UUE hits 3-month high on RM92.4mil job wins

KUALA LUMPUR: UUE Holdings Bhd’s shares rose to their highest level in over three months in early Wednesday trade after the company secured RM92.4mil worth of underground cable contracts.

The underground utilities engineering solutions group added one sen, or 1.32%, to 76.5 sen at 9:39 a.m. — its highest level since mid-February. Year-to-date, however, the counter has declined about 14.04%.

UUE’s wholly-owned subsidiary, Kum Fatt Engineering Sdn Bhd has renewed its contract with Komasi Engineering Sdn Bhd, and secured three additional contracts from the same company, bringing the total contract value to RM92.4mil.

The renewed contract encompasses the installation, testing and commissioning of 11 kilovolts (kV) underground cables within Tenaga Nasional Bhd’s distribution network and accessories for asset development in Malaysia’s east coast region, for an additional contract value of RM13mil.

Meanwhile, the three new contracts from Komasi Engineering, worth RM79.4mil, entail the installation, testing, and commissioning of 11kV and 33kV underground cables and accessories within the TNB distribution network in Malaysia’s east coast and southern regions.

For the financial year ended Feb 28, UUE posted a higher net profit of RM23mil, up from RM15.9mil a year earlier, while revenue rose to RM170mil from RM125.7mil previously. Earnings per share came in at 4.50 sen, compared with 3.30 sen in the preceding year.