KUALA LUMPUR: Gamuda Bhd’s net profit grew 17.4 per cent in the third quarter (Q3) ended April 30, 2018 to RM200.69 million from RM170.93 million recorded in the same quarter a year ago.
Its revenue in the same quarter surged 47.4 per cent to RM1.24 billion from RM839.49 million.
In a filing to Bursa Malaysia, Gamuda said the increase in net profit and revenue for the current quarter were mainly due to higher work progress from the group’s various construction projects coupled with stronger overseas property sales and several new property projects in Malaysia.
For the nine months, Gamuda’s net profit increased 23.2 per cent to RM614.96 million from RM499.34 million, while revenue increased 37 per cent to RM3.01 billion from RM2.19 billion.
Gamuda said its construction division’s revenue grew 23 per cent to RM3.1 billion for the nine months compared with RM2.5 billion in the preceding year corresponding period, mainly due to higher work progress from the Klang Valley Mass Rapid Transit (KVMRT) Line 2 project.
The group is the project delivery partner (PDP) and the sole underground works package contractor.
Gamuda said to date, RM31 billion representing 98 per cent of the overall works packages have been awarded. The overall cumulative progress at the end of May 2018 is on track at 22 per cent.
The group said its underground works package under its joint venture with MMC Corporation Bhd is progressing according to plan at 31.5 per cent.
Meanwhile, the group’s property division sales grew by 85 per cent to RM2.6 billion worth of properties for the nine months compared with RM1.4 billion in last year’s corresponding period, due to stronger sales contribution from the overseas projects, underpinned by Singapore and Vietnam, new project launches in Gamuda Gardens and twentyfive.7.
Moving forward, Gamuda said its performance is on track for this year as the progress for MRT Line 2 picks up pace, higher property sales driven by overseas projects especially Vietnam and the launching of new townships in Malaysia and steady earnings contribution from the expressway division.