PETALING JAYA: Gamuda Bhd’s net profit for the third quarter ended April 30, 2023 (Q3’23) remained flat at RM223.37 million, compared to RM221.48 million in the same period last year.
The company’s financial performance for the period was supported by stronger overseas construction earnings, which replaced highway earnings following the divestment of toll highway operations. Excluding highway earnings, the group’s quarterly core earnings rose by 11%.
Its revenue for the third quarter increased 81.2% to RM2.07 billion from RM1.14 billion as its overseas revenue tripled.
For the cumulative nine months this year, its net profit rose 188.0% to RM1.59 billion from RM550.98 million as its overseas revenue tripled. Revenue for the nine months increased 58.1% to RM4.82 billion from RM3.05 billion. The overseas revenue surge was anchored by overseas construction revenue which rose sharply to RM2.1 billion compared with previous year’s revenue of RM333 million as projects in Australia and Taiwan picked up pace.
Gamuda said its resilience is underpinned by its large construction orderbook of RM20 billion, which includes the AUD$2 billion (RM 6.32 billion) orderbook boost from the imminent completion of the Downer Transport Projects acquisition in Australia.
“In addition, the group has RM5.7 billion of unbilled property sales. The group also has a healthy balance sheet with almost zero net gearing,” it said in a statement.