WCT Holdings Set to Rebuild Momentum
21 July 2025
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WCT Holdings reentering the market with fresh wins
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It has expanded into specialised infrastructure segments such as rail systems and energy generation.
PETALING JAYA, 21 JULY 2025 - IF WCT Holdings Bhd was hoping for a quiet, under-the-radar return to the construction industry, its latest wins have blown its cover.
From its humble beginnings in 1981 as a one-machine company involved in earthworks, it has grown to include an engineering, construction and property development portfolio today.
The company had some notable expressway projects over the last two years but it got relatively quiet after that.
But WCT is back in the headlines, hard hat in hand and contracts in tow, the construction stalwart is re-entering the market with fresh wins and a clear signal: the comeback season is officially under construction.
Recently, the company announced a RM365.22mil contract from Projek Lebuhraya Usahasama Bhd for an additional lane on the North-South Expressway from Sedenak to Simpang Renggam in Johor.
The contract that was given to its wholly-owned subsidiary, WCT Bhd, marked its first big win for 2025.
Its engineering and construction managing director, Anthony Teoh (picture), says the recent win has renewed confidence in their capabilities. It also signals a re-entry into large-scale, high impact public infrastructure development.
Teoh is optimistic about securing more projects in the near future as the company has been actively submitting tenders, both locally and internationally, particularly in the construction sector.
To date, WCT has delivered over 400 infrastructure and building projects - both locally and abroad - valued at approximately RM40bil.
Notable projects include the North-South Highway (Gopeng-Simpang Pulai section), Fourth Lane Widening Works PLUS (Nilai-Seremban Expressway), and the recent Pan Borneo Highway (Sungai Arip Bridge-Bintulu Airport Junction), in Sarawak.
“This win is a testament to our strategic focus on infrastructure tenders and our ability to deliver highly competitive and technically sound proposals that meet project requirements,” he says.
Compelling bidder
According to Teoh, they have positioned themselves as a very compelling bidder for a number of reasons - their technical expertise, track record in project delivery and close alignment with project requirements.
While initially delving into the conventional scope of infrastructure works which included commercial and residential developments, hospitals, expressways and highways, rail, jetties and airports, Teoh says the company has continued expanding with the times.
“WCT has also expanded into specialised infrastructure segments such as rail systems and energy generation, undertaken in collaboration with strategic partners, enabling WCT to broaden its capabilities and offer integrated solutions,” Teoh adds.
One good example would be its subsidiary, WCT Bahrain WLL, signing a memorandum of understanding with Tahliya Water Treatment WLL and the Saudi Water Authority to develop and implement advanced brine mining technology as well as to conserve energy while producing minerals locally.
Teoh reiterates that the company's expertise, coupled with adaptability and commitment to quality, will continue adding value to all its collaborations.
“WCT has been actively participating in most major infrastructure tenders issued by the government and government-linked companies over the past two years.
“We are confident that the government will continue to roll out more tender opportunities in line with its commitment to enhancing national infrastructure and stimulating economic growth,” he says.
The company's outstanding order book as of March 31,2025 stands at RM2.5bil, excluding its latest win.
Nevertheless, challenges within the sector will always be a concern, and Teoh acknowledges this.
He says while taking the “cautiously optimistic” stance, as a company, there are areas they can continue to boost.
“Talent development and organisational growth are some of the areas we are working on.
We do this through initiatives “like fostering a culture of accountability, investing in up skilling our workforce, and embracing digital engineering tools such as Building Information Modelling,” Teoh says.
He explains that for operational efficiency, WCT chose to focus on optimising resource allocations, streamlining procurement processes, integrating sustainable construction practices, and closely monitoring project progress to enable timely corrective action.
Optimistic view
So is WCT singing a solo of optimism, or are analysts echoing the upbeat tune? MIDF Research has maintained a “buy” call on WCT, stating it expects stronger job flows ahead.
“The award also supports our view that WCT is actively positioning itself to ride the civil infrastructure up cycle, particularly in expressway, airport, and utility-related works,” it says.
Its report also says WCT's latest win will see it contribute progressively to the company's earnings from financial year 2026 (FY26) onwards.
MIDF's prospects for WCT seem bright - securing a reputation as a seasoned player in highway and civil infrastructure works will allow it to tap into upcoming public sector packages including the Penang International Airport expansion and future PLUS corridor upgrades.
CGSI International Research agrees. It states that the catalysts for WCT will be better earnings delivery and more new orders coming in.
It does note that WCT's new order wins since FY22 had been disappointing, as it feels WCT had been too selective in tender pricing to take on lower-margin projects, and the fact that it wasn't present yet in any data centre projects.
But, with the potential for ongoing projects like the Pavilion Damansara Heights and newer ones to come in, some optimism is warranted.
Meanwhile, for the construction sector in the country, Teoh says he's noticed a shift in the type of projects underway.
“We've observed a surge in renewable energy developments, particularly large-scale solar farms in Peninsular Malaysia and hydroelectric projects in East Malaysia,” he says, adding that Sarawak has done well by positioning itself as a leader in advancing the hydrogen energy economy.
In addition, environmental, social and governance-related requirements are fast becoming the norm and buildings are targeting higher Green Building Index certifications.
After the Covid-19 pandemic in particular, Teoh says the sector as a whole has gone from being mainly government-budget driven to private sector-led.
“Private sector investments, particularly in the electrical and electronics sector, manufacturing facilities, warehouses and data centres, have been the key drivers of new construction activity,” he says.
But both play an equally important part.
“The government is expected to resume infrastructure expansion efforts to stimulate the economy and support the growth of emerging industries and businesses.
“The development and upgrading of national infrastructure are crucial to attracting more investors - particularly foreign investors,” he says.
All in all, the signs are promising for WCT - solid contract wins and a steady pipeline suggest the company is building on firm ground.
But as always in the construction sector, market conditions and execution will be key.
If WCT maintains its current pace, it may very well be laying the groundwork for another strong performance.
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