PETALING JAYA: SKA Capital Bhd, en route to an ACE Market listing on Nov 11, has posted a net profit of RM26.14mil for the nine months ended Sept 30, 2026 (9MFY26).
The power infrastructure engineering solutions provider recorded a revenue of RM270.67mil and a gross profit of RM54.01mil, translating to a gross profit margin of 19.95%.
The primary revenue driver was the Group’s core substation engineering services segment, which generated RM215.35mil or 79.6% of total 9MFY26 revenue.
Underground utilities engineering services contributed RM51.96mil (19.2%), while the trading of electrical devices, equipment, and construction materials generated RM3.36mil (1.2%), its release noted.
For the third quarter (3QFY26), SKA posted a revenue of RM127.94mil and net profit of RM14.37mil. Substation engineering services accounted for RM101.63mil or 79.4% of quarterly revenue while underground utilities engineering contributed RM26.31mil (20.6%).
As of Sept 30, SKA Capital held deposit, cash, and bank balances of RM91.24mil, including RM81.59mil in cash and cash equivalents.
Total equity rose to RM63.2mil from RM35.29mil as of Dec 31, 2025, buoyed by period profits.
Total borrowings stood at RM56.1mil, with a current ratio of 1.23 times. As of Sept 21, SKA Capital maintained an outstanding order book of RM313.37mil, providing strong earnings visibility alongside an active tender pipeline.
The Group expects to raise RM72.3mil via a public issue of 168.1 million new shares at an IPO price of 43 sen per share, alongside an offer for sale of 72.4 million existing shares.
Based on an enlarged share capital of 895.5 million shares, SKA Capital will have a market capitalisation of RM385.1mil upon listing.
The public portion of the IPO was oversubscribed by 80.42 times according to managing director Datuk Subas Kumar A/L Ambairam noted the strong response reflects confidence in the company's fundamentals.
"Rising electricity demand and continued investment in Malaysia’s national grid, data centres and industrial development are expected to support demand for power infrastructure.
"With the additional financial and operational resources from our IPO, we will remain focused on disciplined project execution, pursuing higher-value opportunities and replenishing our order book to deliver sustainable long-term growth and value to our shareholders," he said in a release.
IPO proceeds will be utilised for working capital, performance bonds for future contracts, and additional machinery acquisition to capture growing opportunities under Malaysia’s national grid expansion by Tenaga Nasional Bhd
, Budget 2027 initiatives, and data centre developments.
