KUALA LUMPUR – Gamuda Bhd posted net profit of RM194.62 million in the second quarter ended January 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% as stronger earnings from construction and property divisions replaced highway earnings, following the divestment of four highways in October last year.
“Overseas earnings tripled and contributed half of overall earnings compared to 22% previously, as our overseas projects picked up pace,” it added.
Moving forward, Gamuda said the group’s resilience is underpinned by its large construction order book of nearly RM21 billion – including a A$2 billion (RM5.94 billion) order book from the imminent completion of the acquisition of Downer Transport Projects in Australia – and unbilled property sales of RM5.4 billion.
On top of that, the group said it has a healthy balance sheet with almost zero net gearing. – Bernama, March 23, 2023
