Gamuda targets RM10bil new order book for FY22

KUALA LUMPUR: Gamuda Bhd is aiming for RM10 billion new order book for the financial year 2022 (FY2022), involving reclamation works for the Penang South Island (PSI) project and projects in Australia.

Gamuda Engineering Sdn Bhd managing director Justin Chin Jing Ho said the group currently has an outstanding construction order book of RM4.5 billion to last for the next two years but the short-term focus would be replenishing this order book in a few target markets.

"We are actually awaiting the result of two tenders for projects in Australia that should come up in the next one or two quarters and we are targetting three or four new tenders in the Australian market in 2022,” he said during the virtual press conference on Gamuda's 45th Annual General Meeting today.

Gamuda Engineering is a wholly-owned subsidiary of Gamuda.

Moving forward, Chin said Gamuda has been actively bidding for a number of projects in Australia and targetting an order book of A$5 billion to A$6 billion in the next three to five years.

"This should be reasonable given the strength of Australia’s project pipelines of over A$110 billion (A$1=RM3.01) in infrastructure development over the next decade,” he said, adding the group is also looking to expand its current base of four ongoing projects secured in the last two years in Taiwan and Singapore.

At the same time, he also said Gamuda plans to explore a number of new markets while being cautiously optimistic on the different challenges of each market as it also expanding capabilities and capacity of workforce that suits the intended target markets.

Meanwhile, Chin dismissed the news on the bidding for the Mass Rapid Transit 3 (MRT3) project as being relatively speculative at this juncture and the group is awaiting the government’s decision on this matter in the next few months.

Recently, it was reported that Gamuda, IJM Corporation Bhd, and Sunway Construction Group Bhd have been the top big-cap pick for the potential reactivation of MRT3 due to the proposed private funding initiative to partially finance the project.

Gamuda posted a net profit of RM214.1 million for the fourth quarter ended July 31, 2021, compared with a loss of RM12.5 million in the same quarter a year ago, amid stronger construction and property earnings as work on all fronts picked up pace on the back of rigorous COVID-19 control measures.

As at 4.45 pm, Gamuda’s share price rose 11 sen to RM2.93 with 1.42 million shares transacted. - Bernama
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