TRC Synergy clinches RM551m sub-package contract for Penang LRT Mutiara Line

KUALA LUMPUR (Dec 26): TRC Synergy Bhd (KL:TRCTRC) has secured a RM550.8 million contract from SRS Consortium Sdn Bhd for works related to the Penang Light Rail Transit (LRT) Mutiara Line project.

In a filing with Bursa Malaysia on Friday, the construction group said the contract was awarded to its wholly owned subsidiary Trans Resources Corp Sdn Bhd. SRS Consortium is a joint venture led by Gamuda Bhd (KL:GAMUDA).

The contract involves the CMC1 sub-package, which covers the construction and completion of viaduct guideways and stations, segmental bridge girder launching, post-tensioning and grouting works, as well as other associated works.

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The contract value is more than three times TRC Synergy’s market capitalisation of RM173.01 million as at the midday break on Friday. Shares in the company were unchanged at 36.5 sen. The stock is up by 1.39% year to date.

TRC Synergy said the project is expected to contribute positively to its future earnings and earnings per share.

The group is involved in construction, property development and hotel operations. Over the past nine months, its construction division has tendered for more than RM1.8 billion worth of government and quasi-government projects. As at end-September, its order book stood at RM468 million.

For the nine months ended Sept 30, 2025 (9MFY2025), TRC Synergy’s net profit surged 91.16% to RM16.35 million from RM8.56 million a year earlier. The increase was mainly due to the reversal of RM15.1 million in property development costs for a completed project, following an Inland Revenue Board decision on land cost computation.

Revenue for 9MFY2025, however, edged lower to RM349.26 million from RM353.5 million previously.