Gamuda’s earnings to be driven by its resilient order book

PETALING JAYA: Gamuda Bhd’s earnings for its current financial year ending July 31, 2024 (FY24) is expected to be buoyed by its resilient outstanding order book and strong backlog of unbilled property sales.

MIDF Research said the group’s unbilled construction order book stands at RM24.1bil, made up mainly of overseas projects.

“Australian jobs make up 46.1% or RM11.1bil of the outstanding order book, followed by RM4.5bil (18.7%) in Taiwan and RM3bil (12.4%) in Singapore.

“Malaysian projects make up RM5.4bil or 22.4% of the total order book. Management is expecting some project wins in the second half of FY24, including two data centre jobs.”The research house noted that another project on Gamuda’s radar is the tunnelling package for the Suburban Rail Loop in Victoria, which is expected to have a contract size of A$2.2bil.

“Gamuda and its partner John Holland are among the two consortiums shortlisted for the project, which is likely to be awarded by July 2024.”

MIDF Research said Gamuda is pre-qualifying for the Penang International Airport.

“Yet to be included in the order book is the Ulu Padas Hydroelectric Dam project in Sabah, which may add RM2bil to the group’s order book. Tariffs are still being negotiated.”

Beyond the construction and infrastructure play in Australia, MIDF Research said Gamuda also planned to tap into the multi-billion dollar renewable energy industry there, both in engineering, procurement, construction and commissioning opportunities and asset ownership.

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Gamuda , construction , property , engineering , MIDF


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