Gamuda sails past RM12bil in new job wins

Petaling Jaya: Gamuda Bhd has already racked up more than RM12bil in new job wins barely two months into its financial year ending July 2027, after securing its latest A$790mil (RM2.28bil) solar contract in Victoria, Australia.

Its indirect wholly-owned subsidiary, Gamuda Engineering Pty Ltd, entered into an engineering, procurement and construction (EPC) contract with MEH SubCo Pty Ltd for the Mortlake Energy Hub (Stage 1). MEH SubCo is the trustee for the MEH Project Trust.

Another contract is likely on the way for Gamuda’s subsidiary, with both parties expected to enter into a separate operation and maintenance (O&M) contract for the project within the next one month.

The contract is valued at A$45mil or approximately RM130mil.

The project is a 300-megawatt hybrid renewable energy (RE) facility comprising a 435-megawatt-peak solar and 1,449- megawatt-hour battery energy storage system that will connect to the existing 500-kilovolt network via the Mortlake Terminal Station.

For the A$790mil contract, it is expected to be completed by January 2029.

In a statement to the stock exchange, Gamuda said the project, once operational, will contribute to Victoria’s RE transition by combining large-scale solar generation with battery energy storage.

“During delivery, the project is expected to support employment, local businesses and suppliers, while environmental and community management measures will be implemented throughout construction.

“A community benefits fund will be implemented during construction to deliver lasting local benefits.

“The project is subject to reduced risks compared with the delivery of large-scale RE infrastructure projects, including construction and commissioning risks.”

Gamuda added that the EPC contract is expected to contribute positively to the revenue and earnings of the group over its contract period.

“The proposed O&M contract, if executed, is expected to contribute positively over its own contract period,” it said.

Prior to this A$790mil contract, Gamuda’s order wins for the financial year ending July 31, 2027 (FY27) stood at RM10.2bil with an order book size of RM62.5bil.

Gamuda has been expanding its footprint in Australia. In fact, Australia was the single-largest revenue generating market for the group in FY25, outpacing Malaysia.

The stock closed 0.6% higher yesterday at RM4.91 per share, lifting the market capitalisation to RM29.7bil – retaining it as the largest listed construction company of Malaysia.