Gamuda (GAMUDA) Q4 2024 earnings summary

Executive summary

• FY24 revenue surged 64% year-over-year to RM14.8b, driven by a tripling of Australian construction and strong overseas property sales.

• Core post-tax earnings rose 12% to RM912m, while total net profit fell 50% due to last year's exceptional gain from highway disposal.

• Overseas revenue now constitutes 75% of group revenue, up from 52% last year.

• Construction orderbook hit a record RM25b; property sales also reached an all-time high of RM5b.

• FY24 marks the third consecutive record year for revenue, core earnings, order book, and property sales.

Financial highlights

• Total revenue: RM14,796.5m (+64% YoY); Net profit: RM912.1m (+12% YoY); EBIT: RM945.1m (+5% YoY).

• Fully diluted EPS: 32.1 sen (vs 30.3 sen); Dividend per share: 16.0 sen, with second interim dividend raised to 10 sen.

• Group PBT margin declined to 7.7% (from 11.7% YoY); Net assets per share at RM4.10.

• Construction contributed RM11b revenue and RM501m earnings (72% and 55% of group totals).

• Property contributed RM4.2b revenue and RM411m earnings (28% and 45% of group totals).

Outlook and guidance

• Local construction to drive revenue and margin recovery in FY25/26 as new large, profitable projects commence.

• Construction orderbook at RM25b and unbilled property sales at RM7.7b underpin future growth.

• Construction topline target of RM20b by FY28 (CAGR ~20%); Property division targets RM10b topline by FY28.

• Property division targets RM8b sales over five years, with RM7b earmarked for investment.

• Healthy balance sheet with net gearing at 39%, well below the 70% limit.