Gamuda’s earnings soar in Q3 as property, construction projects pick up pace

Moving forward, Gamuda anticipated its performance for the current financial year ending July 31, 2021, to be driven by overseas property sales in Vietnam and Singapore, as well as the continued progress of the MRT Putrajaya Line. — Picture by Yusof Mat Isa
Moving forward, Gamuda anticipated its performance for the current financial year ending July 31, 2021, to be driven by overseas property sales in Vietnam and Singapore, as well as the continued progress of the MRT Putrajaya Line. — Picture by Yusof Mat Isa

Follow us on Instagram and subscribe to our Telegram channel for the latest updates.


KUALA LUMPUR, June 24 — Gamuda Bhd’s net profit more than tripled to RM141.83 million in the third quarter ended April 30, 2021, from RM40.23 million a year earlier as the pace of construction and property projects, as well as traffic on expressways, returned to pre-movement restriction levels.

“Last year’s low quarterly net profits coincided with the onset of the global Covid-19 pandemic with Malaysia imposing a then-unprecedented movement control order with effect from March 18, 2020,” said the infrastructure and property developer said.

The group’s revenue for the quarter under review surged 76.6 per cent year-on-year to RM971.18 million.

Moving forward, Gamuda anticipated its performance for the current financial year ending July 31, 2021, to be driven by overseas property sales in Vietnam and Singapore, as well as the continued progress of the MRT Putrajaya Line.

The group said its resilience would be underpinned by its construction order book of RM4.9 billion and unbilled property sales totalling RM4 billion, which would see it through the next two years.

“On top of that, the group has a healthy balance sheet with a prudent gearing of below 0.3 times,” said Gamuda. — Bernama

You May Also Like

Related Articles