ISF Group wins RM83.2 million data centre contracts, order book rises to RM225.5 million

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ISF Group data centre contracts worth RM83.2 million

Highlights

ISF Group, through Yeo Plumber Sdn Bhd, secured data centre subcontracts and a letter of award worth RM83.2 million, with projects scheduled for completion between November 2026 and July 2028.
ISF’s unbilled order book has increased to RM225.5 million, providing revenue visibility through the financial year ending 31 December 2029.
ISF shares closed unchanged at 83.5 sen, with a market capitalisation of RM835 million, following its latest contract win and as a beneficiary of the data centre sector.

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

Contract details and implementation schedule

As reported by The Edge Malaysia, ISF, through its wholly owned subsidiary Yeo Plumber Sdn Bhd, received three subcontracts and one letter of award from an unnamed Malaysian construction firm, according to a Bursa filing on Monday.

The three subcontracts, worth RM73.33 million, cover chilled water systems, rainwater harvesting, water distribution and sanitary services. The letter of award, worth RM9.9 million, covers external sewerage works.

The projects are scheduled for completion between November 2026 and July 2028. This is the largest total contract value the company has announced to date for a single batch of work awards.

Impact on ISF’s growth and the data centre sector

With the latest win, ISF’s unbilled order book has increased to RM225.5 million. The group said this provides revenue visibility through the financial year ending 31 Dec 2029.

ISF managing director Jeff Ai Boon Chen described the contracts as a significant milestone reflecting the group’s growing ability to deliver larger and more complex projects. He said Malaysia’s emergence as a regional data centre hub continues to create opportunities for related infrastructure work, with data centre projects contributing a significant share of the group’s business.

ISF is also exploring opportunities to expand into larger-scale water infrastructure projects in Malaysia, particularly water treatment plants and initiatives to reduce water losses across supply networks. The latest contracts follow at least RM47 million in work won by ISF this year, including a RM14.5 million data centre project in June.

ISF, which was listed on Bursa Malaysia’s ACE Market on 28 Jan at an initial public offering price of 33 sen, is also viewed by CGS International as an undervalued stock that could benefit from the next wave of data centre construction. ISF shares closed unchanged at 83.5 sen on Monday, giving the group a market capitalisation of RM835 million.

In our earlier coverage of the approval of 27 data centre projects under the data centre task force (DCTF) through July 2026, we examined the scale of investment, the distribution of projects by state and their implementation status. We also outlined projected job opportunities, minimum local content requirements, and how this wave of data centre construction is driving demand for related infrastructure work such as piping, sanitary services and utilities.

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