KUALA LUMPUR (Oct 14): Gamuda Bhd (KL:GAMUDA) said its joint venture has secured a contract worth RM3.7 billion to build the Keelung mass rapid transit system (MRT) and trackwork project in Taiwan.
The construction and engineering group will hold a majority participating interest of 72.84% in the unincorporated joint venture, and Taiwan-based MiTAC Information Technology Co the remaining 27.16%, according to a bourse filing on Wednesday. Gamuda’s share of the contract is valued at RM2.7 billion.
The group said the contract was awarded by the Department of Rapid Transit Systems under the New Taipei City Government.
The project, which will take 2,820 days or 7.7 years to complete, forms one of the designated additional works to the Xizhi–Donghu MRT project, which the group secured in October 2024.
Gamuda said the project encompasses trackwork and system works across a 15.6km alignment serving 13 stations connecting Taipei City, New Taipei City and Keelung City.
The work scope includes rolling stock, power supply, signalling, platform screen doors, communication systems, central monitoring systems, automatic fare collection and depot maintenance equipment.
Gamuda expects the project to contribute positively to its revenue and earnings starting from the financial year ending July 31, 2027 until its completion.
The latest award comes after Gamuda announced two major overseas contracts last month. Its Australian joint venture secured a RM1.8 billion road-upgrade contract, while the group also won a RM2.3 billion engineering, procurement and construction contract for Australia's Mortlake Energy Hub.
The group posted a record net profit of RM1.05 billion for the financial year ended July 31, 2026 (FY2026), up 5% from the previous year, while revenue increased 14% to RM18.6 billion.
The group has said it expects its earnings visibility to be underpinned by an all-time-high construction order book balance of RM61 billion and unbilled property sales of RM7.6 billion.
Gamuda shares closed 10 sen or 2.02% lower at RM4.85 on Wednesday, giving the group a market capitalisation of RM29.341 billion.