PETALING JAYA: Gamuda Bhd
via its 60% subsidiary, SRS Consortium Sdn Bhd, has been awarded the first civil works package of the Penang Mutiara Line, valued at RM8.3bil.
In a statement, Gamuda said the Penang Mutiara Line project is by MRT Mutiara Sdn Bhd, a subsidiary of MRT Corp Sdn Bhd.
“The design and build contract marks a significant milestone in Penang’s transportation infrastructure development.
Gamuda said the scope of works encompasses the 23.7km elevated viaduct from Komtar to Island A of the Penang South Reclamation (PSR); 19 stations (above ground) and one provisional station in Island A of PSR; a depot at PSR Island A for light and heavy maintenance; ancillary structures, at-grade park and ride; utilities and services relocations, utility buildings, external surface works, and other associated works.
Gamuda said the award reflects the confidence in the group’s technical capabilities and track record in delivering complex infrastructure projects, both locally and overseas.
“The Penang Mutiara Line represents a transformative development for Penang’s public transportation landscape, and we are committed to delivering within the budget and on time in its execution.
“The project is scheduled for completion within six years from the notice to proceed, enhancing connectivity and supporting Penang’s comprehensive transportation masterplan, designed to address growing mobility needs and economic growth.”
In a report last week, CIMB Research said a 60% share of the RM8bil contract would lift Gamuda’s outstanding order book for year-to-date financial year 2025 forecast by 72% to RM11.5bil.
“In addition, the group will also bid for the upcoming systems package,” the research house said.
The LRT Mutiara Line Project comprises three main tender packages. The second package, the Civil Main Contract for Segment 2, covers the extension of the alignment from Macallum to Penang Sentral, covering 6km, including a 3.2km sea-crossing bridge with navigational spans for vessels accessing Penang ports. The tender for Segment 2 is expected to begin in the third quarter of 2025.
The third package, the Systems Turnkey Contract, encompasses the design, procurement, construction, testing, commissioning, and maintenance of railway systems.
The tender opened on Dec 13, 2024 following a well-attended briefing in Penang on Dec 12.
Submissions are due by April 14, 2025, with a second tender briefing scheduled for Jan 14, 2025 in Kuala Lumpur. This package has garnered strong interest from both local and international companies.
The LRT Mutiara Line Project is a pivotal component of the Penang Transport Master Plan, representing a total alignment of 29.5km with 21 stations, including a provisional station at Penang South Reclamation Island-A.
The line will enhance connectivity across key destinations such as Penang International Airport, Bayan Lepas Free Industrial Zone, Spice Arena, Georgetown City Centre and Penang Sentral, ensuring seamless travel for both commuters and tourists. The project is targeted for an operational launch by December 2031.
For the first quarter ended Oct 31, Gamuda’s net profit increased by 5.3% year-on-year to RM205.4mil, on the back of a revenue surge of 47.5% to RM4.14bil.
The results equate to an earnings per share of 7.31 sen, up from the 7.26 sen of the same quarter of last year.
