GE15 NEWS   Tuan Ibrahim is opposition leader in Pahang State Assembly | 
BUSINESS

Gamuda rises in early trade following record-breaking earnings in FY22

30/09/2022 10:51 AM

KUALA LUMPUR, Sept 30 (Bernama) -- Gamuda Bhd's shares rose in the early trade today after recording strong earnings for the financial year ended July 31, 2022 (FY2022).  

As of 10.39 am, the counter jumped by 13 sen or 3.12 per cent to RM3.97, with 5.31 million shares changing hands. 

In a filing with Bursa Malaysia on Thursday, the engineering, property and infrastructure company posted a record-breaking net profit of RM806.23 million for FY2022, up from RM588.32 million in the previous year as stronger construction and property earnings boosted its bottom line.

The group said its overseas earnings tripled to RM292 million compared with FY2021’s RM98 million, as property sales rose to an all-time high of RM4 billion, a 40 per cent jump from last year’s sales of RM2.9 billion.

Its revenue also surged to RM4.92 billion in FY2022 from RM3.27 billion previously.

MIDF Research said Gamuda remained its top pick for the construction sector, premised on the group's effective diversification strategy out of Malaysia in a bid to become a strong regional player.

"This also shields Gamuda from being too overly exposed to the ups and downs of the construction sector cycle in Malaysia, though it is one that we have a positive call on, with the impending rollout of the MRT3 breathing a new life into the sector,” it added. 

MIDF Research said it was also positive about Gamuda management’s focus to secure RM9 billion worth of jobs in Australia annually, and believed that Gamuda is in a good position to bid for more jobs in Australia given its current portfolio.

The brokerage firm added that Gamuda’s net gearing currently stands at a healthy 12.5 per cent, which will turn into a net cash position of about RM1 billion after it receives its proceeds from the toll concession restructuring.

"This will further strengthen its ability to take on more infrastructure projects in Malaysia that could potentially be rolled out on a private finance initiative/public-private partnerships basis, apart from the MRT3. All factors considered, we are maintaining our ‘buy’ recommendation on Gamuda," it said.

-- BERNAMA


BERNAMA provides up-to-date authentic and comprehensive news and information which are disseminated via BERNAMA Wires; www.bernama.com; BERNAMA TV on the Astro 502, unifi TV 631 and MYTV 121 IFLIX channels and BERNAMA Radio on the FM93.9 (Klang Valley), FM107.5 (Johor), FM107.9 (Kota Kinabalu) and RM100.9 (Kuching) frequencies.

Follow us on social media :
Facebook : @bernamaofficial, @bernamatv, @bernamaradio
Twitter : @bernama.com, @BernamaTV, @bernamaradio
Instagram : @bernamaofficial, @bernamatvofficial, @bernamaradioofficial
TikTok : @bernamaofficial

© 2022 BERNAMA   • Disclaimer   • Privacy Policy   • Security Policy