TAFI Industries clinch RM23.6m construction project

TAFI Industries Bhd’s wholly owned unit, TA Furniture & Projects Sdn Bhd, was today awarded a RM23.64 million contract by Lambaian Delta Sdn Bhd for the construction of staff quarters for the Ministry of Health in Labuan.

The contract duration is 52 weeks from Dec 1, 2022 to Dec 3, 2023, and is expected to contribute positively to the earnings of TAFI for the financial year ending Dec 31, 2023 (FY23).

In a statement today, TAFI group CEO Datuk Seri Bryan Wong said the contract will contribute positively towards TAFI’s earnings for FY23.

He added that the earlier RM115 million turnkey construction contract secured from Magna Park Sdn Bhd on Sept 7, 2022 for the overall development and construction of Metro Kepong Phase 2D service apartments will further enhance TAFI’s earnings for FY23 to FY25. 

Wong added that the group’s existing RM30 million construction contract for Permas City project from Buana Tunggal Sdn Bhd together with the estimated RM6 million share of the net gross development value proceeds of certain units of properties under the Permas City project and also the RM9.5 million construction contract from Alpha Asset Sdn Bhd which are currently in progress will contribute positively towards TAFI’s earnings for FY23.

“TAFI’s wholly owned unit, TA Furniture & Projects, which also obtained a G7 licence issued by the Construction Industry Development Board that allows it to tender for construction projects of unlimited value, will continue working towards growing its revenue stream from construction contracts by tendering and securing more construction contracts from both the private sector and also government sector”, said Wong.

TAFI closed today 1.5 sen higher at 61.5 sen with a market capitalisation of RM233.3 million. – TMR / graphic TMR