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- As at end-October, Gamuda’s construction order book stood at RM37 billion, with unbilled property sales amounting to RM8 billion.
KUALA LUMPUR (Dec 10): Gamuda Bhd (KL:GAMUDA) posted a 5% increase in net profit for the first quarter ended Oct 31, 2025 (1QFY2026), supported by stronger contributions from domestic construction projects and property developments in Vietnam.
Net profit rose to RM215.13 million from RM205.39 million a year earlier while revenue slipped 7.2% to RM3.84 billion from RM4.14 billion.
Gamuda declared an interim dividend of five sen per share for the quarter, unchanged from the same period last year. The entitlement date will be announced later, it added.
Shareholders are also given the option to elect to reinvest their interim dividend into new shares under the group’s dividend reinvestment plan.
In the bourse filing on Wednesday, the group said the decline in revenue was largely due to the absence of last year’s one-off recognition of revenue from a UK property project.
Excluding this lumpy item, group revenue grew 3%, underpinned by robust earnings from Malaysian construction contracts and Quick-Turnaround-Projects (QTPs) in Vietnam, particularly Eaton Park.
By segment, construction revenue was broadly flat compared to the same quarter last year, reflecting delays in the awards of several new domestic contract and the near completion of several Australian projects. However, construction net profit rose 10%, driven by stronger domestic earnings.
The property division’s headline revenue fell 22% due to the absence of the UK project’s lumpy recognition. Stripping out this effect, property revenue grew 18% while pre-tax earnings surged 43%, lifted by Vietnam QTPs.
As at end-October, Gamuda’s construction order book stood at RM37 billion, with unbilled property sales amounting to RM8 billion.
Looking ahead, the group expects earnings momentum to be sustained by newly awarded domestic construction projects including data centre developments and continued strong contributions from its Vietnam property ventures.
During the year, the property division’s acquisition of new landbanks to expand its QTP portfolio, coupled with ongoing investments in existing developments, lifted the group’s gearing ratio to 62%, compared with 53% a year earlier.
By Wednesday’s close, Gamuda shares were down one sen or 0.2% at RM5.13, valuing the group at RM30.22 billion. Year-to-date, the stock has gained 8.2%.
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