FYE2024 PTT SYNERGY REPORTED RM325.1M REVENUE, PBT RM32.33M

Terry Teo (60) and his brother SP Teo have come a long way since they started as sub-contractors in the construction industry They became leading earthworks contractors and owned the largest earthworks machinery (700 units) in the country " Earthworks is a China man's job," SP Teo said. " We tendered successfully for two pieces of land in Bukit Jelutong to diversify into industrial property development but it was such a challenge getting financing for the project (2007). Terry and I approached 16 banks who all turned us down before Bank Rakyat finally agreed to grant us a loan. I was 29 then and I gained experience through a steep learning curve."

"Being an entrepreneur is learning to manage and solve problems, not avoiding them because there will always be problems and challenges in business," SP Teo said. "We started the hard way, Terry and I. He was into sub-contracting work first after he completed his Diploma in Civil Engineering from the Federal Institute of Technology, KL. We grew up in Terengganu where my father worked as a JKR technician. We had to work and study at the same time to finance our education. Struggling is nothing new to us. I did all kinds of odd jobs - car park attendant, laundry work assistant, chilli plantation labourer, etc before graduating with a Diploma in Building Technology from TAR College in year 2000. I was 22 when I joined Terry in the sub-con business.
We take on all kinds of sub-con work like drainage jobs etc. As long as got money, we will go for it."

PTT Synergy today has 4 main businesses - Construction, Trading,Property Development,and Warehousing/Logistics. The TEO brothers and their Bumiputera partner , Dato' Rahim Jaafar , via a private vehicle, Aim Tetap Teguh Group Sdn. Bhd (ATTG), took over listed Grand Hoover BERHAD in 2021 and changed its name to PTT Synergy Group Berhad. The Teos own 59% in ATTG and Dato' Rahim 41%. The Teos also have a combined direct stake of 15.53% in PTT Synergy besides their indirect stake via ATTG which owns 46.63% of PTT. Dato' Rahim holds a Bachelor of Engineering (Hons) in Civil Engineering from London South Bank University UK. He has over 27 years in project management and construction . 

Expansion into Auto Warehousing & logistics

"Post pandemic, costs have increased tremendously across all industries. Cost of doing business need to come down. That is why companies are looking toward total automated Warehousing for greater efficiency," SP Teo said. "The logistics business in Malaysia is very competitive. We face still competition but we also work closely with our competitors especially on intra-logistics. We specialise in certain areas and they specialise in others. Together we can find synergies and leverage on them for mutual benefit."

AmBank Group has provided RM498.6 million financing to PTT Synergy to help them drive innovation in warehouse automation which includes land cost construction and equipment costs of an automated storage and retrieval (ASRS) warehouse in Penang. This will be the second auto warehouse project for PTT . 

"We are in collaboration with a China partner," said SP Teo. "This kind of work needs a lot of engineers We are sending our local engineers to China to work on AI solutions. The key thing is to reduce costs for our clients."

SP TEO was one of Matrade's 100 Most Influential Young Entrepreneurs 2016. He was a Finalist in the Ten Outstanding Young Malaysians Awards 2017 under Category Business Economics and/or Entrepreneurial Accomplishment.

Besides his 38 years in construction business, Terry Teo  is also the founder of Denai Alam Recreational and Riding Club (DARC) at Shah Alam, the first non-profit horseriding club in Malaysia. It was on a trip to Kazakhstan that he first saw the majestic horses at a farm and he felt he had to bring them here and do something for the community. Terry is also the Honorary Consul of Nepal in Malaysia since 2017 and extended to 2027. He is a trustee of Sakyamuni Dharma Centre and Sakyamuni Buddha Foundation and the treasurer of the International Buddha Confederation.

SOURCES

1. PTT Synergy Group Berhad. 2024 Annual Report. https://www.klsescreener.com/v2/announcements/view/8321689
2. The Edge Malaysia. 12 June 2024. Liew Jia Teng. https://theedgemalaysia.com/node/714080
3. The Star. 25 September 2023. https://www.klsescreener.com/v2/news/view/1207211/ptt-synergy-signs-mou-with-strategic-partners-to-enhance-services
4. Ambank Group. 3 January 2025. Media Release. https://www.ambankgroup.com/docs/ambankgrouplibraries/newsroom-docs/news/2025/press-release---ambank-and-projek-tetap-teguh-sdn-bhd-strengthen-partnership-to-drive-innovation-in-warehouse-automation.pdf?sfvrsn=2b1da2be_1
5. The Edge Malaysia. 14 May 2024. Syafiqah Salim. https://theedgemalaysia.com/node/711438
6. Sparrowsph interview with Terry Teo and Teo Swee Phin. 24 October 2023.