sustain their pipeline,” Wee said.

He also said that the construction services firm’s credentials as a Construction Industry Development Board of Malaysia (CIDB)-registered Grade G7 and category B29 contractor permits the company to undertake the construction of healthcare facilities and hospitals.

“The outcome of these RM3.8 billion tenders would potentially add to our current outstanding order book of RM1.2 billion to fuel our future growth. 

“The RM1.2 billion order book comprises works packages for Mutiara Central Office Suites (Cheras), Riana Dutamas – Phase 2 (Segambut), The Pulse Residence (Bandar Puteri Puchong), Emerald Hills – Phases 3 and 4 (Cheras), TUAI Residence (Setia Alam), 121 Residences (Petaling Jaya), One Equine (Seri Kembangan), and the Kajang Women and Children Hospital,” he said.

The group believes that these projects are expected to sustain Tuju Setia’s profitability until 2026.

For the second quarter ended June 30, 2021, Tuju Setia recorded a net profit of RM950,000 and revenue of RM45.70 million.

For the first half of 2021 (1H21), the company registered a cumulative revenue of RM104.99 million and a net profit of RM4.44 million.

Tuju Setia’s 1H21 net profit included one-off listing expenses of RM970,000 in conjunction with its Initial Public Offering (IPO) exercise and gain on disposal of right-of-use asset of RM570,000 million. 

“Tuju Setia was listed on the Main Market of Bursa Malaysia Securities Bhd on May 19, 2021.

“There is no comparison to the preceding year’s corresponding quarter and period, as this is Tuju Setia’s second interim financial report on consolidated results announced in compliance with the Main Market Listing Requirements,” it said.