Gamuda posts FY24 net profit of RM912.13mil, proposes one-for-one bonus issue
KUALA LUMPUR: Gamuda Bhd
expects its performance in its next financial year to be largely driven by overseas and domestic construction activities and higher contribution from the property division's various quick turnaround projects (QTP).
"This will include the construction of several data centres," it said in comments accompanying its latest results filing with Bursa Malaysia.
Meanwhile, the group said its resilience is underpinned by an all-time high construction orderbook of RM25bil and unbilled property sales of RM7.7bil.
Gamuda reported a healthy balance sheet with a comfortable net gearing of 39%, which stands below its self-imposed gearing limit of 70%.
In the final quarter of its 2024 financial year (4QFY24), Gamuda's net profit rose to RM272.49mil from RM251.75mil in the year-ago quarter.
The group reported revenue of RM4.72bil in the quarter under review as compared to RM3.4bil in the comparative quarter, while earnings per share rose to 9.83 sen against 9.46 sen previously.
Over the full financial year, the group's net profit halved to RM912.13mil from RM1.84bil in the previous year, mainly owing to the exceptional gain from disposal of highway concessions in FY23.
The group's revenue in FY24, however, surged to RM13.35bil from RM8.22bil previously.
The improved performance was anchored by the higher work progress of its Australian projects as well as the full-year's consolidation of the recently acquired transport projects business of Australia's Downer Group (now renamed DT Infrastructure).
There was also robust revenue growth of 47% in the group's property division due to its overseas projects with major contributions from several QTPs.
Annual overseas revenue currently contributes to 75% of overall group revenue, up from 52% previously, said the group.
The group has proposed a bonus issue of 2.98 billion new ordinary shares on the basis of one bonus share for every one existing ordinary share held on an entitlement date to be announced later.
The proposed bonus issue is subject to approvals from shareholders and relevant authorities.
