PETALING JAYA: Gamuda Bhd ’s revenue for the first half of its current financial year ending July 31, 2024 nearly doubled to RM6.2bil, anchored by overseas revenue and net profit surges due to the pick-up in progress of overseas projects, especially in Australia.
In a filing with Bursa Malaysia, the construction group said it expects its performance for the current financial year to be driven by overseas construction activities, as projects in Australia and Taiwan continue to pick up pace.
Gamuda added that its performance will also be buoyed by the full-year contribution of the newly acquired Australian transport projects business of Downer Transports Projects and property sales, including higher contribution from newly launched quick-turnaround projects of the property division.
“Moving forward, the resilience of the group is underpinned by a large construction order book of RM24bil and unbilled property sales of RM6.7bil.
“On top of that, the group has a healthy balance sheet with a comfortable net gearing of 29%, well below its self-imposed gearing limit of 70%.”
For the second quarter ended Jan 31, 2024, Gamuda’s net profit rose to RM208.8mil from RM194.62mil in the previous corresponding quarter, on the back of higher contribution from overseas projects.
Revenue increased to RM3.33bil from RM1.44bil a year earlier.
Basic earnings per share, meanwhile, stood at 7.65 sen versus 7.46 sen previously.
Gamuda said overseas projects stepped up to fill the gap left by the decline in domestic revenue and earnings, as the MRT 2 project was completed last year.
Quarterly revenue from overseas projects surged to contribute 77% of overall revenue (previously 42%), while quarterly overseas net profit surged to contribute 58% of overall net profit (previously 50%).
“Gamuda Engineering’s quarterly revenue from overseas projects tripled to RM2.1bil from RM662mil, while overseas net profit more than doubled to RM72mil from RM34mil, on the back of progress of Australian projects.
“Gamuda Land’s overall revenue and net profit grew 70% and 62% respectively, bolstered by stronger performances of both overseas and domestic projects.”
For the six-month period ended Jan 31, 2024, Gamuda said its net profit saw an increase of 19% to RM404mil, while revenue nearly doubled to RM6.2bil compared to last year’s RM3.7bil.
Gamuda said core net profit was driven by stronger overseas performances of the construction and property divisions.
“Overseas revenue surged to contribute 76% of overall revenue (previously 43%), whilst overseas net profit surged to contribute 64% of overall net profit (previously 38%).
“Gamuda Engineering’s overseas revenue quadrupled to RM4bil compared with RM1bil last year.
“Meanwhile, overseas net profit quadrupled to RM138mil compared with RM33mil last year, on the back of progress of Australian projects,” the company said.
Additionally, Gamuda Land’s overall revenue and net profit grew 29% and 46%, respectively, bolstered by stronger performances of both overseas and domestic projects.
