KUALA LUMPUR (Sept 27): Gamuda Bhd’s annual net profit crossed the RM1 billion mark for the financial year ended July 31, 2023 (FY2023) after it posted a 128.03% increase to RM1.84 billion from RM806.23 million in the previous year (FY2022), largely fuelled by gains on the divestment of its highways.

Annual revenue soared 68% to RM8.23 billion from RM4.90 billion in FY2022, as overseas construction revenue surged fourfold to a record RM3.5 billion from last year’s RM714 million due to a significant pick up in work progress in its Australia and Taiwan projects.

Earnings per share jumped to 69.93 sen from 31.86 sen, its Bursa Malaysia filing showed on Wednesday.

For the fourth quarter ended July 31, 2023 (4QFY2023), the construction group’s net profit, however, declined marginally by 1.37% to RM251.75 million from RM255.24 million before, while revenue climbed 84.23% to RM3.42 billion from RM1.86 billion registered in the previous year’s corresponding quarter.

On a quarterly basis, the group’s net profit came in 12.71% higher against the RM223.37 million reported in the immediate preceding quarter (3QFY2023) while revenue jumped 65.30% from RM223.37 million due to stronger earnings contribution from the overseas businesses of its construction and property divisions.

Meanwhile, the group also highlighted that its construction orderbook reached an all-time high of RM21 billion, while property sales rose to a record RM4.1 billion.

“It was another record-breaking year for the property division with all-time-high performances in sales, revenue and earnings.

“Property sales rose to an all-time high of RM4.1 billion, breaking last year’s record of RM4 billion. Property revenue reached an all-time-high RM2.8 billion from last year’s RM2.7 billion while property earnings rose to an all-time-high RM315 million from last year’s RM310 million,” it said.

Looking ahead, Gamuda said it anticipates next year’s performance to be driven by overseas construction activities as projects in Australia and Taiwan continue to gather pace.

“The resilience of the group is underpinned by a large construction orderbook of RM21 billion including a RM4.4 billion orderbook boost from the acquisition of Downer Transport Projects in Australia 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%,” it said.

Shares in Gamuda declined seven sen or 1.60% on Wednesday to RM4.31, giving it a market capitalisation of RM11.62 billion.