Basic HTML Version
Projects under the ETP includes the development of
Greater Kuala Lumpur estimated to be worth RM172
billion. These projects include the development of the
Klang Valley Mass Rapid Transit (KVMRT), Rubber
Research Institute land in Sungai Buloh, and a myriad
of other major property development projects that would
support the construction industry over the next decade.
With real GDP growth of 5.6% realised in 2012, as a result
of robust domestic demand, growth-driven policies will
continue to form the backbone of the Malaysian economy
in the next few years. These policies have helped lift our
GDP growth above the consensus forecasts of a little
over 5.0% and even above the Treasury’s 2013 Budget
forecast of between 4.5 - 5.0%. The growth for the fourth
quarter of 2012, at 6.4% year-on-year, was the highest
since the second quarter of 2010.
Amidst a favourable domestic economic environment,
we were able to deliver a sterling financial performance
by achieving our third consecutive year of record core
earnings. Core Group revenue for the 12 months ended
31 July 2013 was up 26% to RM3.9 billion, compared
to RM3.1 billion recorded in the preceding financial year
ended 31 July 2012.
For FY2013, the Group achieved pre-tax profit of
RM692.6 million compared to RM728.2 million achieved
in FY2012. The profit for FY2013 was affected by two
arbitral awards and other costs in respect of arbitration
proceedings rendered by Arbitral Tribunals in favour of
the Group’s subcontractors, amounting to a total one-
off impact of RM110.7 million. These involved claims by
Wayss & Freytag (Malaysia) Sdn Bhd for the Stormwater
Management and Road Tunnel (SMART) project and
Bahrain Asphalt Establishment B.S.C for the Dukhan
Highway project in Qatar. The Group pre-tax profit before
the arbitral awards and other costs rendered by Arbitral
Tribunals of RM110.7 million would be RM803.3 million,
During FY2013, all three divisions continued to expand
in accordance with their respective growth strategies and
continued to contribute substantially to the Group’s earnings.
an increase of 10% from FY2012 of RM728.2 million.
The Board has maintained its dividend payout to
shareholders. The total dividend payout for the current
year was 12 sen single tier dividends, similar to FY2012.
On the whole, the Group has a well balanced portfolio
of three independently managed divisions, namely,
Engineering & Construction (“construction”), Infrastructure
Concessions (“concessions”) and Property Development
(“property”). During FY2013, all three divisions continued
to expand in accordance with their respective growth
strategies and continued to contribute substantially to the
Group’s earnings.
The construction, concessions and property divisions
contributed RM162.7 million (24%), RM271.4 million
(39%) and RM258.5 million (37%), respectively, to the
Group pre-tax profit after taking the arbitral awards into
account. Before the arbitral awards, the construction,
concessions and property divisions contributed RM273.4
million (34%), RM271.4 million (34%) and RM258.5
million (32%) respectively, to the Group.
Engineering and Construction
The construction division registered yet another year of
record earnings from the work progress of one of the three
Klang Valley Mass Rapid Transit (KVMRT) lines, involving
two leading roles in partnership with MMC Corporation
Berhad (MMC).
MMC-Gamuda JV, the 50:50 joint venture company, was
appointed the Project Delivery Partner (PDP) for the whole
Sungai Buloh to Kajang Line (SBK Line) and also won the
Design-and-Build contract for the underground works.
As PDP, the MMC-Gamuda JV undertakes to deliver to the
Government a fully functional and operational KVMRT,
SBK Line. By the end of FY2013, MMC-Gamuda JV had
010
Performance
Review
Gamuda Berhad (29579-T)
Annual Report 2013