PETALING JAYA: Gamuda Bhd
’s construction orderbook touched a new record-high of RM36bil, with 60% of the contract value contributed by international projects.
The remaining 40% was contributed by the domestic construction division’s orderbook, which doubled to RM14bil within the first six months of financial year 2025 (6M25).
In a statement, the group expects the domestic orderbook to expand further next month with the imminent signing of several “large domestic contracts”.
Gamuda also said that the domestic construction division is primarily fuelling the growth of its revenue and earnings.
In 6M25, Gamuda’s revenue - including share of joint-venture companies’ topline - improved by 32% year-on-year (y-o-y) to RM8.2bil.
Net profit rose 5% y-o-y to RM424mil.
Property earnings in the first half decreased by 12% following the completion of Vietnam’s Celadon City at the end of last year, while the new Quick Turnaround Projects (QTPs) in Vietnam are still in their early stages.
Half-yearly property sales rose 50% to RM1.8bil compared with RM1.2bil sold last year, spearheaded by several QTPs in Vietnam.
As for the construction business’ half-yearly revenue and earnings, Gamuda witnessed an increase of 30% and 17% respectively due to higher contributions from domestic projects.
In the first-half period, Gamuda secured its highest annual new project portfolio totalling RM14.5bil, comprising six significant project awards including three international ventures and three domestic projects.
The international projects are Australia Boulder Creek Wind Farm, Australia Goulburn River Solar Farm and Taiwan Xizhi Donghu Mass Rapid Transit.
Meanwhile, the domestic projects are Sabah Ulu Padas Hydroelectric Project, Penang LRT- Mutiara Line Phase 1 and Cyberjaya Data Centre.
“This demonstrates the group's robust regional infrastructure capabilities to meet its target orderbook of RM40bil to RM45bil orderbook target by end-2025.”
As for the second quarter of the financial year 2025, revenue rose by 19% y-o-y to RM4bil, while earnings increased by 5% to RM219mil.
lts quarterly construction revenue and earnings rose 22% and 13% respectively.
This was driven by stronger domestic earnings as Penang land reclamation works picked up pace, with 91 acres of land reclaimed at end-January 2025.
Overseas earnings contribute 53% of total construction earnings with the remaining 47% from domestic projects.
The property arm’s quarterly sales rose 56% y-o-y to RM1.1bil due to stronger sales from QTPs, especially Eaton Park in Vietnam.
The Eaton Park development has surpassed RM2bil in sales within one year since its first launch in May 2024.
Overseas earnings contribute 62% of total property earnings with the remaining 38% from domestic projects.
Looking ahead, Gamuda said its unbilled property sales of RM7.2bil also underpin the group's resilience.
Meanwhile, it continues to maintain a healthy balance sheet with a comfortable net gearing ratio of 39%, which is well below its self-imposed gearing limit of 70%.
