SKA Capital posts RM14.37 million profit before ACE Market debut
The IPO is set to raise RM103.4 million, while the public share allocation drew subscriptions of 80.42 times.
SKA Capital Bhd posted RM14.37 million in net profit and RM127.94 million in revenue for its third quarter ended Sept 30, 2026. The electrical engineering company is due to join the ACE Market on Nov 11.
In its first interim financial report, SKA Capital provided no comparative figures. Its nine-month earnings stood at RM26.14 million, with revenue totalling RM270.67 million.
The bourse filing showed that civil and structural engineering generated 73.6% of quarterly revenue. Underground utilities engineering supplied 20.6%, while engineering, procurement, construction and commissioning accounted for 5.8%.
Priced at 43 sen per share, the initial public offering (IPO) gives the company an expected listing market capitalisation of RM385 million. Applications for the Malaysian public allocation exceeded the available shares by 80.42 times.
SKA Capital will receive RM72.3 million from the RM103.4 million IPO. A further RM31.13 million will go to managing director Datuk Subas Kumar Ambairam through his disposal of existing shares.
The company plans to spend RM32.72 million on working capital and RM21 million on performance bonds for future projects. It has allocated RM12.05 million to machinery and equipment, alongside RM6.5 million for listing costs.
SKA Capital also secured six electrical infrastructure subcontracts linked to Tenaga Nasional Bhd projects, collectively worth RM89.28 million. Its previously disclosed outstanding order book was about RM313 million.
At end-September, deposits, cash and bank balances amounted to RM91.2 million, while bank borrowings stood at RM54.7 million.
