KUALA LUMPUR (Dec 1): TAFI Industries Bhd has bagged a RM23.64 million contract to construct the Ministry of Health’s staff quarters in Labuan.

“The contract is expected to contribute positively to the earnings and net tangible assets of the company for the financial year ending Dec 31, 2023 (FY2023),” the group said in a bourse filing.

The home and office furniture maker said the one-year contract was awarded to its wholly-owned subsidiary, TA Furniture & Projects Sdn Bhd, by Lambaian Delta Sdn Bhd.

TAFI’s quarterly net profit swelled to RM7.24 million for 3QFY2022, from RM1.92 million a year prior, carried by the progression of ongoing construction projects, increase in furniture export sales, as well as a RM5.74 million gain on disposal of an industrial property.

Revenue for the quarter rose 85.78% to RM17.91 million, from RM9.64 million previously, mainly due to the income from construction contracts, as well as the increased furniture sales and gain on disposal.

Shares in TAFI ended 1.5 sen or 2.5% higher at 61.5 sen on Thursday (Dec 1), giving the group a market capitalisation of RM231.43 million.