KOTA KEMUNING: Gamuda Bhd, which is building the proposed Komtar-Bayan Lepas Light Rail Transit (LRT) project in Penang, expects the first package to be awarded by the middle of 2020.
Group managing director Datuk Lin Yun Ling said the Project Delivery Partner (PDP) signing for the package is expected to be done “within the next few weeks.” “Design works will start immediately,” he said after the company AGM and EGM today.
The LRT project is part of part of Penang’s multi-billion ringgit Transport Master Plan (PTMP).
Gamuda was appointed the PDP for the PTMP.
Separately, Lin said part of the proceeds from the disposal of Gamuda’s toll business will be utilised to pay a special one-off dividend to its shareholders.
“That is all we can say for now. The government will first need to decide what to do with Plus, before making a decision on their deal with us.
“They need to cross that bridge first (with Plus). Hopefully in the next few weeks, the government will make a decision.” At Budget 2020, the Cabinet approved the takeover of four Klang Valley tolled highways for RM2.36bil.
The highways are Shah Alam Expressway, Damansara-Puchong Expressway, Sprint Expressway and Smart Tunnel - all of which are linked to Gamuda.
Lin also said he expects earnings contribution from overseas to grow over the next two-to-three years.
Currently, overseas contribution from the construction division accounts for 20% of the group’s earnings.
The company posted a net profit of RM185mil in the three-month ended July 31 on revenue of RM1.5bil.
For the full financial year, net profit was RM706mil compared with RM539mil made previously.
Did you find this article insightful?