Gamuda posts all-time high net profit of RM1.17bil in Q1

KUALA LUMPUR: Gamuda Bhd recorded an all-time high net profit of RM1.17 billion in the first quarter ended Oct 31, 2022 (Q1FY2023) from RM152.37 million a year ago backed by a one-off cash gain of RM1 billion from the divestment of four highways that was successfully completed in October 2022.

Revenue increased by 90 per cent to RM1.31 billion from RM687.93 million previously, it said in a filing with Bursa Malaysia on Friday.

On prospects, Gamuda said it anticipated this year’s performance to be driven by property sales, pick up in work progress of Sydney Metro West -- Western Tunnelling Package and Coffs Harbour Bypass projects in Australia, and works to complete the MRT Putrajaya Line following the sale of four highways to Amanat Lebuhraya Rakyat Bhd in October 2022.

Moving forward, it said the group’s resilience is underpinned by its large construction orderbook of nearly RM15 billion and unbilled property sales of nearly RM6 billion.

"On top of that, the group has a healthy balance sheet with a net cash surplus position following the completion of the highway sale,” it said.

Meanwhile, Gamuda said it has declared an interim dividend of six sen per ordinary share in respect of the financial year ending July 31, 2023.

It said the board had also determined that the dividend reinvestment plan (DRP), which was approved by the shareholders, should apply to the first interim dividend whereby shareholders would be given the option to elect to reinvest their first interim dividend into new shares.

It added that the listing of and quotation for the new shares to be issued pursuant to the DRP would be subjected to the approval of Bursa Malaysia Securities Bhd of which, an application would be submitted in due course. - Bernama