Gamuda Berhad delivered a steady performance for the nine months ended FY2026 (9MFY26), with earnings remaining within expectations as stronger construction contributions and resilient overseas property demand supported overall growth.
The group reported a net profit of RM702.6 million for 9MFY26, representing a 5% increase year-on-year (YoY). The result accounted for 67% of analysts’ full-year forecasts and 66% of consensus estimates, keeping the company on track to meet market expectations.
Analysts at Kenanga informed BusinesssToday that they expect Gamuda’s earnings momentum to strengthen in the final quarter of FY2026, supported by the ramp-up of domestic construction activities and continued property sales momentum in Vietnam.
The company also declared a second interim dividend of 5.0 sen per share, bringing its year-to-date 9MFY26 dividend payout to 10.0 sen per share, matching the level recorded in the previous financial year.
Stronger quarterly performance driven by engineering segment
Gamuda’s third-quarter FY2026 (3QFY26) net profit increased 12% quarter-on-quarter (QoQ) to RM258.0 million, despite revenue rising only marginally by 2%.
The improved quarterly performance was mainly driven by Gamuda Engineering (GE), which recorded a 58% jump in pre-tax profit due to stronger execution across domestic infrastructure projects.
GE’s pre-tax margin improved to 7.3% in 3QFY26 from 5.9% previously, reflecting better project delivery and operational efficiency.
Meanwhile, Gamuda Land (GL) saw revenue decline 45% QoQ after an exceptionally strong contribution from its Vietnamese quick-turnaround projects (QTPs) in the previous quarter.
However, GL’s profitability improved, with its pre-tax margin expanding to 14.2% from 8.5%, mainly due to timing differences in project recognition.
Construction division enters new growth cycle
For 9MFY26, Gamuda’s revenue increased 12% YoY, while net profit grew at a slower pace of 5% due to a higher effective tax rate of 21%, compared with 15% in the previous corresponding period.
At the operating level, pre-tax profit rose 19% YoY, supported by stronger contributions from both its engineering and property divisions.
GE remained the main earnings driver, with pre-tax profit rising 23% YoY on the back of higher domestic project contributions.
GL also recorded an 11% increase in earnings, with strong demand in Vietnam offsetting softer property contributions in Malaysia.
Order book hits record RM52 billion
Gamuda’s construction arm secured RM11.7 billion worth of new projects over the past two months, lifting its outstanding order book to a record RM52 billion.
Management highlighted that 75% of the order book is currently in early mobilisation or procurement stages, 16% is entering main construction works, while 9% is at peak execution.
The back-ended order book profile is expected to support stronger revenue growth in the coming quarters and position Gamuda for a new structural earnings growth cycle from FY2027 onwards.
Property sales target revised lower for FY2026
On the property front, Gamuda Land recorded RM2.1 billion in property sales for 9MFY26, down 16% YoY from RM2.5 billion previously.
The weaker performance was mainly due to fewer launches in Vietnam, with only one Eaton Park tower launched during the year compared with four towers in the previous year. Several key Hanoi launches were also delayed to FY2027 due to regulatory approval timelines.
As a result, management revised its FY2026 property sales target to RM4.0 billion from RM4.5 billion previously.
Looking ahead, Kenanga sees Gamuda Land planning a larger launch pipeline worth RM12.7 billion in gross development value (GDV) for FY2027. Vietnam will account for the largest share at 46%, followed by Singapore at 29% and Malaysia at 25%.
The group remains positive on its medium-term outlook, supported by its strong construction order book, expanding infrastructure pipeline and continued demand for property projects in key regional markets.
