Gamuda released its Q1FY24 results with the group’s construction and property earnings rising 35% to RM195 million as revenue doubled on the back of higher contribution from overseas projects. The Group posted a total revenue of RM2.8 billion, doubling last year’s total revenue of RM1.4 billion as overseas revenue tripled to RM2.1 billion.
Excluding highway earnings of RM1 billion following the sale of highways last year, the group’s construction and property earnings grew 35% to RM195 million in Q1FY24 compared with Q1FY23’s earnings of RM145 million on the back of higher contribution from overseas projects.
The group anticipates that this year’s performance will be driven by overseas construction activities as projects in Australia and Taiwan continue to pick up pace, full year contribution of the newly acquired Australian transport projects business of Downer Transports Projects (acquisition completed on 20 June 2023) and property sales including higher contribution from newly launched quick-turnaround projects (QTP) of the property division.
Moving forward, the resilience of the group is underpinned by a large construction orderbook of RM26 billion and unbilled property sales of RM6.7 billion. On top of that, the Group has a healthy balance sheet with a comfortable net gearing of 25%, well below its self-imposed gearing limit of 70%
