Gamuda Berhad released its Q2 results where revenue rose 53% to RM3.4 billion whilst quarterly net profit rose 7% to RM209 million, the group also noted that its overseas engineering unit’s quarterly revenue tripled and net profit more than doubled.
Revenue was up 53% with RM2.2 billion last year whilst quarterly net profit rose 7% to RM209 million on the back of higher contribution from overseas projects. Overseas projects stepped up to fill the gap left by the decline in domestic revenue and earnings as the MRT 2 project was completed last year. Quarterly revenue from overseas project surged to contribute 77% of overall revenue (previously 42%) whilst quarterly overseas net profit surged to contribute 58% of overall net profit (previously 50%).
Gamuda Engineering’s quarterly revenue from overseas projects tripled to RM2.1 billion from RM662 million last quarter whilst overseas net profit more than doubled to RM72 million from RM34 million last quarter on the back of progress of Australian projects.
The group said the current quarter, Gamuda Land’s overall revenue and net profit grew 70% and 62% respectively, bolstered by stronger performances of both overseas and domestic projects
For the first half of this year revenue nearly doubled to RM6.2 billion compared with RM3.7 billion last year. Excluding highway earnings, core net profit rose 19% to RM404 million, driven by stronger overseas performances of the construction and property divisions.
Overseas revenue surged to contribute 76% of overall revenue (previously 43%) whilst overseas net profit surged to contribute 64% of overall net profit (previously 38%). Gamuda Engineering’s overseas revenue quadrupled to RM4 billion compared with RM1 billion last year whilst its overseas net profit quadrupled to RM138 million compared with RM33 million last year, on the back of progress of Australian projects. While Gamuda Land’s overall revenue and net profit grew 29% and 46% respectively, bolstered by stronger performances of both overseas and domestic 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.
