Gamuda posts record net profit of RM806.23mil in FY22

KUALA LUMPUR: Gamuda Bhd closed its 2022 financial year with record-breaking earnings in its property and engineering divisions, which boosted the group's net profit to an all-time high of RM806.23mil.

In a filing with Bursa Malaysia, the group reported earnings per share of 31.96 sen in FY22 as compared with 23.42 sen in the previous year.

Gamuda noted the 37% jump in its bottomline was owing in part to its property division, which achieved a historic sales figure of RM4bil, a 40% jump from the previous year.

Property revenue hit a record of RM2.7bil, 111% higher year-on-year (y-o-y), while property earnings came in 97% higher at RM340mil.

According to the group, its strategic move to expand its overseas market footprint in the engineering and property sectors also resulted in overseas earnings tripling to RM292mil as compared with RM98mil in the previous year.

Meanwhile, Gamuda Engineering's net profit hit an all-time high of RM343mil as work progress picked up the pace on all fronts.

Overall, the group's revenue jumped 50.5% year-on-year to RM4.92bil in FY22.

On future performance, Gamuda said it will be driven by property sales and a pick up in work progress of its Australia projects - the Sydney Metro West– Western Tunnelling Package and Coffs Harbour Bypass - as well as works to complete the Mass Rapid Transit Putrajaya Line.

This comes following the sale of four highways to Amanat Lebuhraya Rakyat by October this year.

"Moving forward, the resilience of the group is underpinned by its large construction orderbook of nearly RM14bil and unbilled property sales of RM6.2bil.

"On top of that, the group has a healthy balance sheet with a currently low gearing of 0.1 time which will turn net cash positive upon completion of the highway sale," it said.

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Gamuda , property , engineering


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