Gamuda 2Q net profit rises 7% as overseas projects continue to drive earnings
Revenue more than doubled to RM3.
Revenue more than doubled to RM3.
The property developer declared a second interim dividend of 1.
In a note on Monday, the research house said Gamuda’s FY2023 CNP grew 7% year-on-year, another record high, as contributions from overseas engineering and construction (E&C) jobs offset earnings foregone post the sale of its tolled highways in October 2022.
On Wednesday, Gamuda reported that its net profit rose to RM1.
Administrative expenses rose to RM5.
The group anticipates strong demand for its affordably priced properties and will continue to launch new phases of developments.
Its subsidiary Chin Hin Group Property Bhd is planning two new launches in 2023, being Avantro Residences in Bandar Kinrara and Ayanna Resort Residences in Bukit Jalil, with a total gross development value (GDV) of RM1.
For the first six months of 2023 (1HFY2023), the company's net profit came in at RM22.
Scientex noted that its property business is seeing improvements in the authority approval process, which has expedited and contributed to better revenue recognition.
UOA said total new property sales last year amounted to approximately RM638.