Gamuda (GAMUDA) Q4 2026 earnings summary

Executive summary

• FY26 revenue including joint ventures reached a record RM18.608bn (+14%); profit attributable to owners rose 5% to RM1.052bn.

• Construction order book reached RM61.2bn, above the RM50bn target, with around 90% remaining before peak execution.

• Construction earnings growth offset weaker property net profit; domestic construction and Vietnam quick-turnaround property projects supported results.

• FY27 growth is expected to strengthen as newer construction projects ramp up and a RM9.7bn property launch pipeline supports the RM7bn sales target.

Financial highlights

• FY26 reported revenue was RM18.333bn (+15%); revenue including joint ventures was RM18.608bn (+14%).

• Operating profit rose 25% to RM1.644bn and PBT increased 14% to RM1.463bn; attributable net profit grew 5% to RM1.052bn.

• Q4 revenue including joint ventures rose 19% YoY to RM5.827bn; net profit was RM350m (+5% YoY, +36% QoQ).

• FY26 basic EPS was 17.80 sen and diluted EPS was 17.52 sen; dividend per share was 10.0 sen.

• FY26 operating cash flow was RM807.6m versus RM78.5m used in FY25; investing activities used RM3.401bn.

Outlook and guidance

• FY27 sales target is RM7bn, supported by RM9.7bn of planned launches across Vietnam, Singapore and Malaysia; FY26 sales fell 22% to RM3.2bn as Hanoi launches shifted to FY27.

• FY27 earnings are expected to be led by domestic construction, including hyperscale data centres, and stronger recognition from Vietnam and Singapore quick-turnaround property projects.

• Construction earnings are expected to build as newer projects enter execution; property earnings are expected to strengthen from FY28.

• Earnings visibility is supported by the RM61.2bn construction order book and RM7.6bn of unbilled property sales.

• Net gearing is expected to ease below 70% by late FY27, supported by construction cash flow, Vietnam property collections and disciplined spending.