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Gamuda returns to black in 1Q with RM109m profit

KUALA LUMPUR (Dec 22): Gamuda Bhd has returned to the black with a net profit of RM109.28 million for the first quarter ended Oct 31, 2020 (1QFY21), from a net loss of RM17.34 million in the preceding quarter.

Revenue for the quarter totalled RM763.95 million, down 17.54% from RM926.52 million in the fourth quarter ended July 31, 2020 (4QFY20), according to the group’s filing to Bursa Malaysia yesterday.

The group said its financial performance for 1QFY21 continued to be resilient despite the re-imposition of Conditional Movement Control Order in most parts of Malaysia at the tail-end of this quarter.

“Following the easing of movement restrictions in early May 2020, works at all construction and property projects gradually picked up pace while traffic plying the expressways were returning to pre-movement restrictions level,” it said.

On a year-on-year basis, Gamuda’s net profit dropped 37% from RM173.61 million in 1QFY20, while revenue declined 30.28% from RM1.09 billion.

The group did not declare any interim dividend for the first quarter.

Gamuda said overseas sales, especially in Vietnam and Singapore, continued to spearhead the group’s property division, contributing two-thirds of overall sales.

The group expects this year’s performance to also be driven by overseas property sales, and the continued progress of the MRT Putrajaya Line (MRT2).

“Moving forward, the resilience of the group is underpinned by its construction order book of RM6.1 billion and unbilled property sales totalling RM3.2 billion which will see it through the next two years,” said Gamuda.

On top of that, it said it has a healthy balance sheet with a prudent gearing of 0.3 times.

Shares in Gamuda closed up 10 sen or 2.66% at RM3.86 yesterday, bringing a market capitalisation of RM9.7 billion.

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