KUALA LUMPUR, 13 February 2026 – ACE Market-listed piping solutions specialist ISF Group Berhad has secured a RM10.0 million subcontract from Kerjaya Prospek (M) Sdn Bhd, reinforcing its growth trajectory following its recent listing on Bursa Malaysia and strengthening earnings visibility through the current property development cycle.
The contract was awarded via ISF’s wholly-owned subsidiary, Yeo Plumber Sdn Bhd (YPSB), which received a Letter of Acceptance (LOA) appointing the company as subcontractor for Cold-Water Plumbing Services and Sanitary Plumbing Systems for a serviced apartment development that includes commercial lots.
The project is effective immediately upon acceptance and is scheduled for completion on 15 March 2029, providing the Group with long-term revenue visibility and reinforcing its presence in Malaysia’s high-rise residential plumbing infrastructure segment.
Strategic Contract Reinforces Market Confidence Post-Listing
The RM10.0 million contract represents a significant endorsement of ISF’s technical capabilities and operational execution, particularly as the Group enters its first full financial year as a publicly listed company.
ISF Group Managing Director Mr. Jeff Ai Boon Chen said the award reflects strong confidence from Kerjaya Prospek, one of Malaysia’s established construction and property development groups.
“We are pleased to have secured this contract from Kerjaya Prospek, marking a positive start for ISF following our recent listing on Bursa Malaysia. This award reflects the confidence placed in our technical expertise and proven project execution capabilities,” he said.
The project also reinforces ISF’s strategic positioning within the plumbing and piping solutions segment, particularly for high-rise residential developments, one of Malaysia’s key urban infrastructure growth areas.
Kerjaya Prospek Group Berhad is widely recognised for its involvement in premium residential and mixed-use developments, adding further credibility to ISF’s expanding client portfolio.
Riding Malaysia’s Infrastructure and Property Development Wave
ISF’s contract win aligns with Malaysia’s broader development momentum, supported by strong policy backing under Budget 2026. Government priorities in infrastructure, industrial expansion, data centres, and residential development are expected to sustain construction activity and drive demand for piping and plumbing solutions.
Mr. Jeff highlighted that structural drivers across Malaysia’s construction ecosystem are expected to provide long-term opportunities.
“Malaysia’s development landscape remains conducive, underpinned by the Government’s emphasis under Budget 2026 on industrial, data centres, infrastructure, and residential projects. These structural drivers are expected to create sustained demand for reliable piping and plumbing system solutions,” he said.
As plumbing infrastructure forms an essential component of building construction, ISF is strategically positioned to benefit from Malaysia’s ongoing urbanisation and infrastructure expansion.
Strong Order Book Provides Earnings Visibility Through 2028
As at 9 December 2025, ISF reported an unbilled order book of RM120.68 million, providing substantial revenue visibility over the medium term.
The bulk of the order book—RM117.47 million—consists of piping projects for end-user premises, reflecting the Group’s strong foothold in residential and commercial building infrastructure. The remaining RM3.21 million relates to infrastructure piping projects.
This order book is expected to support earnings visibility through the financial year ending 31 December 2028, providing a stable foundation for post-IPO growth.
The addition of the Kerjaya Prospek contract further strengthens ISF’s revenue pipeline, reinforcing confidence in its execution capabilities and market positioning.
IPO Strengthens Capacity for Expansion
ISF was listed on the ACE Market of Bursa Malaysia Securities Berhad on 28 January 2026 under the stock name ISF and stock code 0390, raising capital to support business expansion, enhance operational capabilities, and pursue larger projects.
The listing marks a significant milestone in the Group’s corporate evolution, providing enhanced financial flexibility and positioning ISF to scale operations amid rising demand for infrastructure and property development services.
Mr. Jeff noted that the capital raised from the IPO strengthens the Group’s ability to pursue larger and more complex projects moving forward.
“Leveraging our diversified project portfolio across diverse property segments, the Group is well positioned to capitalise on this expanding development cycle. Meanwhile, the fresh capital raised from our listing further enhances our capacity to undertake larger and more complex projects,” he said.
Investment Outlook: Infrastructure and Property Cycle Supports Long-Term Growth
For investors, ISF’s latest contract win highlights the resilience of Malaysia’s construction ecosystem and the strong demand outlook for specialised infrastructure service providers.
Companies involved in essential infrastructure components, such as plumbing, piping, and engineering services, stand to benefit significantly from Malaysia’s long-term urbanisation and infrastructure expansion trends.
With a strong order book, newly secured contracts, and fresh IPO capital, ISF appears well-positioned to capture opportunities arising from Malaysia’s expanding construction and property development pipeline.
The RM10.0 million contract represents more than just a project award, it signals growing market confidence in ISF’s capabilities and reinforces its trajectory as a rising infrastructure player on Bursa Malaysia.
