Gamuda (GAMUDA) Q1 2026 earnings summary

Executive summary

• Q1FY26 revenue declined 7% year-over-year to RM3.84b, but net profit rose 5% to RM215m, driven by stronger domestic construction and Vietnam property projects.

• Revenue decline was due to the absence of a one-off UK property revenue; excluding this, revenue grew 3%.

• Net profit margin improved to 5.5% from 4.9%, supported by higher domestic construction contributions and Vietnam QTPs ramp-up.

• Segment profit mix: Construction contributed 69% of PBT, Property 31%.

• Overseas revenue was softer due to timing, with over 70% of overseas construction at early stages and a gap from the near-completion of SMW-WTP.

Financial highlights

• EBIT increased 5% year-over-year to RM321.2m, with EBIT margin at 8.2% (up from 7.3%).

• Profit before tax rose 9% to RM282.3m, and net profit attributable to equity holders grew 5% to RM215.1m.

• Basic EPS was 3.69 sen (up 1% year-over-year); fully diluted EPS was 3.6 sen.

• Dividend per share/interim dividend declared at 5.0 sen, with reinvestment option.

• Net cash from operating activities was RM255.1m; cash and cash equivalents at RM3.95b.

Outlook and guidance

• Earnings are expected to accelerate in FY26/FY27, supported by a record-high order book and strong domestic construction momentum.

• Construction orderbook at RM37b, targeted to reach RM50b by CY26; unbilled property sales at RM8b.

• Announcements on three new Ho Chi Minh City property sites are expected next quarter, with strong Vietnam demand continuing.

• Multiple new project awards in Australia (BESS, Richmond Road, Sydney Water) totaling RM1.1b share.