KUALA LUMPUR: Gamuda Bhd's net profit fell to RM912.13 million in the financial year ended July 31, 2024 (FY24) from RM1.84 billion in the previous year.
Its revenue rose to RM13.34 billion compared to RM8.22 billion in FY23.
In its filing with Bursa Malaysia today, Gamuda said the lower net profit was mainly due to having recognised an exceptional gain from the disposal of its highway operations in FY2023.
"Excluding the discontinued highway operations, core net profit from construction and property businesses grew 12 per cent to a record-breaking RM912 million from last year's RM815 million on the back of higher overseas construction earnings and stronger domestic property earnings and margins," it said.
For the fourth quarter (Q4), Gamuda posted a higher net profit of RM272.49 million from RM251.75 million in the previous corresponding quarter, while revenue rose to RM4.72 billion against RM3.40 billion in Q4 2023.
Gamuda said its performance in the current financial year will be largely driven by overseas and domestic construction activities.
This includes the construction of several data centres and higher contributions from the property division's various quick-turnaround projects (QTPs).
The company said its resilience is underpinned by an all-time high construction order book of RM25 billion and unbilled property sales of RM7.7 billion.
"The company has a healthy balance sheet with a comfortable net gearing of 39 per cent, well below its self-imposed gearing limit of 70 per cent," it added.