Gamuda Q1 net profit soars to RM152.37mil
PETALING JAYA: Gamuda Bhd
posted a 38% jump in net profit to RM152.37mil in the first quarter ended Oct 31, 2021, from RM110.30mil a year ago.
Revenue for the quarter fell by 2.2% to RM747.11mil from RM763.95mil previously.
In a filing with Bursa Malaysia yesterday, the property developer and construction company attributed the stronger earnings to the performance of all divisions, as work continued to pick up pace on the back of its rigorous Covid-19 control measures.
For the quarter, Gamuda said its property sales improved 25%, with RM838mil worth of properties sold compared to RM673mil in the same period last year.
Overseas operations continued to spearhead its property divisions, contributing two-thirds of overall sales.
“On the local front, Gamuda Gardens and Gamuda Cove sales have doubled in volume,” it added.
Gamuda has declared a first interim dividend of six sen per ordinary share, which it has yet to determine the entitlement date.
Its quarterly net profit, meanwhile, decreased by 29% compared to the immediate preceding quarter’s net profit of RM214mil on the back of lower overseas property earnings, as Vietnam was in a lockdown this quarter.
Gamuda expects this year’s performance to be driven by overseas and local property sales and the continued progress of the MRT Putrajaya Line, which was formerly known as MRT Line 2.
“The ongoing risks to the country’s economic and fiscal outlook posed by the Covid-19 pandemic and the uncertainties surrounding the Delta and now Omicron variants have dampened economic activity.
“Public spending and stimulus for infrastructure development constrained by the rising government fiscal burden may see some momentum with the government’s revival of public-private partnership,” it said.
Moving forward, Gamuda said the group’s resilience is underpinned by its construction orderbook of RM3.8bil and unbilled property sales totalling RM4.9bil.
“On top of that, the group has a healthy balance sheet with low gearing of 0.2 times and a strong cash position,” it added.
As of Oct 31, Gamuda’s earnings per share stood at 6.06 sen while net asset per share was at RM3.69.
Shares in Gamuda closed four sen higher to RM2.92 yesterday.