KUALA LUMPUR (July 22): Ikhmas Jaya Group Bhd, which is en route to list on the Main Market of Bursa Malaysia on July 27, 2015, saw its net profit surge 93.4% to RM8.49 million or 2.16 sen a share for the first quarter ended March 31, 2015 (1QFY15) from RM4.39 million or 1.11 sen a share a year ago, mainly contributed by a railway track project.

Revenue rose 35.9% to RM76.34 million from RM56.17 million in 1QFY14.

Going forward, the piling specialist expects its performance for the financial year ending Dec 31, 2015 (FY15) to improve on the back of the continued growth expected from the piling and foundation services market in Malaysia.

"Revenue from bore piling is expected to grow in view of our future plan to enhance our bore piling capabilities by expanding our fleet of bore piling machinery," Ikhmas Jaya said in a filing with Bursa Malaysia today.

"The group's manufacturing and installation of prefabricated building system segment is also expected to grow because the Malaysian government has encouraged the usage of prefabricated building system in the construction industry, particularly for the construction of low- to medium-cost houses as this building system can produce a large number of houses at affordable costs," it added.

Earlier, the initial public offer (IPO) of Ikhmas Jaya was oversubscribed 8.16 times.

Ikhmas Jaya’s IPO entails a public issue of 126 million new shares, of which 26 million shares were available for application by the public.
 
Another 26 million shares are reserved for eligible directors, employees and business associates of Ikhmas Jaya and 74 million were available for application by way of private placement to selected investors.