KUALA LUMPUR (March 26): Gamuda Bhd (KL:GAMUDA) reported a 4.8% year-on-year increase in net profit for the second fiscal quarter thanks to domestic construction projects, particularly the Penang land reclamation works.

Net profit for the three months ended Jan 31, 2025 (2QFY2025), was RM218.85 million, Gamuda said in an exchange filing. Revenue for the quarter came in at RM3.90 billion, a 17.2% increase when compared to the same period last year, led by both construction and property segments.

The construction order book expanded to a record high of RM36 billion with the domestic portion doubling to RM14 billion over the past six months. The company said it is on track to meet its target to replenish its order book by RM40 billion to RM45 billion by December.

“The domestic order book is expected to expand next month with the imminent signing of several large domestic contracts, culminating in the growth of future margins and earnings of the construction division," Gamuda said.

Looking ahead, Gamuda anticipates significant contributions from upcoming projects including Phase 1 of the Penang Light Rail Transit and various infrastructure developments in Australia, Taiwan and Singapore.

Sales in its property segment rose 56% year-on-year to RM1.1 billion in 2QFY2025, boosted by quick turnaround projects especially Vietnam’s Eaton Park development which has racked up over RM2 billion in sales within one year since its first launch in May 2024.

Unbilled property sales stood at RM7.2 billion. Overseas earnings contribute 62% of total property earnings with the remaining 38% from domestic projects, Gamuda noted.

For the first half of the financial year, net profit increased by 5.1% to RM424.24 million from the same six-month period a year earlier while revenue grew by 31% to RM8.04 billion.

The company did not declare any dividend for the quarter.

Shares of Gamuda were down one sen or 0.25%, to close at RM4.01 with a market capitalisation of RM23.11 billion ahead of the results announcement.