Gamuda posts record profit, eyes strong growth for 2024

Gamuda Bhd net profit for the financial year ended July 31, 2023 surpassed the RM1 billion mark, representing a 128.03% increase from FY2022.

The company’s annual revenue soared by 68% to RM8.23 billion from RM4.90 billion in FY2022 driven by a fourfold surge in overseas construction revenue, reaching a record RM3.5 billion, as progress on projects in Australia and Taiwan gained momentum.

In the fourth quarter (4Q23), Gamuda’s net profit slightly declined by 1.37% to RM251.75 million, while revenue increased by 84.23% to RM3.42 billion compared to the same quarter in the previous year. 

Gamuda reported that its construction order book reached an all-time high of RM21 billion, and property sales reached a record RM4.1 billion. 

Gamuda Bhd is poised for a substantial increase in activities in the upcoming year, driven by its overseas construction ventures, which will benefit from the full-year contribution of the recently acquired Australian transport business, Downer Transports Projects, as well as boosted property sales from newly launched quick-turnaround projects (QTPs). 

The company’s resilience is further supported by a substantial construction order book of RM21 billion, which includes a RM4.4 billion boost from the Downer Transport Projects acquisition in Australia, and a robust pipeline of unbilled property sales totaling RM6.7 billion. 

Additionally, Gamuda maintains a strong financial position with a comfortable net gearing ratio of 25%, well below its self-imposed limit of 70%.

Gamuda shares fell 1.60%, falling 7 sen to RM4.31 today, resulting in a market capitalization of RM11.62 billion. –TMR