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Gamuda posts 37pct higher net profit to all-time high of RM806.23mil in FY22

KUALA LUMPUR: Gamuda Bhd's net profit increased 37 per cent, hitting an all-time high of RM806.23 million in the  financial year ended July 31, 2022 (FY22) from RM588.32 million recorded in FY21.

Its revenue increased 50.5 per cent to RM4.92 billion from RM3.27 billion.

In a filing to Bursa Malaysia today, Gamuda said its overseas earnings tripled to RM292 million from last year's RM98 million as the group continued to expand its footprint to broaden its international market reach. 

"It was a record-breaking year for the property division with all-time-high performances in sales, revenue and earnings," it said.

Gamuda said the property division sold a record high RM4 billion of properties, a 40 per cent jump compared with last year's RM2.9 billion sales. 

"Local property sales doubled to RM2 billion as overseas projects contributed another RM2 billion in sales. 

"Property revenue reached an all-time high of RM2.7 billion, 111 per cent jump compared with last year's RM1.3 billion while property earnings reached an all-time-high of RM340 million, 97 per cent jump compared with last year's RM172 million," it added.

For the fourth quarter (Q4), Gamuda's net profit increased 19.9 per cent to RM255.24 million from RM212.88 million, while revenue jumped to RM1.87 billion from RM835.95 million.

Moving into FY23, Gamuda said it was anticipated that next year's performance would be driven by property sales, pick up in work progress of Sydney Metro West – Western Tunnelling Package & Coffs Harbour Bypass projects in Australia and works to complete the MRT Putrajaya Line (formerly called MRT Line 2).

This followed the completion of the disposals of four highways to Amanat Lebuhraya Rakyat Bhd by October 2022. 

"Moving forward, the resilience of the group is underpinned by its large construction orderbook of nearly RM14 billion and unbilled property sales of RM6.2 billion. 

"On top of that, the group has a healthy balance sheet with a currently low gearing of 0.1 times which will turn net cash positive upon completion of the highway sale," it said.

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