Gamuda (GAMUDA) Q3 2026 earnings summary

Executive summary

• Revenue for the nine months ended April 2026 rose 12% year-over-year to RM12.8 billion, driven by robust domestic construction and resilient Vietnam property earnings.

• Profit before tax increased 19% to RM966 million, with PBT margin expanding to 7.6% from 7.1% in the prior year.

• Net profit grew 5% to RM703 million, reflecting higher tax and non-controlling interests.

• The construction orderbook reached a record RM52 billion, supported by RM25.1 billion in new project wins year-to-date, including major contracts in Australia, Malaysia, and Taiwan.

• Property sales declined 20% to RM2 billion due to project completions and pending launches in Vietnam, though property revenue grew 2% and net profit was stable.

Financial highlights

• EBIT rose 31% year-over-year to RM1,098 million, while finance costs increased 18%.

• Quarterly revenue increased 38% year-over-year to RM4.5 billion, with net profit for the quarter up 5% to RM258 million.

• Basic EPS for the nine months was 11.92 sen, up 2% year-over-year; fully diluted EPS was 11.70 sen.

• Cash and marketable securities stood at RM3.6 billion, with total borrowings at RM13.0 billion.

• Dividend per share remained steady at 10 sen, with interim dividends of 5 sen per share declared and a second interim dividend proposed.

Outlook and guidance

• Property sales are expected to surge in FY27, targeting RM7.0 billion, a 75% increase, as delayed Vietnam launches shift into the next fiscal year.

• Multi-year earnings growth is anticipated from FY27 as project execution and margin expansion progress.

• Earnings are expected to be driven by domestic construction projects and higher-margin property launches, especially in Vietnam.

• Gearing temporarily increased to 73% due to land acquisitions and project development, but is projected to decline as revenue and cash flow are realised.

• Unbilled property sales stand at RM7.4 billion, supporting future earnings visibility.