PETALING JAYA: Gamuda Bhd has enjoyed remarkable success for the financial year ended July 31, 2023 (FY2023), registering a record revenue of RM9.1 billion, 41% higher compared to the previous year’s revenue.
Its net profit, meanwhile, grew 126% to RM1.8 billion year-on-year (y-o-y) from RM806.2 million.
In a statement today, the group reported that the impressive performance was anchored by a fourfold increase in overseas construction revenue to a record RM3.5 billion.
Its construction order book also hit a record RM21 billion, while property sales reached a new high of RM4.1 billion.
The group’s pre-tax earnings similarly crossed the RM2 billion mark for the first time following last year’s record pre-tax earnings of RM1 billion.
“Excluding the exceptional cash gain of RM1 billion on the divestment of highways and completion of MRT Line 2, core post-tax earnings grew 7% to a record-breaking RM860 million this year from last year’s record of RM806 million on the back of higher overseas construction earnings,” the statement read.
For its fourth quarter (Q4 FY2023), the group logged a revenue of RM3.4 billion, up 84% y-o-y from RM1.9 billion as work progress in Australia and Taiwan picked up pace.
Net profit, however, dropped slightly by 1% y-o-y to RM251.7 million from RM255.2 million.
Moving forward, the group feels optimistic about its outlook due to an expected significant uptick in activities next year.
The positive projection is based on strong growth in its overseas construction businesses and property sales.
“The resilience of the group is underpinned by its large construction order book of RM21 billion, including a RM4.4 billion order book from the acquisition of Downer Transport Projects in Australia and unbilled property sales of RM6.7 billion.
“The group has a healthy balance sheet with a comfortable net gearing of 25%, well below its self-imposed gearing limit of 70%,” said Gamuda.
At market close, Gamuda’s share price was down by seven sen (1.6%) to RM4.31, giving it a market capitalisation of RM11.62 billion.