Gamuda (GAMUDA) Q3 2025 earnings summary

Executive summary

• 9MFY25 revenue increased 14% year-over-year to RM11.5b, with net profit up 5% to RM671m, driven by robust domestic construction activity and a significantly larger Malaysia order book.

• Quarterly net profit increased 5% to RM247m, with domestic construction earnings tripling compared to the same quarter last year.

• Excluding one-off contributions from OLA Residences, revenue and net profit would have risen 24% and 20% respectively.

• Malaysia's share of the construction order book rose to 41%, with a more profitable project mix and strong pipeline in water, data centers, renewables, and infrastructure.

• Property sales grew 10% year-over-year to RM2.55b, with international projects contributing 60% of total sales.

Financial highlights

• EBIT surged 74% year-over-year to RM835.9m, while profit before tax rose 8% to RM810.8m.

• Fully diluted EPS was 11.5 sen, and basic EPS was 11.81 sen, up 3% from 11.48 sen last year (restated for bonus shares).

• Net gearing increased to 45%, well below the self-imposed limit of 70%, with total borrowings at RM9.4b and cash/marketable securities at RM3.96b.

• Net cash generated from operating activities was RM259.2m, with cash and cash equivalents at period end of RM3.38b, up from RM3.22b a year ago.

• Dividend payout: First interim dividend of 5 sen per share (75% reinvested via DRP), second interim dividend of 5 sen proposed, total FY25 dividend per share increased to 10 sen from 8 sen.

Outlook and guidance

• Stronger earnings growth anticipated in FY26/27 as half of the order book is in early execution stages and more domestic wins are expected.

• FY25 property sales target revised to RM5b due to delayed Hanoi project approvals, with sales expected to carry forward into FY26.

• DC (data center) pipeline remains robust, with no slowdown expected and further tender outcomes imminent.

• Next quarter’s performance expected to be driven by ongoing domestic and overseas construction, including data centre projects and higher property contributions from QTPs.

• Construction orderbook stands at RM35b, with unbilled property sales of RM7.7b supporting future earnings.