KUALA LUMPUR, Sept 29 — Gamuda Bhd posted a record-breaking net profit of RM806.23 million for the financial year ended July 31, 2022 (FY2022), up from RM588.32 million in the previous year as stronger construction and property earnings boosted its bottom line.
The engineering, property and infrastructure company said its overseas earnings tripled to RM292 million compared with last year’s RM98 million, as property sales rose to an all-time high of RM4 billion, a 40 per cent jump from last year’s RM2.9 billion sales.
Gamuda saw its revenue surge to RM4.92 billion in FY2022 from RM3.27 billion previously.
For the fourth quarter ended July 31, 2022 (Q4 FY2022), Gamuda’s net profit increased to RM255.24 million from RM212.88 million in Q4 FY2021, buoyed by stronger construction and property earnings.
Revenue for the quarter jumped to RM1.87 billion against RM835.95 million previously.
“Excluding a RM26 million one-off loss provision on the imminent sale of the group’s 50 per cent stake in Smart Tunnel to Amanat Lebuhraya Rakyat Bhd (ALR), the concession division reported quarterly earnings of RM25 million compared with last year’s comparative quarter of RM11 million, and current year earnings of RM149 million compared with last year’s RM163 million.
“The sale is expected to be completed by October 2022,” it said.
On the outlook, the group anticipates next year’s performance to be driven by property sales, a pick-up in work progress for construction projects in Australia and completion works for the MRT Putrajaya Line.
“Moving forward, the resilience of the group is underpinned by its large construction orderbook of nearly RM14 billion and unbilled property sales of RM6.2 billion.
“On top of that, the group has a healthy balance sheet with a currently low gearing of 0.1 times, which will turn net cash positive upon completion of the highway sale,” it added. — Bernama
