SKA CAPITAL BERHAD (0480.KL)
- Sector
- Construction
- Price
- RM 0.430 (0.00%)
- Market cap
- N/A
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About SKA CAPITAL BERHAD
Company Description
SKA Capital Berhad traces its operating history to September 2009, when SKA Rekabina Sdn Bhd was founded. SKA Capital Berhad itself was incorporated on 6 November 2025 as the investment holding company for the ACE Market listing. The Group is headquartered in Kota Kemuning, Shah Alam, and serves customers across Peninsular Malaysia as a power infrastructure engineering solutions provider, covering projects from 11kV to 500kV.
It has three business areas. Substation engineering covers EPCC services for power substations, civil and structural works (foundations, buildings and switchyard structures), and electrical and mechanical engineering. Underground utilities engineering covers the planning, installation and commissioning of 11kV and 33kV underground cables and accessories, using open trenching and horizontal directional drilling (HDD). Trading covers electrical devices such as current transformers, electrical equipment such as insulated switchgears, and construction materials such as steel bars and quarry products.
Business Model
SKA Capital is a project-based contractor that wins work through competitive tenders. Contracts are typically awarded at fixed contract values. Revenue is recognised on a percentage-of-completion basis, while billing depends on customer certification, so the business carries sizeable contract assets and receivables.
Through its Reltency Engineering subsidiary, the Group offers integrated EPCC packages and performs civil and structural works in-house rather than using subcontractors. This gives it better control over cost and timelines and more flexibility when tendering. It plans to bring HDD work in-house to protect margins.
Its key credentials are CIDB Grade G7 status (unlimited tender value), registration as a TNB supplier and service contractor, and an Energy Commission Class A Electrical Contractor licence. Some projects require performance bonds, typically 5% of the contract sum, so the Group must keep security deposits with licensed banks.
Revenue Segment
In the Financial Year ending December 2025 (FY2025), total revenue was RM241.4m. Substation engineering services contributed 89.6%. Within this segment, civil and structural engineering contributed RM119.5m (49.5%), electrical and mechanical engineering RM52.7m (21.8%) and EPCC services RM44.1m (18.3%). Trading of electrical devices, equipment and construction materials contributed 6.4%, and underground utilities engineering services contributed 3.9%.
In the five-month financial period ending May 2026 (5M FPE2026), the mix shifted towards underground utilities. Substation engineering contributed 75.7%, underground utilities 21.5% and trading 2.8%.
Geographic Segment
The Group's sole principal market is Peninsular Malaysia, which accounted for effectively 100% of revenue in FY2025. Its projects are spread across Johor, Kedah, Selangor, Kuala Lumpur, Terengganu, Pahang and Perak.
Top Client
Transgrid Group is the largest customer, contributing 54% of revenue in FY2025 (97% in FY2024) and 39% in 5M FPE2026. Tenaga Nasional Berhad (TNB) contributed 18% of revenue in FY2025 and 13% in 5M FPE2026. Other customers named in the reports include Grid Power, Megatech, Omega Engineering, ISESB, CSB and KLIA.
Major customers together accounted for 98.7% of revenue in FY2025 and 96.2% in 5M FPE2026. Transgrid Group makes up 10% of the outstanding order book and TNB makes up 6%.
Operational Scale
From FY2023 up to 21 September 2026, the Group completed 34 projects with a total contract value of RM483.2m, using a workforce of 148 employees. Its largest contract to date is the RM55.0m Kempas Lama data centre landing station.
As at 21 September 2026, the outstanding order book was RM313.4m, with underground utilities making up about 78%. Of this, RM79.6m is expected to be recognised in the remainder of FY2026 and RM233.8m in FY2027. On FY2025 revenue, the Group holds an estimated 1.6% market share.
Looking ahead, RM12.1m of IPO proceeds will fund new machinery: five HDD machines, five excavators, five pick-up trucks, four backhoes, four cranes and scaffolding. A further RM21.0m is allocated to performance bonds so the Group can bid for larger projects, including 500kV transmission substations.
Associate Companies
SKA Capital Berhad wholly owns SKA Rekabina Sdn Bhd (100%). SKA Rekabina in turn holds 70% of Reltency Engineering Services Sdn Bhd, which it subscribed for in February 2025 for RM5.0m. The remaining 30% of Reltency Engineering is held by Rajsekaran A/L Ilangovan, the Head of Reltency Engineering.