Gamuda Secures RM1.6bn Ganymirra, Majors Creek Solar Projects

Gamuda Bhd, through its Australian Subsidiary DT Infrastructure (DTI), securedtwo engineering, procurement, and construction (EPC) contracts on 12 August 2026 worth AUD569m (RM1.64bn) for the Ganymirra and Majors Creek solar and battery hybrid projects in Queensland.

The two-year contracts, expected tobe completed by January 2029, involve full design, procurement, construction,and commissioning of the solar farms and battery storage systems, along withongoing operations and maintenance services. We view this developmentfavourably, as it expands the Group’s green energy footprint and strengthens itsexecution track record in Australia.

Ganymirra

This latest job win increases Gamuda’s totaloutstanding orderbook to an estimated RM56.0bn. Although the award ispositive, it remains within our existing projection of RM20.0bn in new contractwins by the end of CY26. As such, we maintain our Outperform call on Gamudawith an unchanged SOTP-based TP of RM5.60.§ Job details.

The project entails the design, procurement, construction,testing and commissioning of the solar power farms, battery energy storagesystems (BESS), and associated balance of plant infrastructure for theGanymirra and Majors Creek solar and battery hybrid projects, two adjacentsolar farms being delivered as one project.

Work is scheduled to begin inthe second half of 2026 and is expected to be completed by January 2029.§ Outstanding orderbook rose 3.0% to RM56.0bn. With this latest addition,cumulative YTD new contracts amount to RM15.5bn, which increases theoutstanding orderbook increased by 3.0% to RM56.0bn.

“Assuming pre-taxprofit margin of 5% and a corporate tax rate of 30%, this project is expectedto contribute approximately 1.5% to the net profit annually over its 2-yearduration. We make no adjustment to our earnings estimate, as this job winfalls within our existing RM20bn orderbook replenishment assumption forCY26,” says PIB.

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