Aneka Jaringan wins RM53.35 million piling contract for IOI Properties project in Selangor

Traders Union
All News
Business & Wealth
Companies
Aneka Jaringan’s Selangor contract

Highlights

Aneka Jaringan Holdings secures RM53.35 million piling contract for IOI Properties’ Rio City Town Centre in Selangor.
For the third quarter ended 31 May 2026, Aneka Jaringan posted a net loss of RM1.91 million despite revenue rising 38.5% to RM68.41 million, as cost pressures took their toll.
As of July, Aneka Jaringan had secured RM224.34 million in new contracts, with an outstanding order book of RM190.45 million; its shares are down more than 23% this year.

This article was translated from the original. Read the original version by our correspondent here.

Contract details and project scope

As reported by The Edge Malaysia, Aneka Jaringan Holdings Bhd secured a contract worth RM53.35 million to carry out piling work for the proposed Rio City Town Centre development in Selangor.

In a filing with Bursa Malaysia on Monday, the group said its wholly owned subsidiary, Aneka Jaringan Sdn Bhd, had received a letter of award from EDP Consulting Group Sdn Bhd, acting on behalf of IOI Rio Mall Sdn Bhd, IOI Hospitality Sdn Bhd and IOI Rio Towers Sdn Bhd.

Rio City Town Centre is part of IOI Properties Group Bhd’s 100-acre integrated IOI Rio City development in Bandar Puteri Puchong. The development has an estimated gross development value of RM12 billion and includes residential, office, retail and hospitality components, including the planned IOI Mall Rio.

The bored piling contract involves drilling deep holes into the ground and filling them with reinforced concrete to support building foundations. Aneka Jaringan managing director Pang Tse Fui said the Rio City Town Centre project represents another meaningful addition to the company’s project portfolio in the Klang Valley, as the group remains focused on disciplined execution, strong safety standards and on-schedule completion.

Cost pressures continue to weigh on performance

The latest contract comes as rising construction costs continue to weigh on Aneka Jaringan’s financial performance despite higher revenue. For the third quarter ended 31 May 2026, the group posted a net loss of RM1.91 million, compared with a net profit of RM738,000 a year earlier, while revenue rose 38.5% to RM68.41 million from RM49.4 million.

The company attributed the weaker performance to higher material, fuel and transportation costs, which squeezed project margins. For the first nine months of FY2026, Aneka Jaringan posted a net loss of RM281,000, compared with a net profit of RM3.64 million in the same period a year earlier, although revenue increased 15.9% to RM227.05 million from RM195.83 million.

As of July, the group had secured new contracts worth RM224.34 million, while its outstanding order book stood at RM190.45 million. Aneka Jaringan shares were not traded on Monday; the last closing price was 10 sen, giving it a market capitalisation of RM69.45 million, after falling more than 23% since the start of the year.

In our previous coverage of the launch of the platform Menarabena by Menara Asia, we examined how digitalisation is being used to connect construction players with building materials suppliers, while highlighting the need for certification and compliance. The article also explained the role of collaboration with CIDB in streamlining documentation and product approval processes, with the aim of improving supply chain efficiency as the industry faces cost pressures and the need to complete projects on schedule.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.