Gamuda Secures Rm24 9 Bil In New Wins For Financial Year 2025

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GAMUDA ended financial year 2025 (FY25) on a strong note after posting quarter four financial year 2025 (4QFY25) net profit of RM332.1 mil.
This was mainly driven by an improved performance in its domestic engineering & construction (E&C) division.
“The Group’s full-year FY25 net profit of RM1 bil came in within both our and consensus expectations, accounting for 99.2% and 95.7% of respective full year estimates,” said Public Investment Bank (PIB).
“Given the robust orderbook of RM38.4 bil, improving margins, and an expanding projects pipeline in both overseas and local markets, we remain optimistic over the Group’s prospects,” said PIB, retaining their outperform call on gamuda.
Domestic E&C revenue surged by 122.4% year-on-year (YoY) to RM1.5 bil, which represents 38.6% of total E&C revenue, a 19-point increase from the prior year.
This explosive growth was fueled by a significantly larger domestic order book that almost tripled from RM7 bil to RM19 bil.

However, the decline in its domestic property division, caused by weaker demand following recent US tariff announcements, partially offset these gains.
4QFY25 net profit grew 21.9% YoY to RM332.1 mil, lifted by stronger contribution from domestic E&C and overseas property divisions.
The gradual shift in project mix toward domestic contract supported steady margin improvement, with net margin rose to 6.9%, compared to 6.3% a year ago as more local projects ramped up during the period.
Overseas property’s net profit surged by 68% as several Vietnam quick turnaround projects (QTPs) especially Eaton Park project continued to generate robust sales with higher margins.
The Group’s near-term earnings are supported by its total new project wins in FY25 of RM24.9 bil, and a current outstanding construction orderbook of RM38.4 bil.
Its pipeline remains encouraging, with an additional RM6-10 bil in new wins expected by end of calendar year 2025.
These opportunities, among others, involve water infrastructure, data centers (DC), renewables, and other key projects across Malaysia, Australia, and Taiwan.


In property division, unbilled sales stand at an estimated RM8 bil and it is eyeing another RM5.5 bil sales in FY26.
This target is underpinned by continued momentum from Vietnam QTPs and new mid-upper range launches in Malaysia.

Regarding its DC pipeline, several more DC packages expected to be awarded before year end. Meanwhile, the Group is building recurring income streams in renewable energy, water as well as digital infrastructure.
By leveraging joint ventures and concession agreements, it aims to generate long-term cash flows from projects such as the Ulu Padas Hydro project, the Northern Perak Water Supply Scheme and solar farms with battery storage. — Focus Malaysia

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