Basic HTML Version
17
Gamuda Berhad
(29579-T)
• annual report 2014
For FY2013, the breakdown was
23%, 36% and 41% respectively.
Engineering &
Construction Division
The construction division achieved
another record-earnings year from
the work progress of one of the
three Klang Valley Mass Rapid
Transit (KVMRT) lines, which it
holds two key roles in partnership
with MMC Corporation Berhad
(MMC) and the substantial
completion of the Electrified
Double Track Project (EDTP) from
Ipoh to Padang Besar.
From the KVMRT Sungai Buloh
- Kajang Line (SBK Line) Project
Delivery Partner (PDP) front,
construction achieved significant
progress as works on elevated
viaducts and stations picked up
pace. Besides foundation works
and pier construction, Segmental
Box Girders (SBGs) are being
launched to form the elevated
guideway of the twin rail tracks.
The designs for the systems
works continue to progress well.
Cumulative progress as at August
2014 was 52% completion. The
project is on target for Phase 1
completion in December 2016
and full completion by July 2017,
with no significant cost overruns
thus far. As at end August 2014,
eight remaining packages have yet
to be awarded and these are for
furniture, signage, LED lighting and
commercial telecommunications.
As for the underground works
package, five out of 10 TBMs
completed their drives. As at
end August 2014, two TBMs are
On the financial front, the Group
adopted the new Financial
Reporting Standard (FRS) 11
Joint Arrangements, where the
Group is now forbidden from
recognising its share of revenue
of joint venture companies.
The effect of the new FRS is
that a substantial portion of
Group revenue is unreported as
significant amount of activities
are carried out by the joint
venture companies.
The Group’s core revenue
sustained to RM2.23 billion for the
12 months ended 31 July 2014,
compared to RM2.24 billion year-
on-year. Had the share of joint
venture companies’ revenue been
included, the Group’s revenue
increased 19% to RM4.64 billion.
PBT was RM852million compared
to RM656 million in 2013.
Total
dividend
payout
to
shareholders was 12 sen single
tier dividend for FY2014, totalling
RM277 million, similar to FY 2013,
when the total dividend payout
was RM262 million.
The improved PBT performance
is mainly due to the Group’s
better results from its activities
and overall encouraging business
environment. All three divisions
achieved their targets according
to their respective growth plans for
the financial year.
Engineering and construction
made up 31% of the Group’s
PBT with property development
making up 26% and infrastructure
concessions the remaining 43%.
Business Environment
FY2014 has been an excellent year for us despite
the uncertainties reigning over the global economy.
We had weathered well as Malaysia’s economic
fundamentals are strong enough to withstand major
global impacts and we foresee the nation’s economy
will continue to be on track for sustainable long-term
growth.
The projects under the ETP continues to keep the
construction industry busy and this momentum
will continue on for the next decade. Real GDP
growth of 4.7% was realised in 2013 due to strong
domestic demand backed by growth-enabling policies
which have helped raise the GDP growth above
the Treasury’s 2014 Budget forecast of between
5.5% - 6.0%. We foresee these policies will continue
to spur the economic growth of the nation amidst an
improving global economy.
Chairman’s Perspective
FY2013
Engineering & Construction
23%
41%
FY2014
Engineering & Construction
Property DEVELOPMENT
Property DEVELOPMENT
INFRASTRUCTURE
Concessions
INFRASTRUCTURE
Concessions
31%
43%
26%
36%
Profit Before Taxation (PbT)
Contribution By Division