KUALA LUMPUR, Gamuda Bhd’s net profit for the financial year ended July 31, 2024 (FY 2024) fell to RM912.13 million from RM1.84 billion in the previous year.
Revenue rose to RM13.34 billion compared to RM8.22 billion in FY2023.
In a Bursa Malaysia filing, 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.
Gamuda said its growth was anchored by the higher work progress of its Australian projects, including a full year’s consolidation of the recently acquired transport projects business of Australia’s Downer Group.
‘The property division delivered robust revenue growth of 47 per cent, driven by its overseas project
s, with major contributions from several quick-turnaround projects (QTPs).
‘Annual overseas revenue currently contributes 75 per cent of overall group revenue, up from 52 per cent,’ it said.
For the fourth quarter ended July 31, 2024 (4Q FY2024), Gamuda posted a higher net profit of RM272.49 million from RM251.75 million in the previous corresponding quarter, while revenue rose RM4.72 billion against RM3.40 billion in 4Q FY2023.
The group said next year’s performance will be largely driven by overseas and domestic construction activities, including the construction of several data centres and higher contributions from the property division’s various QTPs.
Moving forward, Gamuda said the group’s resilience is underpinned by an all-time high construction order book of RM25 billion and unbilled property sales of RM7.7 billion.
‘The group 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.
Source: BERNAMA News Agenc
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