These secured construction orders were for key markets, namely Australia, Taiwan, Singapore and Malaysia, group managing director Lin Yun Ling said in the company’s latest annual report.

He said this was made possible by a string of new orders coming in over the past year.

Lin said that with the new orders, Gamuda’s cumulative order book now stood at RM25 billion for the two financial years ending July 31, 2023.

Gamuda reported a group pre-tax profit of RM1.02 billion for the financial year ended July 31 (FY 2022). Net profit for the period rose 37% to RM806.23 million, a record high.

Lin said the group remained “cautiously optimistic” about prospects in the coming years.

“We are well-placed to ride out the storms ahead given our strategic plays in various regional markets, our strong financial position and our earnings visibility from our outstanding order book and unbilled sales,” he said.

He said Gamuda has widened its horizons as it continues to advance its regionalisation strategy and has broken multiple earnings records across its various divisions.

Commenting on its property development, Lin said Gamuda has identified quick turnaround projects and plans to invest RM5 billion in these projects over the next few years as a key enabler of growth, with a strategic focus on expansion in various nations that it is familiar with and well-versed in.

“By operating in a few strategic markets, we are minimising our business risk. Even if individual markets experience a slowdown in their property cycle, we can lessen the impact,” he added.

On its highway concession division, Lin explained that Gamuda has ironed out the details of the divestment of its four highways to Amanat Lebuhraya Rakyat Bhd.

“In October 2022, the sale was successfully completed and although Gamuda will lose the steady recurring income from the sale of our concessions, we started preparing for this eventuality some years ago.

“As such, we do not expect an earnings void following this divestment, given our anticipated earnings growth on the back of substantial revenue growth from our other two core businesses,” he said.

In the long term, he said, Gamuda plans to invest in renewable energy and other green verticals, which have the potential to contribute a baseline of recurring income for the group while enabling it to fulfil its sustainability commitments.