Gamuda 2Q net profit rises to RM194.62mil

KUALA LUMPUR: Gamuda posted a net profit of RM194.62 million in the second quarter (2Q) ended Jan 31, 2023 from RM177.13 million in the same period a year ago, attributed to stronger construction and property earnings.

Revenue also increased to RM1.44 billion from RM1.22 billion previously, it said in a filing with Bursa Malaysia.

The company said the group’s quarterly earnings rose 10 per cent as stronger earnings from construction and property divisions replaced highway earnings following the divestment of four highways in October 2022.

"Overseas earnings tripled, and contributed half of overall earnings compared to 22 per cent previously as our overseas projects picked up pace,” it added.

Moving forward, Gamuda said the group’s resilience is underpinned by its large construction orderbook of nearly RM21 billion (including A$2 billion orderbook from the imminent completion of the acquisition of Downer Transport Projects in Australia) and unbilled property sales of RM5.4 billion. (A$1=RM2.97).

On top of that, the group said it has a healthy balance sheet with almost zero net gearing. - Bernama