Gamuda (GAMUDA) Q1 2025 earnings summary

Executive summary

• Digital Infrastructure established as a third core business, leveraging cloud and AI expertise and partnerships with Google and Autodesk to drive public sector digital transformation.

• Revenue for Q1 FY25 surged 47% year-over-year to RM4.2 billion, driven by robust construction activity both overseas and domestically.

• Net profit attributable to equity holders rose 5% year-over-year to RM205.4m, with construction earnings up and property earnings down due to project completions in Vietnam.

• Construction and property segments both delivered revenue growth, with domestic activities showing a significant turnaround and increased share of group revenues.

• Construction orderbook reached a record RM30 billion, underpinning future growth.

Financial highlights

• Q1 FY25 revenue reached RM4,190.4m, up 47% year-over-year; EBIT rose 26% to RM306.8m.

• Net profit attributable to equity holders was RM205.4m, up 5% year-over-year; fully diluted EPS remained at 7.06 sen.

• Dividend per share increased to 10.0 sen from 6.0 sen; first interim dividend of 5 sen per share declared, with a 1:1 bonus issue approved.

• EBIT margin improved to 7.3% from 6.2% year-over-year.

• Cash and cash equivalents stood at RM3.0 billion as of 31 October 2024.

Outlook and guidance

• Order book stands at RM30b, with guidance for RM30-35b by end CY24 and RM40-45b by end CY25, with further upside possible.

• Performance for FY25 expected to be driven by construction (overseas and domestic) and quick-turnaround property projects.

• Unbilled property sales at RM6.9 billion support future revenue.

• Major new contracts in Australia, Malaysia, and Taiwan totaling RM6.7 billion awarded in Q1 FY25.

• Construction profit margins expected to improve as high-margin local projects commence.