KUALA LUMPUR, Jati Tinggi Group Bhd has secured a RM19.41 million contract from Tenaga Nasional Bhd for submarine cable installation works in Sungai Manjung, Perak.
In a bourse filing on Tuesday, the company said the scope of work includes dismantling existing submarine cables and supplying pipes, new 33-kilovolt submarine cables and accessories.
The contract was awarded to an unincorporated joint venture 70% owned by Jati Tinggi’s wholly owned subsidiary Jati Tinggi Holding Sdn Bhd and 30% by Worktime Engineering Sdn Bhd.
The contract will be completed within 365 days, the company added.
This latest win follows a RM54.24 million cable installation contract awarded to the same partnership in June. With the new award, Jati Tinggi has secured a total of RM192.68 million in new projects since December 2024.
For the financial year ended Nov 30, 2024, Jati Tinggi posted a net profit of RM9.7 million on revenue of RM128 million, up from RM3.9 million in net profit on RM115 million revenue in the previous year.
Jati Tinggi shares closed 0.5 sen or 1.1% lower at 46.5 sen on Tuesday, giving the company a market capitalisation of RM182.2 million. Year-to-date, the stock has declined 4.1%.
