WCT Shares Rise After Securing RM529 Mln Abu Dhabi Contract

KUALA LUMPUR, June 19 (Bernama) -- WCT Holdings Bhd’s shares rose on Friday after securing a sub-contract worth RM528.99 million for the construction of a commercial and residential development in Abu Dhabi, the United Arab Emirates (UAE).

As of 10.25 am, WCT’s stock price edged up 1.5 sen to 41.5 sen with 7.41 million shares traded. 

MBSB Investment Bank Bhd (MBSB IB) said this latest win raises WCT’s outstanding order book to RM2.17 billion, representing about 2.2 times financial year 2025 (FY2025) construction revenue.

“While replenishment momentum remains relatively modest compared with larger construction peers, the award demonstrates WCT’s ability to secure meaningful jobs outside Malaysia amid a competitive tender environment,” it said in a research note.

As of the first quarter of FY 2026 (1Q FY2026), the tender book stands above RM14.0 billion, comprising over RM5.0 billion in civil and infrastructure jobs and over RM9.0 billion in building works.

MBSB IB has maintained its “neutral” recommendation on WCT with a lower target price of 43 sen.

It noted that WCT’s earnings contributions are expected to remain under pressure in the coming quarters, partially supported by stronger progress billings from ongoing infrastructure projects, particularly the PLUS highway expansion works and Pavilion Damansara Heights Phase 2.

“Property earnings visibility, however, is expected to remain supported by unbilled sales of RM1.02 billion and planned FY2026 launches with a combined gross development value of RM1.54 billion,” it added.

In a filing with Bursa Malaysia on Thursday, the group said the sub-contract involves the construction and completion of the Yas Living main works package, comprising three 12-level commercial and residential buildings with two basement levels, for project owner and developer Aldar Development LLC - OPC.

-- BERNAMA