KUALA LUMPUR (Dec 24): Advancecon Holdings Bhd announced on Thursday (Dec 23) that it has secured another contract worth about RM33.2 million to provide quarry operations and ancillary works at a site in Kinta, Perak.

The contract was awarded to its 51%-owned subsidiary Spring Energy Sdn Bhd by quarry owner Omya Malaysia Sdn Bhd to operate the site for four years until December 2025.

According to a statement, Advancecon's group chief executive officer Phum Ang Kia has been able to expand its business to include quarry operations in its model, despite the impact of Covid-19 on the construction and infrastructure sectors for the past year.

"Together with the recent RM18.8 million win, this new agreement further enhances Spring Energy's earnings potential and lifts our wins to about RM52 million in quarry operations. This improves Advancecon's growth prospects, especially in the long-term recurring income visibility," he said.

Apart from the quarry operation rights in Perak, Spring Energy also manages quarry sites across Terengganu, Pahang, Negeri Sembilan and Selangor. In total, Spring Energy now operates at 10 mines in Peninsular Malaysia.

Advancecon's shares closed unchanged at 30 sen, with a market capitalisation of RM134.64 million.

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