This was also the first time that the group had posted a profit before tax of RM1 billion.

Its RM806 million net profit was a 37% increase over the RM588 million recorded in the previous financial year.

Gamuda’s overseas earnings also tripled to RM292 million compared to RM98 million last year, as it continued to expand in the international market.

Overall, the group recorded a RM6.5 billion revenue, a 29% increase from the RM5 billion last year.

“It was a record-breaking year for the property division with all-time high performances in sales, revenue and earnings,” Gamuda said in its financial report.

Its property division sold RM4 billion worth of properties, up from the RM2.9 billion in sales last year, with local property sales and overseas projects contributing RM2 billion each.

The group’s property revenue amounted to RM2.7 billion while property earnings reached RM340 million.

In comparison, it recorded RM1.3 billion and RM172 million in property revenue and property earnings respectively last year.

As for its fourth quarter performance, Gamuda recorded RM2.2 billion in revenue and earnings of RM255 million.

The group expressed optimism over its prospects for next year, noting Malaysia’s economic recovery post-Covid-19 with the reopening of international borders, steady recovery in the labour market and ongoing policy support by the government.

“Public spending and stimulus for infrastructure development, earlier constrained by rising government fiscal burden, may see some momentum with the revival of public-private partnerships,” it said, adding that next year’s performance will be driven by property sales.