Gamuda’s earnings surged 47% in 3Q22

This growth is underpinned by higher property and construction earnings

GAMUDA Bhd’s nine-month earnings surged 47% on the back of higher property and construction earnings as work on all fronts picked up pace.

The group posted revenue of RM4.2 billion in the first nine months of this year (3Q22), an increase of 7% compared to RM4 billion in 3Q21.

The group’s quarterly earnings surged 56% due to stronger overseas property earnings.

It also posted a revenue of RM1.3 billion this quarter, an increase of 21% from last year’s comparative quarter of RM1.1 billion.

Consequently, the group’s quarterly earnings of RM221 million rose 56% compared to last year’s comparative quarter of RM142 million as property and construction divisions reported better earnings performances.

For the period ended April 30, 2022, the group saw its property sales rise 23% as local sales doubled while overseas sales contributed 53% of total property sales.

The property division sold RM2.7 billion worth of properties in 3Q22, a 23% jump compared to RM2.2 billion in 3Q21.

Overseas projects remained the biggest sales contributor, especially Vietnam’s and Singapore’s markets which contributed 53% of the total property sales while sales for local projects doubled up, the group said in a statement today.

According to the company, Gamuda Land is on track to achieve its full year sales target of RM4 billion, which is 38% more than last year’s RM2.9 billion sales.

“With the reopening of economic sectors and a relative return to normalcy, the group’s 3Q22’s earnings of RM551 million was 47% higher than the RM375 million earned in 3Q21 on the back of higher property and construction earnings as work on all fronts picked up pace,” it said. — TMR / graphic by MZUKRI