At 11.25am, the counter added 5 sen or 17.54% to 34 sen with over 17.8 million shares exchanging hands. Its market capitalisation stands at RM149.93 million.

In a filing with Bursa Malaysia dated July 14, Puncak Niaga said that its wholly owned subsidiary Puncak Niaga Construction Sdn Bhd has been appointed as the principal sub-contractor for several works, including the construction and completion of a raw water intake station and low weir in Gua Musang, Kelantan.

Commencing on July 3, the project is set to be concluded by May 28, 2024, with a defect liability period of 24 months.

The sub-contract agreement is anticipated to have a positive impact on the group’s earnings per share, net assets per share, and gearing for the ongoing financial year, which concludes on Dec 31, 2023.

Puncak Niaga is a major integrated water, wastewater and environmental solutions provider with involvement in environmental engineering and construction, concession and facilities management services and plantation sectors.

The group suffered a RM6.75 million net loss in the financial quarter ended March 31, 2023 (Q1 FY2023), on the back of a RM59.2 million revenue.

For the whole of FY2022, Puncak Niaga’s net loss was RM15.9 million, a 75.7% increase from RM9.049 million net loss in the previous year.

Its revenue for FY2022 was RM220.93 million, dropping 37.8% from RM355 million in FY2021.