Gamuda (GAMUDA) Q2 2025 earnings summary

Executive summary

• Revenue for 1HY25 rose 32% year-over-year to RM8.2b, with net profit up 5% to RM424m, driven by strong construction and property segments.

• Construction order book reached a record RM36b, with domestic order book doubling to RM14b in six months.

• Strategic land acquisition in Port Dickson for RM424m to develop cloud and data center infrastructure, with a sale to a hyperscaler expected within FY25.

• Property sales surged 50% to RM1.8b, led by Vietnam and overseas projects.

Financial highlights

• Total revenue for 1HY25 was RM8,201.4m, up 32% from RM6,212.2m in 1HY24.

• EBIT increased 39% to RM574.8m; profit before tax rose 11% to RM530.0m.

• Net profit attributable to equity holders was RM424.2m, up 5% year-over-year.

• Basic EPS for the half-year was 7.51 sen, up 3% from 7.29 sen a year ago.

• Cash and cash equivalents stood at RM3.36b as of 31 January 2025.

Outlook and guidance

• Order book stands at RM36b, with FYTD project wins at RM14.5b, the highest annual wins on record.

• Additional RM15-20b in new wins expected by end of CY25, with a strong pipeline in Malaysia, Australia, and Taiwan.

• Stronger 2HY expected as domestic construction accelerates and property sales typically rise in the second half.

• Unbilled property sales at RM7.2b and net gearing at 39%, well below the 70% limit.

• Major new contracts secured in Australia, Malaysia, and Taiwan, including Penang LRT and Goulburn River Solar Farm.