KUALA LUMPUR (Sept 29): Gamuda Bhd rose as much as 25 sen or 5.8% to RM4.56 in Friday morning trade, hitting a record high after the construction giant’s FY2023 net profit more than doubled to RM1.84 billion from RM806.23 million a year earlier, largely fuelled by gains on the divestment of its highways.
As at 10.30am, the stock pared some gains to trade at RM4.53, up 22 sen or 5.1%, with 3.69 million shares changed hands, valuing the group at RM12.19 billion.
At the time of writing, the stock was the third top gainer on Bursa Malaysia.
On Wednesday, Gamuda reported that its net profit rose to RM1.84 billion or 69.93 sen per share for the full year FY2023, up from RM806.23 million or 31.86 sen per share for FY2022.
The construction group’s net profit in the fourth quarter ended July 31, 2023 (4QFY2023), however, declined marginally by 1.37% to RM251.75 million from RM255.24 million before, while revenue climbed 84.23% to RM3.42 billion from RM1.86 billion registered in the previous year’s corresponding quarter.
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Source: EdgeProp.my
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