Gamuda Bhd achieved a pre-tax profit of RM227,182 million on the back of a turnover of RM1,288,333 million for the second quarter ending January 31, 2022 from a pre-tax profit of RM155,579 million on the back of a turnover of 895, 413 million for the same period last year.
For the six months to January 31, 2022, it achieved a pre-tax profit of RM418, 659 million on the back of a turnover of RM2,035,447 million from a pre-tax profit of RM297,415 million on the back of a turnover of RM1,659,367 million.
In a Bursa filing, it said that the Group’s current half-year earnings rose 41% as construction and property earnings surged on the back of a pick-up in construction activities and higher contribution from overseas property projects. Property sales jumped 27% as overseas projects contribute almost 60% of total property sales whilst local sales doubled
Gamuda said that the property division sold RM1.9 billion worth of properties in the first half of this year, a 27% jump compared with RM1.5 billion in the same period last year. Overseas projects remained the biggest sales contributor, especially Vietnam and Singapore markets which contributed almost 60% of the total property sales whilst sales for local projects doubled up. Gamuda Land is on track to achieve its full-year sales target of RM4 billion, which is 38% more than last year’s RM2.9 billion sales.
With the reopening of economic sectors and a relative return to normalcy, the Group’s current half-year earnings of RM329 million was 41% higher than the RM234 million earned in the first half of last year as construction and property earnings surged on the back of a pick-up in construction activities and higher contribution from overseas property projects.
On the current prospects, Gamuda said that ongoing risks to the country’s economic and fiscal outlook posed by the progression of the Covid-19 pandemic and uncertainties surrounding the Delta and now Omicron variants have dampened economic activity.
It said that public spending and stimulus for infrastructure development constrained by rising government fiscal burden may see some momentum with the Government’s revival of public-private partnerships (PPP 3.0).
It is anticipated that this year’s performance will be driven by overseas and local property sales, and the continued progress of MRT Putrajaya Line (formerly called MRT Line 2).
Moving forward, Gamuda said that the resilience of the Group is underpinned by its construction order book which tripled to RM10.4 billion following its successful bids for the AUD2.16 billion Sydney Metro West – Western Tunnelling Package in Australia and the SGD467 million Defu station and tunnels project in Singapore.
On top of that, the Group has an unbilled property sales totalling RM5.2 billion and a healthy balance sheet with a low gearing of 0.2 times coupled with a strong cash position.
