The group said it expects the domestic orderbook to grow further next month.
PETALING JAYA: Gamuda Bhd
’s construction order book touched a new record high of RM36bil, with 60% of the contract value coming from international projects.
The remaining 40% was contributed by the domestic construction division’s order book, which doubled to RM14bil in the first six months of financial year 2025 (6M25).
In a statement, the group said it expects the domestic orderbook to grow further next month with the imminent signing of several “large domestic contracts”.
Gamuda, Malaysia’s largest listed construction player by market capitalisation, also noted that the domestic construction division is primarily fuelling the growth of its revenue and earnings.
In 6M25, Gamuda’s revenue – including the share of joint-venture companies’ top line – improved by 32% year-on-year (y-o-y) to RM8.2bil.
Net profit rose 5% y-o-y to RM424mil.
Property earnings for 6M25 fell by 12%, following the completion of Vietnam’s Celadon City at the end of last year, while the new quick turnaround projects (QTPs) in Vietnam are still in early stages.
Half-year property sales rose 50% to RM1.8bil, up from RM1.2bil last year, spearheaded by QTPs in Vietnam.
In construction, Gamuda’s 6M25 revenue and earnings grew by 30% and 17%, respectively, thanks to higher contributions from domestic projects.
Gamuda also secured its highest annual new project portfolio in 6M25, totalling RM14.5bil, comprising six significant project awards – three international and three domestic.
The international projects are Australia Boulder Creek Wind Farm, Australia Goulburn River Solar Farm and Taiwan Xizhi Donghu Mass Rapid Transit, while the domestic projects are Sabah Ulu Padas Hydroelectric Project, Penang LRT- Mutiara Line Phase 1 and Cyberjaya Data Centre.
“This demonstrates the group’s robust regional infrastructure capabilities to meet its target order book of RM40bil to RM45bil by end-2025,” Gamuda said.
In second quarter of financial year 2025 (2Q25), revenue rose by 19% y-o-y to RM4bil, while earnings increased by 5% to RM219mil.
Quarterly construction revenue and earnings grew 22% and 13%, respectively, driven by stronger domestic earnings, particularly from Penang’s land reclamation works, which reclaimed 91 acres by January 2025.
Overseas earnings contributed 53% of total construction earnings, with the remaining 47% from domestic projects.
The property arm saw a 56% y-o-y increase in quarterly sales to RM1.1bil due to stronger sales from QTPs, especially Eaton Park in Vietnam, which surpassed RM2bil in sales within a year of its May 2024 launch.
Overseas earnings contributed 62% of total property earnings, with 38% from domestic projects.
Looking ahead, Gamuda said its unbilled property sales of RM7.2bil underpin the group’s resilience.
The group also maintains a healthy balance sheet with a comfortable net gearing ratio of 39%, well below its self-imposed gearing limit of 70%.
