In a filing with Bursa Malaysia, the developer said its revenue soared 41 per cent year-on-year (y-o-y) to RM9.1 billion in FY2023, including the share of joint venture companies’ revenue worth RM807.64 million. — Bernama pic
KUALA LUMPUR, Sept 27 — Gamuda Bhd’s net profit surged to RM1.84 billion for the financial year ended July 31, 2023 (FY2023), against the previous year’s RM806.23 million, amid a record-breaking construction order book, property sales, revenue and earnings.
In a filing with Bursa Malaysia, the developer said its revenue soared 41 per cent year-on-year (y-o-y) to RM9.1 billion in FY2023, including the share of joint venture companies’ revenue worth RM807.64 million.
It reported that overseas revenue doubled to RM4.6 billion from last year’s RM2.0 billion, anchored by the construction division, which surged fourfold to a record RM3.5 billion from last year’s RM714 million due to the significant pick up in work progress of projects in Australia and Taiwan.
“It was another record-breaking year for the property division with all-time-high performances in sales, revenue and earnings.
“Property sales rose to an all-time-high RM4.1 billion, breaking last year’s record of RM4 billion. Property revenue reached an all-time-high RM2.8 billion from last year’s RM2.7 billion while property earnings rose to an all-time-high RM315 million from last year’s RM310 million,” the group said.
In the fourth quarter (4Q) FY2023, Gamuda’s net profit decreased marginally to RM251.75 million from RM255.24 million in the previous corresponding quarter, while revenue almost doubled to RM3.42 billion from RM1.86 billion previously.
On prospects, the group anticipated next year’s performance would be driven by overseas construction activities as projects in Australia and Taiwan continue to pick up the pace, full-year contribution of the newly acquired Australian transport projects business of Downer Transports Projects (DTP) and property sales, including higher contribution from newly launched quick-turnaround projects of the property division.
“Moving forward, the group’s resilience is underpinned by a large construction order book of RM21 billion, including a RM4.4 billion order book boost from the acquisition of DTP in Australia and unbilled property sales of RM6.7 billion.
“On top of that, the group has a healthy balance sheet with a comfortable net gearing of 25 per cent, well below its self-imposed gearing limit of 70 per cent,” it added. — Bernama
