Latest news with #RM35bil
The Star
3 days ago
- Politics
- The Star
Malaysia has yet to receive info on Jho Low's whereabouts, says Anwar
PUTRAJAYA: Malaysia has not received any information regarding claims that fugitive businessman Low Taek Jho, or Jho Low, is currently residing in Shanghai, China, says Prime Minister Datuk Seri Anwar Ibrahim. Anwar said he would look into the matter regarding the central figure in the 1Malaysia Development Berhad (1MDB) financial scandal, who is alleged to be using a fake Australian passport, with Home Minister Datuk Seri Saifuddin Nasution Ismail. "I have no information; we have yet to receive anything. Let me check. I've read (the media reports). I need to verify with the Home Minister," he told reporters briefly after attending the groundbreaking ceremony of the Madani Complex in Teluk Kumbar here Saturday (July 19). Anwar was commenting on several media reports claiming that Jho Low, who was being hunted by international authorities, was believed to be living in an upscale area of Shanghai using a forged Australian passport. The revelation was made by investigative journalists Bradley Hope and Tom Wright, renowned for exposing the global 1MDB financial scandal, in a special episode of Finding Jho Low: Live with Bradley Hope & Tom Wright, on Friday (July 18). The 1MDB scandal, one of the world's largest financial scandals, saw Jho Low identified as the mastermind, accused of embezzling US$7.65bil (RM35bil). – Bernama
The Star
08-07-2025
- Business
- The Star
Libaran MP questions high unemployment numbers as Sabah govt lauds SMJ's 94% success rate
Datuk Suhaimi Nasir questions the effectiveness of SMJ 1.0, citing Sabah's high unemployment rate despite the state's claim of 94% success. KOTA KINABALU: A Sabah MP has questioned the state government's claim of a 94% success rate for its Sabah Maju Jaya (SMJ) development plan, pointing to the state's unemployment rate, which remains the highest in the country at 7.7%. Datuk Suhaimi Nasir, who is both Libaran MP and a nominated assemblyman, said the figure, which translates to more than 169,800 jobless people, was not just political rhetoric but based on official data from the Department of Statistics Malaysia. 'This is more than twice the national average of 3.2%, and even higher than states like Sarawak (3.3%), Kelantan (3.8%), and Kedah (1.7%),' he said in a statement on Tuesday (July 8). 'If SMJ 1.0 really achieved 94% success, why are our people still struggling to find jobs?' he asked. Suhaimi acknowledged state claims of economic growth and RM35bil in investments brought into Sabah, along with over 400 projects, but questioned the actual impact on employment. 'The people want to know how many real jobs were created, and how many of our youths have secured permanent employment through these projects,' he said. He also highlighted the RM1.33bil reportedly spent on human capital development and the establishment of over 160 coordinated TVET centres, asking why Sabah graduates were still unemployed. '94% completion means nothing if people are still poor and jobless,' he said. 'People do not live on statistics. They need employment, stable income, and a future for their children,' he added. Suhaimi called for an independent audit of SMJ 1.0 to determine if the plan has truly benefited the people, proposing that it be conducted by a professional and transparent body, not a government agency. Earlier on Tuesday, the state assembly heard that from housing and healthcare to job creation and student aid, SMJ 1.0 has delivered significant results, with 94% of its initiatives now implemented. Assistant Minister to the Chief Minister Datuk Nizam Abu Bakar Titingan told the state assembly that 366 out of 467 initiatives under the plan had been completed as of May this year.
The Star
26-06-2025
- Business
- The Star
Gamuda's earnings continue to improve
The group credited the better earnings to stronger domestic construction earnings and overseas property earnings. PETALING JAYA: Gamuda Bhd continues to anticipate that its performance towards the end of the financial year ending July 2025 will be largely driven by overseas and domestic construction activities. These include the construction of several data centres and higher contributions from its property division's various quick turnaround projects (QTPs). Moving forward, Gamuda said its resilience is underpinned by its construction order book of RM35bil and unbilled property sales of RM7.7bil, on top of a healthy balance sheet with a comfortable net gearing of 45%, well below its self-imposed gearing limit of 70%. Releasing results yesterday for its third quarter financial year ended April 30, 2025 (3Q25), the group saw net profit grow by 4.7% year-on-year (y-o-y) to RM246.8mil, as revenue jumped 24.1% to RM3.09bil, attributed to domestic construction projects. In a filing with Bursa Malaysia, Gamuda said domestic construction earnings tripled to RM104mil from the RM39mil of last year's corresponding quarter. 'Quarterly construction revenue and net profit rose 4% and 40% respectively, driven by stronger domestic earnings as domestic jobs grew to contribute 41% of overall RM35bil-construction order book compared with 28% last year,' it said. Earnings per share is therefore at 4.3 sen for 3Q25. Domestic construction projects also drove cumulative earnings for the nine months of financial year ended April 30 (9M25), as net profit edged up 4.9% y-o-y to RM671.1mil, while turnover surged 29% to RM11.1bil. Year-to-date earnings per share was registered at 11.81 sen. Additionally, Gamuda said property sales for 9M25 rose 10% to RM2.6bil compared with RM2.3bil sold last year, spearheaded by several QTPs in Vietnam. On a quarterly basis, net profit improved by 12.8% from RM218.8mil for the three months ended January, despite a 20.8% contraction in revenue. The group credited the better earnings to stronger domestic construction earnings and overseas property earnings. Gamuda proposed a second interim dividend for the 3Q25 of five sen per share, bringing total dividends declared during the financial year to 10 sen per share. In March, Gamuda's 50%-owned joint venture with a Taiwanese company was awarded a contract by Taiwan Power Company, a state-owned electric power industry enterprise for the construction of a 345kV underground transmission line and auxiliary electrical and mechanical system. The contract value is approximately RM520mil, with an estimated construction duration of about three and a half years. Gamuda DC Infrastructure Sdn Bhd, a wholly-owned subsidiary of Gamuda Engineering Sdn Bhd, was also awarded an enabling works contract worth RM1.01bil for the data centre development in Port Dickson, which encompasses earthwork and external infrastructure works.
The Star
20-05-2025
- Business
- The Star
Gamuda eyes continuing growth in Klang Valley
PETALING JAYA: Gamuda Bhd 's proposed acquisition of 336 acres of land in Kuala Langat, Selangor, for RM248.7mil will serve as a strategic extension to the group's Gamuda Cove township, which has a current remaining gross development value (GDV) of RM18.7bil. RHB Research in a report said 'the acquisition price of RM248.7mIl or RM17 per square foot (psf) implies a cost-to-GDV ratio of 11.3%, which is below the general rule of thumb of 20%.' In total, the land acquisition would increase Gamuda's total land holdings by 16% to about 2,476 acres, said the research house. 'We are positive on the deal as the acquisition may strengthen Gamuda's presence in the southern part of the Klang Valley via the extension of the Gamuda Cove township,' RHB Research added. As Gamuda intends to fund the acquisition via internally generated funds, its net gearing may only inch up to 40.5% from 39% based on figures as of end-January this year. RHB Research said it made no changes to Gamuda's earnings forecasts because the acquisition of the land is expected to be completed in the second quarter of 2026 with future launches on the land likely take place sometime later in the future in 2028 and beyond when the Gamuda Cove township becomes more mature, in our view,' the research house said. The research house kept a 'buy' call on the stock, with an unchanged target price of RM5.83. 'We believe its valuation will go higher than what it is now due to the data-centre factor and its latest estimated order book of about RM35bil,' said the research house. Meanwhile, TA Research viewed the latest acquisition price as fair. 'At an acquisition price representing 11.3% of the projected GDV, the deal falls comfortably below the typical 20% land-to-GDV benchmark. 'Strategically, we believe the proposed land acquisition will unlock incremental value for Gamuda Cove, capitalising on population growth in the surrounding area,' the research house said in a report. This, in turn, should support future visitor numbers and potential monetisation of Gamuda's existing commercial assets such as Splashmania, Townsquare and Discovery Park as well as upcoming developments including Asai Gamuda Cove, the first Asai hotel in Malaysia. Post-acquisition, TA Research said Gamuda Cove township's unsold land will increase to an estimated 846 acres, with a total undeveloped GDV of RM20.9bil. It noted Gamuda's strong balance sheet, with a net gearing of 0.42 times and a cash position of RM3.5bil as of end-January provides ample headroom for the acquisition. TA Research has kept a 'buy' call on the stock with an unchanged target price of RM5.88. Maybank Investment Bank Research (Maybank IB Research) has also maintained a 'buy' call on Gamuda at a target price of RM4.99. The research house said earlier land buys in the Gamuda Cove area were made in 2014 at RM12psf, compared with the RM17psf for the latest acquisition. Gamuda Cove is Gamuda's most successful township in Malaysia, contributing 31% to the developer's Malaysian property sales for last year and 16% of total property sales. Maybank IB Research noted that Gamuda plans to develop the land as an extension of Gamuda Cove with an estimated GDV of RM2.2bil over 11 years. It expects margins from this phase to be higher than the existing one as the heavy upfront investments in land clearing and infrastructure have been completed. 'Thus, this extension can be developed with lower capital expenditure,' added the research house. Assuming 15% pre-tax profit margin, Maybank IB Research has estimated that the proposed land could add around RM250mil or four sen per share to net profit over its development period. As Gamuda intends to finance the proposed acquisition via cash, the research house said, 'We estimate its end-2026 net gearing to rise to 57%, still is still below its self-imposed cap of 70%. 'Pending completion of the acquisition, our earnings estimates are unchanged.'
