gamuda.com.

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GAMUDA BERHAD 197601003632 (29579-T)
Gamuda Berhad 197601003632 (29579-T)

Integrated Report 2022

Menara Gamuda, Block D, PJ Trade Centre
No. 8, Jalan PJU 8/8A, Bandar Damansara Perdana
47820 Petaling Jaya
Selangor Darul Ehsan, Malaysia
(603) 7491 8288 (603) 7728 9811 gcc@gamuda.com.my gamuda.com.my

GamudaBhd GamudaBhd GAMUDA gamudagroup Gamuda Berhad

ABOUT HOW TO NAVIGATE OUR REPORT

THIS REPORT
KEY CAPITALS
SCOPE AND BOUNDARY
This <IR> provides an overview of Gamuda Berhad’s (Gamuda
Financial Human Intellectual
or the Group) and its subsidiaries’ performance and key
OUR REPORTING SUITE
achievements throughout the financial year ended 31  July

46 th
2022. This report should be read in conjunction with the full
annual financial statements for a comprehensive understanding Manufactured Social and Natural
of Gamuda during the year under review. While reporting on Relationship
our sustainability initiatives covers the business operations
MATERIAL MATTERS

AGM
and activities of the Group and all major subsidiaries in
Malaysia, it excludes subsidiaries which operate internationally. Economic
Our report offers an understanding of the strategies deployed Economic Innovation
to create value for our stakeholders and the management of Performance
our material matters, as well as the risks and opportunities
Customer Supply Chain
related to the business. Satisfaction Management

The reporting process has been guided by the principles Indirect

Governance Economic ANNUAL GENERAL MEETING:
contained in the International Integrated Reporting Framework Impacts
INTEGRATED REPORT and the Malaysian Code on Corporate Governance. 46th Annual General Meeting
Our Integrated Report, <IR> is the outcome of a Group-wide Environmental of Gamuda Berhad
collaborated reporting for our stakeholders. It is structured with
careful consideration of showing the relationship between the
REPORTING FRAMEWORKS Climate Action Biodiversity

interdependent elements involved in the Group’s sustainable value Integrated Report: Effluents and Water MEETING PLATFORM:
creation for all stakeholders over the long-term period. • Malaysian Code on Corporate Governance 2017 issued by Waste Management
Securities Commission Malaysia Fully virtual through online
Land
Through this integrated reporting, we are committed to providing • Main Market Listing Requirements (MMLR) of Bursa Malaysia Materials meeting platform via
Remediation,
transparency in our business strategy and operations, a balanced Securities Berhad Contamination TIIH Online website at
assessment of financial performance, sustainability approach, • International Integrated Reporting Framework (IIRF) issued or Degradation https://tiih.online or
governance stance and risk associated with our business for the by the International Integrated Reporting Council (IIRC) https://tiih.com.my
benefit of our stakeholders. • Companies Act, 2016 Social (Domain registration number
• Malaysian Financial Reporting Standards (MFRS) Safety and Employee with MYNIC: D1A282781)
• International Financial Reporting Standards (IFRS) Health Management
• Bursa Malaysia’s Sustainability Reporting Guide (2nd and 3rd
ONLINE Marketing and Stakeholder
VERSION www.gamuda.com.my Edition) Labelling and Community
• Sustainability Accounting Standards Board (SASB) Sector- Relations DATE AND TIME:
Specific Disclosures Customer Thursday
• Task Force on Climate-related Financial Disclosures (TCFD) Privacy
8 December 2022
• United Nations’ Sustainable Development Goals (UN SDGs)
FEEDBACK 10:00 a.m.
• Global Reporting Initiative (GRI) Standards STAKEHOLDERS
Gamuda Berhad is committed to continuously improving our • International Federations of Accounts for International
Customers and Shareholder/
reporting. We value the opportunity to connect and receive inputs Standard on Assurance Engagements (ISAE) 3000 Clients Investors,
from our stakeholders in making these enhancements. Should you Financiers and
Analysts GamudaBhd GamudaBhd
have any queries or feedback on this report, please get in touch
with us via https://gamuda.com.my/contact-us/. INDEPENDENT COMBINED ASSURANCE Employees
Government
STATEMENT and Regulators GAMUDA gamudagroup

We employ a coordinated assurance model to assess and Suppliers and Business

Contractors Partners Gamuda Berhad
assure various aspects of the business operations, including
elements of external reporting. These assurances are provided
Communities Media
by management and the board, internal audit and independent
external service providers.
Tells you where you can find more
information within the reports

Tells you where you can find more

information online at
www.gamuda.com.my
 1 OVERVIEW OF GAMUDA BERHAD
04 Overview of Gamuda
06 Our Vision | Our Mission | Our Values
07 Who We Are | Our Expertise
08 2022 Key Highlights
08 Business Highlights
COVER RATIONALE 08 Financial Highlights
08 Sustainability Highlights
10 Awards and Achievements
12 Bonds and Credit Ratings
13 Core Business Segments
14 Group Corporate Structure: Operating Entities
16 Our Presence
18 Key Milestones

2 KEY MESSAGES
22 Group Managing Director’s Statement
28 Group Chief Financial Officer’s Statement

SYDNEY METRO WEST – WESTERN TUNNELLING

PACKAGE (SMW-WTP), AUSTRALIA
Our largest overseas tunnelling project, the SMW-WTP
will transform Western Sydney, providing a fast and
frequent rail connection between Greater Parramatta
and the Sydney CBD.

CELADON CITY, VIETNAM

An urban sanctuary within a developing city, this
203 acres self-contained township is surrounded by
lush greenery within Ho Chi Minh City, offering a
tranquil lifestyle.
KLANG VALLEY MASS RAPID TRANSIT (KVMRT),
MALAYSIA
The MRT Kajang Line and MRT Putrajaya Line projects
pushed us to constantly innovate and make engineering
breakthroughs. Our world-first Variable Density Tunnel
Boring Machine (VD TBM) and the upgraded
Autonomous TBM make us a regional leader in
underground tunnelling.
SEAWALL-TAIPEI PORT, TAIWAN
Our third Taiwan project after the Kaohsiung
Metropolitan MRT and Marine Bridge in Guantang.
This Gamuda Dong-Pi Joint Venture will build a 4,014m
seawall for Taipei Port’s logistics storage area
reclamation project.
DEFU STATION AND TUNNELS, SINGAPORE
Our second Singapore infrastructure project. Defu
Station and Tunnels is one of the 12 stations on the
Cross Island Line (Phase 1), which serves residential
and industrial areas. Upon completion, the line will
benefit more than 100,000 households in the vicinity.
WHAT’S INSIDE
3
40
VALUE CREATION AT GAMUDA
Our Approach to Value Creation
42 Our Key Capitals
44 Our Value Creating Business Model
46 Stakeholder Engagement
50 Value We Create and Distribute
4 MANAGEMENT DISCUSSION AND ANALYSIS
A. STRATEGIC REVIEW
56 Key Market Trends
59 Material Matters
61 Key Risks and Mitigation
67 Strategic Performance Review
71 Key Performance Metrics
B. PERFORMANCE REVIEW
72 Group Five Years Financial Highlights
74 Group Segmental Performance
75 Simplified Group Statements of Financial Position
76 Group Quarterly Performance
77 Statement of Value Added and Distribution
78 Investor Relations
81 Share Performance
82 Financial Calendar 2022
5
83
LEADERSHIP
Profile of Board of Directors
92 Profile of Senior Management
98 Group Organisation Structure
6 GOVERNANCE
102 Corporate Governance Overview
Statement
112 Directors’ Training
113 Statement on Risk Management and
Internal Control
115 Risk Management Committee Report
117 Audit Committee Report
118 Statement on Internal Audit
119 Additional Compliance Information
121 Statement on Integrity and
Governance
7 SUSTAINABILITY REPORT
124 Sustainability Integration
9 SHAREHOLDERS’ INFORMATION
413 Analysis of Securities of Company
140 Our Governance and Value to Economy 416 Issued Share Capital
156 Investing in Our People and 419 List of Major Properties
Communities
420 Corporate Information
180 Our Decarbonisation Pathway 421 Notice of Annual General Meeting
208 Global Alignment 428 Administrative Details
• Form of Proxy
8 FINANCIAL STATEMENTS
226 Directors’ Responsibility Statement
227 Directors’ Report
234 Statement by Directors
234 Statutory Declaration
235 Independent Auditors’ Report
242 Consolidated Income Statement
244 Consolidated Statement of
Comprehensive Income
245 Consolidated Statement of Financial
Position
247 Consolidated Statement of Changes
in Equity
249 Consolidated Statement of Cash Flows
252 Income Statement
253 Statement of Comprehensive Income
254 Statement of Financial Position
256 Statement of Changes in Equity
257 Statement of Cash Flows
260 Notes to the Financial Statements
OVERVIEW OF
GAMUDA BERHAD
04 Overview of Gamuda
06 Our Vision | Our Mission | Our Values
07 Who We Are | Our Expertise

08 2022 Key Highlights

08 Business Highlights
08 Financial Highlights
08 Sustainability Highlights

10 Awards and Achievements

12 Bonds and Credit Ratings

13 Core Business Segments

14 Group Corporate Structure: Operating Entities

16 Our Presence

18 Key Milestones

Gamuda City, Hanoi, Vietnam

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

OVERVIEW OF GAMUDA Who We Are

Gamuda Berhad is a global engineering, property and infrastructure company that provides innovative
solutions and delivers sustainable developments. We have grown to become Malaysia’s leading
infrastructure and property developer since our founding in 1976. Gamuda’s differentiated strengths and
expertise underscore our growth of nearly five decades.
Our Vision We lead the region in innovative breakthrough
We believe that profitability and sustainability are not mutually exclusive. This is why Environmental, Social
solutions for large-scale public infrastructure and and Governance (ESG) have long been emphasised in Gamuda’s business strategy. The Gamuda Green
property developments. Plan 2025 formalised our decades-long commitment to sustainability. It outlines our overarching approach
to ESG, risks and opportunities, strategic priorities and plans.

Our Mission We reliably deliver innovative infrastructure
solutions and premier townships for our
stakeholders through our core businesses in
engineering and construction, property
We are a regional player operating in Malaysia, Vietnam, Australia, Taiwan, Singapore, United Kingdom,
India, Bahrain and Qatar.
Our Expertise
The cornerstone of our delivery capabilities relies on a long-term commitment to understanding the
environment, connecting people and communities, as well as focusing on positive contributions through
our projects.

developments and infrastructure concessions. TUNNELLING AIRPORTS

URBAN
TRANSFORMATION
BUILDINGS

RAIL AND SYSTEMS AND

METRO SYSTEMS DAM POWER PLANT
TRAINS
ROADS AND WATER
PORTS TOWNSHIPS
Our Values We also believe in creating a high-performance EXPRESSWAYS TREATMENT PLANT

work culture that’s fair and welcoming to all. BRIDGES URBAN

REGENERATION MARINE STRUCTURE DIGITAL IBS

M A R K E T C A P I TA L I S AT I O N REVENUE

RM10
billion
RM6,435
million

1 Take personal
ownership 2 Adopt open
and honest 3 Develop our
people N E T P RO FI T presence in

RM806 9
communication TOTA L E M P LOY E E S

3,895 million countries

4 Walk the talk 5 Demonstrate

real teamwork
Committed to SBTi Business Ambition for 1.5°C
Campaign Member
Official supporter of TCFD

06 1 Overview of Gamuda Berhad 1 Overview of Gamuda Berhad 07

GAMUDA BERHAD 197601003632 (29579-T)
2022 KEY HIGHLIGHTS
BUSINESS
HIGHLIGHTS
Overseas earnings
tripled, representing
36% of Group earnings –
a testament to the Group’s
strategic move to expand its
overseas market footprint in
engineering and property
sectors as a regional player.
FINANCIAL
HIGHLIGHTS
The Group posted all-time-high
post-tax earnings of
RM806 million.
SUSTAINABILITY
HIGHLIGHTS
Amongst the first companies
in Malaysia in the construction
and engineering sector to be
committed to Net Zero by
2050 via Science Based
Targets initiative (SBTi),
and an official supporter of
TCFD.
08 1 Overview of Gamuda Berhad
Gamuda Engineering order
book expanded to a record
high of RM15 billion, which
provides visibility into
FY2026.
Profit before tax (PBT)
crossed the RM1 billion
mark for the first time in
Gamuda’s business history.
The Group scored 41
in the Dow Jones
Sustainability Indices
(DJSI)’s S&P Global ESG
– compared to the
global construction and
engineering industry
average of 21.
Gamuda Land delivered
all-time-high performances in
revenue and earnings, with
record-high sales of
RM4 billion. Record-high
unbilled sales of RM6.2 billion.
Return on equity
(ROE)
8%
Five Star Occupational Health
and Safety Audit (Five Stars),
British Safety Council rating
for four consecutive years and
three with Sword of Honour.
Zero NCR from SIRIM ISO Audit
for the last 13 years.
Overall workforce gender diversity
of 36% female; 43% female at
Board level.
Strategic property landbank
in Malaysia, Vietnam,
Singapore, Australia and the
United Kingdom. Balance
GDV of RM52 billion for
remaining landbank.
Strong balance sheet
with a low gearing of
0.1 times and following
the completion of
highway sale in mid-
October, it will turn into
net cash position.
Invested RM13 million
via Gamuda Scholarship
and RM120,000 (only
one winner) in Gamuda
Inspiration Award (GIA)
to individuals with an
extraordinary
commitment to social
work.
Nurtured 612,072 trees
and saplings to meet
our #OneMillionTrees
commitment by 2023.
Group is positioned to be
the country’s largest private
renewable energy (RE)
producer.
Total assets of Owners’ equity
RM20 billion RM10 billion
ESG parameters are incorporated in the
performance evaluation of employees,
including senior management.
Group increased the minimum wage
from RM1,200 to RM1,600 for foreign
workers, RM1,200 to RM1,800 for local
workers, entry-level pay for fresh
graduates from RM3,300 to RM3,500
for engineers, from RM3,000 to
RM3,200 for non-engineering graduates.
Gamuda won the ACES Award 2022
for the Top Workplaces in Asia and
the UN Women WEPs Award
2022 for Gender Inclusive
Workplace (Malaysia).
INTEGRATED REPORT 2022
Successful sale completion
of the four highways
(KESAS, LDP, SPRINT and
SMART) to Amanat
Lebuhraya Rakyat Berhad
(ALR) at an aggregate
enterprise value of RM5.5
billion (Gamuda’s proceeds
of RM2.35 billion).
Net assets
per share RM3.88
Group continues its long-standing
policy to provide accommodation
to foreign workers at purpose-
built centralised labour quarters
(CLQs) at no cost to them.
Completed Scope 1 and Scope 2
carbon accounting, with the
recorded intensity of 6 tonnes
CO₂e per RM million revenue with
over 1,700kWp solar PV installed.
Embarked on Scope 3 reporting and
externalise sustainability to >3,000
companies in the supply chain via
a series of complimentary ESG
training sessions.
1 Overview of Gamuda Berhad 09
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

AWARDS AND ACHIEVEMENTS

GAMUDA BERHAD GAMUDA LAND

2022 2022 2021

• Overall Most Outstanding Company in
Malaysia, Asiamoney Asia’s Outstanding
Companies Poll 2022
• Most Oustanding Company in Malaysia,
Construction and Engineering Sector,
Asiamoney Asia’s Outstanding Companies
Poll 2022
• Highest Returns to Shareholders Over
Three Years, Construction Category, The
Edge Billion Ringgit Club Corporate Award
2022
• Batu Patong Eco Village (World Silver
Winner), Resort Category, FIABCI World
Prix D’Excellence Awards 2022
• Gender Inclusive Workplace, UN Women
Malaysia WEPs Award 2022
• Digital Engineering, Malaysia Technology
Excellence Awards (MTEA) 2022
• Digital Industrial Construction, Malaysia
Technology Excellence Awards (MTEA)
2022
• Top Workplaces in Asia, Asia Corporate
Excellence and Sustainability (ACES)
Awards 2022
• Guantang Marine Bridge, Excellent Honour
in Public Construction Golden Safety
Award 2022
2021
• Batu Patong Eco Village, Resort Category,
FIABCI Malaysia Property Awards 2021
• Best CR Initiatives (Below RM10b Market
Capitalisation), The Edge Billion Ringgit
Club Corporate Award 2021
• Gamuda Berhad Singapore Branch –
bizSAFE, Singapore’s Workplace Safety and
Health Council 2021
• Gamuda Gardens – Environmental
Restoration, FIABCI World Prix d’Excellence
Award 2022
• Gamuda Gardens – Best New Green &
Sustainable Township, Malaysia Green
Building Council (malaysiaGBC) –
Leadership In Sustainable Design and
Performance 2022
• Horizon Hills – Developer Category
(Landscape Master Plan Award), Honour
Award, Malaysia Landscape Architecture
Awards (MLAA) 2022
• Gamuda Cove – Low Carbon City 2030
Challenge With 5-Diamond Recognition,
Malaysian Green Technology and Climate
Change Centre (MGTC) 2022
• Gamuda Land – The All-Stars Award,
StarProperty Real Estate Developer Awards
2022
• Gamuda Cove – The Best Landed
Development, StarProperty Real Estate
Developer Awards 2022
• twentyfive.7 – The Best Placemaking
Facilities, StarProperty Real Estate
Developer Awards 2022
• twentyfive.7 – Special Mention Award for
Quayside Mall, Below 10 Years: Retail
(Non-Strata Category), The Edge Malaysia
Best Managed and Sustainable Property
Awards 2022
• Horizon Hills – The Best Low-Density
Development, StarProperty Real Estate
Developer Awards 2022
• Gamuda Gardens – Environmental
Restoration, FIABCI Malaysia Property
Awards 2021
• Celadon City, Gamuda Land Vietnam –
Top 10 leading developers in Vietnam
2020 – 2021, BCI Asia Awards 2020-2021
• Gamuda Gardens – Property Development
Excellence Award 2021, The Edge Property
Excellence Awards 2021
• Gamuda Land – The Edge Top Property
Developers Awards (Joint Rank No. 3),
The Edge Property Excellence Awards 2021
• Celadon City, Gamuda Land Vietnam –
Best Companies to Work for in Asia, HR
Asia Awards 2021
• Celadon City, Gamuda Land Vietnam –
Top 10 FIEs in Green Growth and
Sustainable Development in Vietnam,
Golden Dragon Awards 2021
• Celadon City, Gamuda Land Vietnam –
Best Lifestyle Developer Vietnam, Property
Guru Vietnam Property Awards 2021
• The Glen, Celadon City – Best Luxury
Housing Development HCMC, Property
Guru Vietnam Property Awards 2021
• The Glen, Celadon City – Best Housing
Development Vietnam, Property Guru
Vietnam Property Awards 2021
• Celadon City, Gamuda Land Vietnam –
Special Recognition in Sustainable Design
and Construction, Property Guru Vietnam
Property Awards 2021
• Celadon City, Gamuda Land Vietnam –
Special Recognition in Building Community,
Property Guru Vietnam Property Awards
2021
• Celadon City, Gamuda Land Vietnam –
Best Lifestyle Developer Asia, Property
Guru Asia Property Awards 2021
• Gamuda City, Gamuda Land Vietnam –
Best Condo Architectural Design – Highly
Commended, Vietnam Property Guru 2021

MMC GAMUDA

2022
• Sword of Honour Award for MRT Putrajaya
Line, British Safety Council 2022
• National Occupational Safety and Health
Award, Construction Category, NCOSH
2022
• Sustainable INFRASTAR Award, Design and
Construction by Malaysia Construction
Industry Development Board (CIDB) 2022
• Information Management, Heavy Civil
Construction, Malaysia Technology
Excellence Awards (MTEA) 2022
2021
• Major Project of the Year (over €500m) for MRT Putrajaya Line, International Tunnelling
Association Awards 2021
• Tunnelling Project of the Year 2021 (over $500m) for MRT Putrajaya Line, New Civil Engineering
Tunnelling Festival Awards 2021
• International Project of the Year for MRT Putrajaya Line, Ground Engineering Awards 2021
• Five Star Occupational Health and Safety Audit (Five Stars), for MRT Putrajaya Line, British
Safety Council 2021
• 5 Star Rating for Design and Construction based on Sustainable Infrastar Rating Tool, CREAM
Construction Research Institute of Malaysia

10 1 Overview of Gamuda Berhad 1 Overview of Gamuda Berhad 11

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

BONDS AND CREDIT RATINGS CORE BUSINESS SEGMENTS

Gamuda Berhad Our primary business activities focus on Engineering and Construction, Property Development
and Infrastructure Concessions.
RATING : AA3/STABLE/P1
OUTLOOK : STABLE
ENGINEERING AND CONSTRUCTION
(i) RM5 billion Islamic Medium-Term Notes Programme (2015/2045) and RM2 billion Islamic Commercial Papers Programme
(2015/2022) with a combined limit of RM5 billion TURNKEY CONTRACTOR
(ii) RM800 million Islamic Medium-Term Notes Programme (2008/2028)
Design and build, interface Revenue Net Profit
(iii) RM800 million Islamic Medium-Term Notes Programme (2013/2038)
(iv) RM2 billion Islamic Commercial Papers Programme (2022/2029)
and integrate, testing and RM3,273 RM340
commissioning million million

PROJECT INTEGRATOR
Bandar Serai Development Sdn Bhd Gamuda Land (T12) Sdn Bhd ‘Top to toe’ point of Order Book
(Gamuda Gardens) (Gamuda Cove) accountability to deliver
projects to safety, quality, RM15
time and cost targets billion
RATING : AA3/STABLE RATING : AA3/STABLE/P1
OUTLOOK : STABLE OUTLOOK : STABLE

RM1 billion Islamic Medium-Term Notes Programme RM2 billion Islamic Medium-Term Notes Programme (2020/2050)
PROPERTY DEVELOPMENT
(2014/2044) with a combined limit of RM1 billion and RM500 million Islamic Commercial Papers Programme
(2020/2027)
Revenue Net Profit
Development of
large-scale
RM2,728 RM342
million million
townships, high-rise
properties and
Total Landbank:
commercial real Unbilled Sales
estates
2,823 acres
RM6.2 GDV:
billion
RM52 billion

INFRASTRUCTURE CONCESSIONS

Develop, finance, Revenue* Net Profit

operate and transfer RM434 RM124
million million

GEM Residences, Singapore

* Includes revenue of KESAS and SMART but excludes revenue from its associated companies i.e. LITRAK & SPRINT pursuant to equity method of accounting.
Note: The Group completed the divestment of the four expressways on 13 October 2022.

12 1 Overview of Gamuda Berhad 1 Overview of Gamuda Berhad 13

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

GROUP CORPORATE STRUCTURE:

OPERATING ENTITIES
CONSTRUCTION PROPERTY

Domestic Domestic

• Gamuda Engineering Sdn Bhd 100%
• Gamuda Geo Sdn Bhd 100%
• Gamuda M&E Sdn Bhd 100%
• Gamuda Energy Sdn Bhd 100%
(formerly known as Gamuda Building Ventures Sdn Bhd)
• Gamuda Tunnel Engineering Sdn Bhd 100%
• Gammau Construction Sdn Bhd 100%
• Gamuda Industrial Building System Sdn Bhd 100%
• Gamuda Trading Sdn Bhd 100%
• G. B. Kuari Sdn Bhd 100%
• Masterpave Sdn Bhd 100%
• Megah Capital Sdn Bhd 100%
• Megah Management Services Sdn Bhd 100%
• Megah Sewa Sdn Bhd 100%
• SRS PD Sdn Bhd 100%
• Gamuda Water Sdn Bhd 80%
• Gamuda Naim Engineering and Construction 65%
(GNEC) Sdn Bhd
International
• SRS Consortium Sdn Bhd 60%
• MMC-Gamuda Joint Venture Sdn Bhd 50%
• MMC Gamuda KVMRT (PDP) Sdn Bhd 50%
• MMC Gamuda KVMRT (PDP SSP) Sdn Bhd 50%
• MMC Gamuda KVMRT (T) Sdn Bhd 50%
• Bumi Fantasia Sdn Bhd 36%
• Naim Gamuda (NAGA) JV Sdn Bhd 30%
Highway Management
• Highway Management Services Sdn Bhd 100%
(formerly known as Gamuda Paper Industries Sdn Bhd)
Medical Services
• Gamuda Healthcare Sdn Bhd 100%
(formerly known as Gamuda Laboratories Sdn Bhd)
Property Development
• Bandar Serai Development Sdn Bhd 100% • Lifestyle Heritage Sdn Bhd 100%
• Dinamik Atlantik Sdn Bhd 100% • Madge Mansions Sdn Bhd 100%
• Gamuda Land (Botanic) Sdn Bhd 100% • Usaha Era Fokus Sdn Bhd 100%
• Gamuda Land (Kemuning) Sdn Bhd 100% • Valencia Development Sdn Bhd 100%
• Gamuda Land Sdn Bhd 100% • Gamuda GM Klang Sdn Bhd 50%
• Gamuda Land (T12) Sdn Bhd 100% • Gamuda GM Sdn Bhd 50%
• Highpark Development Sdn Bhd 100% • Hicom-Gamuda Development Sdn Bhd 50%
• Idaman Robertson Sdn Bhd 100% • Horizon Hills Development Sdn Bhd 50%
• Jade Homes Sdn Bhd 100%
Property Management, Maintenance, Golf and Country Club
Landscaping and Leisure
• Bandar Botanic Resort Berhad 100%
• Botanic Property Services Sdn Bhd 100% • Jade Homes Resort Berhad 100%
• Discovery Wetlands Sdn Bhd 100% • Danau Permai Resort Berhad 50%
• Gamuda Land Facilities Management Sdn Bhd 100% • Horizon Hills Resort Berhad 50%
(formerly known as Jade Homes Property Services Sdn Bhd)
• Gamuda Land Leisure Sdn Bhd 100%
• Gamuda Land Property Services Sdn Bhd 100%
• Gamuda Parks Sdn Bhd 100%
• Horizon Hills Property Services Sdn Bhd 50%
• Kota Kemuning Nursery and Landscaping Sdn Bhd 50%

• Gamuda Engineering (Australia) Pty Ltd 100% • Dong-Pi Gamuda Joint Venture (Taiwan) 70%
• Gamuda (Offshore) Private Limited 100% • Gamuda-WCT (India) Private Limited 70%
• Gamuda Overseas Investment Ltd 100% • AWEC Gamuda Joint Venture (Taiwan) 60%
• Feng Shun Gamuda Joint Venture (Taiwan) 50%
PUBLIC COMPANY LIMITED BY GUARANTEE
International
• Gamuda (Australia) Pty Ltd 100% • Gamuda (Luxembourg) S.a.r.l 100%
• Gamuda (Melbourne) Pty Ltd 100% • Gamuda Yoo Development Aldgate S.a.r.l 90%
• Gamuda Land Binh Duong Company Limited 100% • GB Astir S.a.r.l. 85%
• Gamuda Land (HCMC) Joint Stock Company 100% • Gem Homes Pte Ltd 50%
• Gamuda Land Vietnam Limited Liability Company 100% • Anchorvale Pte Ltd 50%

YAYASAN GAMUDA
CONCESSIONS
Oversees the Group’s charitable efforts for community investments and people development that focuses primarily on educational
aid and empowering social enterprises for community improvement.
Domestic
Enabling Academy, through funding by Yayasan Gamuda, conducts an Employment Transition Programme that trains and places
Expressway Tolling Water Related
young adults with autism into companies that embrace diversity and inclusion in their workforce.
• Kesas Sdn Bhd 70% • Gamuda Water Sdn Bhd 80%
The Gamuda Scholarship offers not only opportunities for high-achieving students to pursue their studies locally or globally at • Sistem Penyuraian Trafik KL Barat Sdn Bhd 52%
selected top universities but also leadership training and job placement within the Gamuda Group. • Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd 50%
• Lingkaran Trans Kota Sdn Bhd 44%
Yayasan Gamuda also extends its goal of empowering community-building efforts that positively impact the lives of others Note: The Group completed the divestment of the four expressways on 13 October 2022.
through socio-economic development via its sponsorship for the Star Golden Hearts Award (SGHA) and Gamuda Inspiration
Award (GIA) as part of the SGHA.
International
Furthering commitments to scaling up community outreach efforts, the foundation also has a special focus on supporting • Emas Expressway Private Limited (India) 50% • Mapex Infrastructure Private Limited (India) 50%
indigenous people through various programmes.

14 1 Overview of Gamuda Berhad 1 Overview of Gamuda Berhad 15

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

OUR PRESENCE

Established in 1976, Gamuda has crafted its COMPLETED PROJECTS

footprint as a regional player across
nine countries. MALAYSIA

Urban Metro Systems in Kuala Lumpur Inter-State Rail Transport

• MRT Kajang Line (Line 1) • Electrified Double Track Project (EDTP) (Ipoh-Padang Besar)

ONGOING PROJECTS Property Developments World’s First Dual-Purpose Tunnel

• Madge Mansions, Kuala Lumpur • Stormwater Management and Road Tunnel (SMART)
• The Robertson, Kuala Lumpur
Water Regulating Dam, Water Treatment and Power Plants
MALAYSIA VIETNAM • Gamuda GM Bukit Bintang, Kuala Lumpur
• Sungai Selangor Dam, Selangor
• Kota Kemuning, Selangor
• Rasa and Bukit Badong Water Treatment Plants (SSP3),
Urban Metro Systems in Kuala Lumpur Property Developments • Valencia, Selangor Selangor
• MRT Putrajaya Line (Line 2) • Gamuda City, Hanoi • Bandar Botanic, Selangor • Prai Power Station, Penang
• Celadon City, Ho Chi Minh City • Gamuda Walk, Selangor
Malaysia’s First Digital IBS Factory • Elysian, Ho Chi Minh City
• Quayside Mall, Selangor Hospital, Ports and Marine Structures
• Gamuda Digital Industrialised Building System • Artisan Park, Binh Duong
• Gamuda GM Klang, Selangor • Hospital Universiti Kebangsaan Malaysia
Public Infrastructures • Lumut Naval Harbour, Perak
• PMV Infra 05 – Belfield Tunnel, Kuala Lumpur TAIWAN Key Intra-Urban Expressways and Highways, Klang Valley • North Butterworth Container Terminal, Penang
• Sungai Rasau Water Supply Scheme – Stage 1 • Lebuhraya Damansara-Puchong (LDP)
(Package 1), Selangor Marine Projects Bridges
• Shah Alam Expressway (SAE)
• Gurney Marine Bridge, Penang • Marine Bridge – Guantang • Kuantan Bridge, Pahang
• Western Kuala Lumpur Traffic Dispersal Scheme
• Pan Borneo Highway Package (WPC-04), Sarawak • Extension of Marine Bridge – Guantang (SPRINT Highway) • Pulau Bunting Bridge, Kedah
• Batang Lupar Bridge, Sarawak • Seawall – Taipei Port

Property Developments Public Infrastructure

• Gamuda Cove, Selangor • 161kV Songshu to Guangfeng Underground
• Gamuda Gardens, Selangor Transmission Line
• twentyfive.7, Selangor Urban Metro System VIETNAM QATAR INDIA
• Kundang Estates, Selangor • TaoYuan City Underground Railway, Package CJ18
• Jade Hills, Selangor PingZhen Station Urban Regeneration Highway and Airport Key Urban Expressway and Highway
• HighPark Suites, Selangor • Yen So Sewage Treatment Plant, • Dukhan Highway • Durgapur Expressway
• Horizon Hills, Johor Hanoi • Hamad International Airport • Panagarh-Palsit Highway
UNITED KINGDOM
• Bukit Bantayan Residences, Sabah • Yen So Park, Hanoi

Urban Transformation in Penang Property Developments

• Penang South Islands (PSI) • Aldgate, London
TAIWAN BAHRAIN SINGAPORE
• Penang Transport Master Plan (PTMP) • West Hampstead Central, London

Urban Metro System Bridges Property Development

SINGAPORE AUSTRALIA
• Kaohsiung Metropolitan Mass • Sitra Causeway Bridges • GEM Residences
Rapid Transit
Public Infrastructures
Public Infrastructures
• Sydney Metro West – Western Tunnelling Package
• Defu Station and Tunnels, MRT Cross Island Line (Phase 1) • Coffs Harbour Bypass
• Gali Batu Multi-Storey Bus Depot
Property Developments
Property Development • 661 Chapel St., Melbourne
• OLÁ • The Canopy on Normanby, Melbourne

16 1 Overview of Gamuda Berhad 1 Overview of Gamuda Berhad 17

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

KEY MILESTONES OUR FIRSTS. OUR MILESTONES

Since our incorporation as a private limited company on 6 October 1976, Gamuda Berhad has repeatedly demonstrated an excellent
track record. We have had many firsts in engineering and construction, property development, and infrastructure concessions. These
milestones have steered us for nearly five decades, enabling us to lead the region in innovative breakthrough solutions.

1976 1996
Gamuda Berhad Incorporated Lebuhraya Damansara-Puchong (LDP)
Gamuda incorporated as a private limited company. Construction begins on the first intra-
urban highway in the Klang Valley.
2013
1994 Variable Density Tunnel Boring Machine (VD TBM)
Shah Alam Expressway 1999 World’s first VD TBM launched for the underground
Gamuda wins the Shah Alam Expressway (SAE), our first privatised project. Western Kuala Lumpur Traffic works of the MRT Kajang Line.
Dispersal Scheme (SPRINT)
Kota Kemuning First tunnelling experience via drill and WORLD’S FIRST 2018
The Kota Kemuning township project marked Gamuda Land’s maiden entry into the blast through Kiara Hills. Autonomous Tunnel Boring Machine (A-TBM)
property development industry. It’s our first-ever integrated township development.
World’s first massive upgrade of the VD TBM.
2000 2002
Developed in-house to enable autonomous control
Phase 3 of the Sungai Selangor Water Stormwater and Road Management Tunnel (SMART) of TBM operations using customised artificial
Supply Scheme (SSP3) • The world’s first dual-purpose tunnel. intelligence algorithms.
First dam construction project. • A climate mitigation innovation – flood prevention
and emissions reduction from traffic.

OUR FIRSTS AUSTRALIA

2011
Tunnelling Training Academy (TTA)
2007 2001 • The world’s first learning institution specialising in
Gamuda City Panagarh-Palsit Highway and Durgapur Expressways Tunnel Boring Machine (TBM) technology.
Gamuda Land’s first international Our first overseas venture with the Panagarh-Palsit
venture is in Hanoi, Vietnam. VIETNAM Highway and Durgapur Expressways
in West Bengal, India.
2015
661 Chapel St. 2005
Gamuda Land enters Hamad International Airport Qatar
the Australian property Gamuda wins the first airport project in the Gulf States.
MALAYSIA
market. 2016
Gamuda Digital Industrialised
Building System (IBS)
The country’s first Digital IBS facility.
2016 2020 The future of construction with
GEM Residences Aldgate digital design tools and robotic
Gamuda Land’s first condominium project in Singapore. Gamuda Land’s first UK project.
construction.
Yayasan Gamuda 2021
Inception of Gamuda’s foundation UNITED Gamuda Green Plan 2025
2017 MALAYSIA’S FIRST
arm that focuses primarily on KINGDOM Gamuda launched a comprehensive Enabling Academy (EA)
educational aid, empowering Malaysia’s first Employment Transition
social enterprises and individuals
framework that charts tangible 2000
targets for the Group, driven Programme (ETP) that trains and
for community improvement, Valencia
on Environmental, Social and places individuals with autism for
that includes indigenous people. Malaysia’s first boutique development with a
Governance (ESG) framework. gainful and sustainable employment.
residents-only 9-hole golf course.

2002
2022 Kaohsiung Metropolitan Mass Rapid Transit
Gamuda became the first Malaysian construction
Sydney Metro West – Western Tunneling Package
TAIWAN Gamuda’s biggest overseas project, worth RM6.5 billion. group to build Taiwan’s urban mass rapid transit.

Selling our Klang Valley highway concession holding companies 2011

Successfully selling off our four highway toll concessionaires (SPRINT, Mass Rapid Transit (MRT) Kajang Line
SMART, LITRAK and KESAS) to Amanat Lebuhraya Rakyat Berhad (ALR). Malaysia’s first urban metro system.

18 1 Overview of Gamuda Berhad 1 Overview of Gamuda Berhad 19

KEY
MESSAGES
22 Group Managing Director’s Statement

28 Group Chief Financial Officer’s Statement

MRT Putrajaya Line, Kuala Lumpur, Malaysia

GAMUDA BERHAD 197601003632 (29579-T)
Group Managing
Director’s
Statement
Dear Shareholders,
Despite operating in an
environment that continues to
be impacted by the pandemic
and supply chain disruptions,
our financial year ended 31 July
2022 (FY2022) has been an
encouraging one for Gamuda.
We widened the Group’s
horizons as we continued to
advance our regionalisation
strategy and broke multiple
earnings records across our
business divisions. Most
significantly, we ended the year
with a Group pre-tax profit that
crossed the RM1 billion mark for
the first time and a historically
high construction order book of
over RM15 billion following a
string of contract wins over the
year.
YBHG DATO’ LIN YUN LING
GROUP MANAGING DIRECTOR
22 2 Key Messages
While making good progress on ongoing infrastructure projects
in our key markets, we won six new overseas’ contracts, including
our maiden two construction projects in Australia, which will be
a key market for us in the coming years. Of the remaining new
contracts, three were in Taiwan and one was in Singapore. Our
regional property developments also performed very well, especially
in Vietnam, where sales in Celadon City continued to be robust
and contribute strongly to our earnings.
Last year, I mentioned the divestment of our four highways to
Amanat Lebuhraya Rakyat Berhad (ALR). In FY2022, we ironed out
the details of the deal, and in October 2022, the sale was
successfully completed. 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. In the longer term,
we are investing in renewable energy and other green verticals,
which have the potential to contribute a baseline of recurring
income for the Group but additionally enable us to fulfil our
sustainability commitments as we seek to play an integral role in
Malaysia’s transition to a low-carbon economy.
Our solid track record of engineering breakthroughs and innovative solutions keeps us at the forefront of our industry.
INTEGRATED REPORT 2022
Record earnings in both Construction and our Property divisions
led to our post-tax profit hitting RM806 million. Meanwhile, our
RM15 billion construction order book, unbilled property sales
totalling RM6.2 billion and net cash position of RM1.1 billion from
the sale of our highways place us on a very strong footing
financially for the foreseeable future.
Gamuda was recently named Overall Most Outstanding Company
in Malaysia, as well as the Most Outstanding Company in Malaysia
in the Construction and Engineering Sector by Asiamoney. These
awards are particularly meaningful as they reflect the votes of
over 900 fund managers, analysts, bankers and rating agencies
on the financial performance, management team excellence,
investor relations and social responsibility initiatives of public listed
companies.
Internally, these awards validate our efforts to grow our people,
as well as our business sustainably. We are humbled by the
recognition and would like to express our gratitude, first and
foremost, to our amazing employees for their hard work and
dedication, as well as to the investment community for their
recognition and continued support.
“
GAMUDA WAS RECENTLY NAMED
OVERALL MOST OUTSTANDING
COMPANY IN MALAYSIA, AS WELL
AS THE MOST OUTSTANDING
COMPANY IN MALAYSIA IN THE
CONSTRUCTION AND ENGINEERING
SECTOR BY ASIAMONEY.
”
2 Key Messages 23
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

GROUP MANAGING DIRECTOR’S STATEMENT

BUSINESS HIGHLIGHTS
Construction
We celebrated the opening of Phase 1 of the MRT Putrajaya Line (MRT2), between Kwasa Damansara and Kampung Batu, on 16 June
2022, and are on track with operationalising the final stretch between Kampung Batu and Putrajaya, due for opening in January 2023.
In recognition of the technical challenges that we had to overcome, our commitment to training and upskilling the capabilities of our
local workforce, as well as the value that this line will deliver to the community, we received a trifecta of awards from prestigious
international institutions for the outcomes and achievements of the project.

These include: Major Project of the Year by the Swiss-based
International Tunnelling and Underground Space Association;
Tunnelling Project of the Year by the New Civil Engineer, the
flagship publication of the Institute of Civil Engineers, UK; and
International Project of the Year at the Ground Engineering Awards
by the British Geotechnical Association.
Leveraging our solid track record in delivering MRT1 and MRT2,
we were able to secure six regional infrastructure contracts in the
past year. In Australia, we are partnering with Laing O’Rourke to
develop the Sydney Metro West – Western Tunnelling Project,
while our consortium with Ferrovial Construction is to deliver the
main works package for the Coffs Harbour Bypass. In Taiwan, we
are involved in joint ventures to build the TaoYuan City Underground
Railway, Package CJ18 PingZhen Station; to extend the Guantang
Marine Bridge in TaoYuan; and to construct an underground
transmission line with auxiliary electrical and mechanical systems
for the Taiwan Power Company. Finally, in Singapore, we will be
constructing the Defu Station and Tunnels in a joint venture with
Wai Fong Construction Pte Ltd for the Land Transport Authority
of Singapore.
In Malaysia, we submitted an updated Environmental Impact Our place-making and biophilic design capabilities make urban rejuvenation in masterplanning as part of our regional DNA.
Assessment (EIA) report on Penang South Islands (PSI) to the
Department of Environment (DOE) in April 2022 and expect that
approval is imminent. We also won the contract for Package 1 of
FINANCIAL PERFORMANCE KPI AND RESULTS
the Rasau Water Treatment Plant in Selangor. For FY2022, Gamuda saw our revenue increased 28 percent from RM5 billion in FY2021
to RM6.4 billion. This was mainly driven by a 111 percent increase in revenue in our REVENUE
Property division. Our net profit grew by 37 percent to RM806 million, again driven by

Property Development
overseas properties. In total, 36 percent (or RM291 million) of our earnings were derived
from overseas operations, a significant improvement from 17 percent in FY2021. RM6.4 BILLION

Our regionalisation strategy extends to
property development. Having already made
inroads into Vietnam, Singapore and
Australia, we seek to further develop our
footprint in these strategic markets by
developing more projects that are able to
Gamuda Engineering posted all-time-high net earnings of RM340 million, primarily from
MRT2 cost savings as the project nears its completion, with increasing contributions from
recent overseas wins. It was also a record-breaking year for Gamuda Land, with all-time-
NET PROFIT
high performances in sales and earnings. The property division sold a record high
RM4 billion worth of properties, with overseas and local sales contributing half each.
Property earnings reached an all-time-high of RM342 million, a 99 percent jump from
RM806 MILLION

showcase our place-making and biophilic RM172 million in FY2021.

design capabilities as well as our
construction expertise.
In Vietnam, we have acquired 5.6 hectares
land bank in Binh Duong New City, where
we intend to build a mixed development.
In Australia, we have acquired 2,600m² of
land at 272 Normanby Road, Melbourne,
for the development of a 20-storey
residential tower. We are also extending
our reach to the United Kingdom (UK),
where we are set to develop apartments
in West Hampstead, an affluent district in
London.
Moving forward, the resilience of the Group is underpinned by our large construction
order book exceeding RM15 billion and unbilled property sales of RM6.2 billion. Additionally,
ORDER BOOK
the Group has a healthy balance sheet in a net cash position of approximately
RM1.1 billion following the divestment of our highways, with ALR successfully pricing
RM5.5 billion in nominal value AAA-rated Sustainability Sukuk Murabahah in September 2022.
RM15 BILLION
DIGITALISATION AND OUR PEOPLE
We recognise the edge that digital systems provide in increasing our competitiveness and productivity and have been progressively
implementing more digital processes and workflows in our operations. Digital construction methodologies such as Building Information
Modelling (BIM) and Digital Industrial Building System (IBS) have served as key differentiators for Gamuda. To date, we have adopted
an enterprise resource planning (ERP) platform, drone surveying and an integrated Geospatial Information System (GIS) + BIM portal,
amongst others, with other exciting developments in the pipeline.

We are increasing our regional footprint via strategic projects in key markets. We have the opportunity to show the
world our construction expertise. For example, in our recent win with a major transport project by the New South
Wales Government AUD$1.35 billion contract to deliver the main package of works for the Coffs Harbour Bypass.
Underlining the success of our digital transformation, we are building the digital capabilities of our people – both through the injection
of new talent with the required knowledge and expertise, as well as through training and upskilling existing employees. We have set
up our Gamuda Excellence Transformation (GET) unit specifically to nurture digital excellence across the Group, and with regional
Clients recognising our leadership in digital construction, our efforts in this space have critical implications on our regional operations
as we grow into this new business model.

24 2 Key Messages 2 Key Messages 25

GAMUDA BERHAD 197601003632 (29579-T)
GROUP MANAGING DIRECTOR’S STATEMENT
We believe investing in Malaysia’s exceptional youth is investing in the future. Nurturing these young talents is
also crucial for our growth plans.
Indeed, we seek to further instil an entrepreneurial culture throughout the Group and
have tasked our senior management with enhancing the capabilities and capacity of our
people. Business heads of each country are responsible for the delivery of their respective
business plans and the implementation of associated strategies to achieve agreed targets,
supported by our constantly improving back-office processes back home. Critically we
are also focused on localising our country teams, striving for the best cultural and
operational fit, and we are already seeing positive results from our efforts.
Meanwhile, our succession plans are well underway, as reflected in the changing face
of our Board and senior management teams. Young leaders in their 30s now fill at least
half of our Board seats and executive positions across Gamuda Engineering and Gamuda
Land. We believe strongly that these young leaders with long runways ahead of them
will be able to steer the Group in the new directions we are pursuing with the increased
prominence of digitalisation and ESG in our day-to-day business.
SUSTAINABLE AND RESPONSIBLE BUSINESS
Those of you who have been following Gamuda through the years will know of our
commitment to sustainable business. Recognising the urgency to mitigate climate change
in FY2021, we launched a comprehensive ESG programme, the Gamuda Green Plan
2025, which commits us to reducing our carbon emissions intensity by 30 percent in
2025 and by 45 percent in 2030.
This year, we further strengthened our resolve by committing to the Science Based
Target initiative (SBTi) and setting the target of becoming a net zero carbon organisation
by 2050. Towards meeting these targets, we are implementing green elements in the
masterplan and design of our property developments while reducing our Scope 2 emissions
via solar installations in our headquarters, IBS plant and our other assets. To get a head
start on addressing our Scope 3 emissions, we have started monitoring our construction
emissions and begun training our supply chain on our expectations in doing sustainable
business together in the coming years.
26 2 Key Messages
Gamuda is committed to playing our part,
especially in areas where we can make a
significant impact. We are progressing well
in our one million trees project as well as
in various efforts by Gamuda Parks to
conserve the country’s rich biodiversity.
The adoption of digital construction
technology enables us to carry out our
operations with minimal waste and a higher
level of safety, thus contributing to both
our environmental and social outcomes.
Within our communities, we believe in
creating greater social equity and in
ensuring that everyone is treated with
respect and dignity. Acknowledging that
foreign workers are particularly at risk, we
have established an anti-modern slavery
policy and set-up an associated task force
to comb through our supply chain for any
potential indiscretions. In the last year,
we have also revised our minimum wages
which are now above legislative requirements
and are also empowering indigenous
communities through education and
employment, the latter, especially in areas
where we can leverage their traditional
knowledge of living in harmony with nature.
Education is close to our hearts and is
something we have been supporting for
decades through the Gamuda Scholarship.
Over the years, we have increased the
quantum of funds channelled towards the
scholarship as we believe in the value of
offering as many outstanding students from
lower-income groups the opportunity to
pursue tertiary studies at the best universities
in the world. This year, we allocated
RM13 million to our scholarships and are
hoping to increase this sum to RM20 million
next year. Upon graduation, our scholars
are offered employment at Gamuda,
supplying a pipeline of young talent crucial
for our growth plans. It is with a measure
of pride to note that the programme has
already proved its worth, with many senior
leaders in Gamuda Engineering and Gamuda
Land counting among its alumni.
INTEGRATED REPORT 2022
While it is heartening to see the continuous advances we have In property development, we have identified quick turnaround
made in this arena, it is also encouraging to receive external projects and will be investing RM5 billion in this in the next few
validation of our efforts. It gives me pleasure to share that Gamuda years as a key enabler for growth with a strategic focus on
is the only Malaysian construction company on the Dow Jones expansion in various countries that we are familiar and have good
Sustainability Indices (DJSI) that has steadily improved our rankings knowledge of. By operating in a few strategic markets, we are
year on year. Of note, we scored 41 in the latest September 2022 minimising our business risk by lessening the impact, if individual
ranking, exceeding the global industry average of 21. markets experience a slowdown in their property cycle.
In Malaysia, the Government is expected to introduce more
LOOKING FORWARD incentives to encourage greater use of Digital IBS. Gamuda Land
will adopt Digital IBS across all of our developments in line with
As we enter the new financial year, the operating landscape is
our circular construction framework. The increasing emphasis on
expected to be challenging with rising interest rates, inflationary
productivity, quality and the ongoing manpower shortage positions
pressures and supply chain disruptions amplified by the ongoing
us to our advantage. Already in FY2023, a few notable wins
Russia – Ukraine conflict and the possibility of an impending
surpassing 2,500 residential units including an RM87 million contract
global recession in the ‘post-pandemic’ era.
to supply and install precast components for a government project
in Negeri Sembilan, which is our largest to date. Our orderbook
We remain cautiously optimistic about our prospects in the coming
outlook for Digital IBS has been improving, and it is on a good
years, but we are reasonably well-placed to ride out the storms
pathway to growth that is sustainable which will augur competitive
ahead given our strategic plays in various regional markets, our
advantage in the next two years.
strong financial position and our earnings visibility from our
outstanding orderbook and unbilled sales. We set the target of a
Finally, we look forward to playing our part in the country’s
cumulative RM25 billion orderbook in FY2022 and FY2023 and
decarbonisation agenda. Our recent acquisition of an equity stake
are already more than halfway there with RM15 billion secured
in Malaysia’s largest solar engineering, procurement, construction
from our key markets for construction, namely Australia, Taiwan,
and commissioning (EPCC) company is a first step in a meaningful
Singapore and Malaysia. Our senior management has been laser-
entry into this new vertical. We are also in advance discussions
focused on developing and implementing strategies to realise our
to develop, finance and construct a number of other renewable
five-year business plan, and our growth trajectory has been looking
energy assets, which we will announce in due time as they come
positive.
to fruition. These significant green investments reflect our plans
to invest deeply in sustainable infrastructure in the coming years
Our two maiden Australian infrastructure contracts are progressing
as we embark on ambitious plans to participate in the global
well and on the Western Tunnelling Package in Sydney, we have
energy transition.
already achieved the 20 percent value milestone in record time,
with positive reviews from our Australian client. We will also be
introducing our industry-first Autonomous Tunnel Boring Machine
IN APPRECIATION
technology to this project following its role in delivering the MRT2
tunnels in Kuala Lumpur successfully. These milestones are further It has been a challenging season for Gamuda, FY2022 included,
testimony of our ability to translate our local delivery capabilities but we have come out of these few years stronger on a positive
abroad. We have also made a strategic acquisition of a majority growth trajectory with sound fundamentals. Critical to this success
shareholding of Tunnelling Solutions, an established Australian has been the support of our key stakeholders, namely our
company with its head office based in Melbourne with specialist employees, Board of Directors, shareholders, business partners,
mined tunnelling expertise on major infrastructure projects. suppliers, financiers and, of course, the communities in which we
Tunnelling Solutions’ local expertise and experience will be operate.
complementary to our strengths and together, we hope to bring
enhanced tunnelling delivery capabilities and innovation to the I would like to express a heartfelt appreciation to all our stakeholders
local Australian construction market. for your commitment to the Group, without which we would not
be where we are today. With your continued support, we will
We are also very excited about the Penang South Islands project grow our regional business onwards and upwards.
as it presents a unique opportunity for Gamuda – to design a
landmark development from a blank canvas. We intend to make
full use of our carte blanche to create model islands for sustainable
planning and design, and climate resilience with a Green Tech
Park, which will attract multinational investors that seek to do
business in a veritable green destination.
2 Key Messages 27
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Group Chief
Financial Officer’s
Statement
Group Performance

RM’million 2022 2021 Variance

REVENUE 6,435 5,016 28%

PROFIT BEFORE TAXATION 1,016 786 29%

Our Group posted a record NET PROFIT:
net profit of RM806 million Engineering and Construction 340 253 34%
Property Development 342 172 99%
this year amid stronger Water and Expressway 124 163 (24%)

construction and property 806 588 37%

earnings. Overseas earnings NET PROFIT (BY GEOGRAPHY):

tripled to 36 percent of Malaysia (64%) 515 (83%) 490 5%

Overseas (36%) 291 (17%)  98 197%
group earnings and property Total (100%) 806 (100%) 588 37%
sales rose to an all-time-
high of RM4 billion as the The Group’s PBT crossed the RM1 billion mark for the first time
The Group’s profit before tax (PBT) crossed the RM1 billion mark for the first time as the full year net profit rose 37 percent to a
Group continues to expand record-breaking RM806 million compared with last year’s RM588 million on the back of stronger construction and property earnings
as works on all fronts continued to pick up the pace. Overseas earnings tripled to RM291 million compared with last year’s RM98
its regional footprint. million as the Group continues to expand its regional footprint. The Group posted revenue of RM6.4 billion, a 28 percent jump from
last year’s RM5 billion revenue.

MR. SOO KOK WONG

GROUP CHIEF FINANCIAL OFFICER REVENUE – By Geography (RM’million) NET PROFIT – By Geography (RM’million)

2022 2022
4,433 4,311 2021 515 2021
490
Record-breaking year on multiple fronts
Sailing through the pandemic and beyond, the resilience of the Group’s business operations coupled with a
solid regional footprint has successfully taken the Group’s financial performance to a greater height. This 291
financial year, multiple records were broken with all-time-high performances 2,002
in construction order book, property sales, group pre-tax profit, group net GROUP
profit, construction net profit, property net profit and property unbilled sales.
Despite the challenges surrounding the business landscape post pandemic,
NET PROFIT 705
98

the Group posted a record net profit of RM806 million. Overseas earnings
tripled to contribute 36 percent of group earnings. Property sales rose to RM806 MILLION Malaysia Overseas Malaysia Overseas

an all-time-high of RM4 billion and unbilled property sales hit a record-high Increase of 37%
of RM6.2 billion.

28 2 Key Messages 2 Key Messages 29

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

GROUP CHIEF FINANCIAL OFFICER’S STATEMENT

Construction division achieved RM340 million historical high earnings ENGINEERING AND Divestment of four expressways completed in mid-October 2022 with a special dividend of RM1 billion to be paid
and RM15 billion construction orderbook CONSTRUCTION before end of 2022
Gamuda Engineering posted an all-time-high net profit of RM340 million due NET PROFIT The Group completed the divestment of its four expressways to Amanat Lebuhraya Rakyat Berhad (ALR) on 13 October 2022. We are

340
to MRT2 cost savings as the project nears its completion, and increasing on track to reward shareholders with a special dividend of nearly RM1 billion before the end of 2022.
contribution from recent overseas wins.
RM million
SEGMENTAL FINANCIAL PERFORMANCE
Property division achieved multiple records: RM4 billion record sales, Increase of 34%
RM2.7 billion record revenue and RM342 million record earnings ENGINEERING AND CONSTRUCTION:

It was a record-breaking year for the property division with all-time-high PROPERTY
performances in sales, revenue and earnings. The property division sold a record DEVELOPMENT
high RM4 billion worth of properties, a 40 percent jump compared with last NET PROFIT
year’s RM2.9 billion sales. Local property sales doubled to RM2 billion as overseas
Earnings at an all-time-high of RM340 million with solid project pipelines
The construction division delivered a solid earnings performance of RM340 million this year on the back of cost savings as the MRT
Putrajaya Line Phase 2 project nears completion. Construction margin has consistently been showing improvement since COVID-19 year.

342
projects contributed another RM2 billion in sales. Meanwhile, property revenue
reached an all-time-high RM2.7 billion, a 111 percent compared with last year’s
RM1.3 billion as property earnings also reached an all-time-high RM342 million,
a 99 percent jump compared with last year’s RM172 million.
RM million
RM’million
2022
COVID endemic-year
2021
Full COVID-year
2020
Half COVID-year
2019
Pre COVID-year
Increase of 99%
Revenue 3,273 3,287 4,789 4,138
Net profit 340 253 173 237
PROPERTY DIVISION SALES TREND (RM’million) Margin 10% 8% 4% 6%
4,013
a) New Project Wins
2,045
3,070 Timeline Country Project RM’million
2,878
1,015 August 2021 Taiwan 161kV Songshu to Guanfeng underground transmission line 232
Malaysia 1,122 2,185
February 2022 Singapore Defu Station and Tunnels, MRT Cross Island Line (Phase 1) 872
Overseas 722 2,055 March 2022 Australia Sydney Metro West – Western Tunnelling Package 6,194
1,968
1,756 April 2022 Taiwan Extension of Marine Bridge – Guantang 211
1,463
June 2022 Australia Coffs Harbour Bypass Project 2,050
July 2022 Malaysia Selangor’s Sungai Rasau Water Supply Scheme (Stage 1) Package 1 1,968
October 2022 Taiwan TaoYuan City Underground Railway, Package CJ18 PingZhen Station 1,280
2022 2021 2020 2019
New projects wins 12,807
2022 2021 2020 2019 Ongoing projects – include MRT Line 2, Pan Borneo Highway, existing Singapore and Taiwan projects 2,440
RM’million COVID endemic-year Full COVID-year Half COVID-year Pre COVID-year
Total 15,247
Revenue 2,728 1,295 1,521 2,547
Net Profit 342 172 127 259
Margin 13% 13% 8% 10%
b) Klang Valley Mass Rapid Transit: MRT Putrajaya Line (“MRT Line 2”)
Diversity for Growth: All-time-high construction orderbook of RM15 billion spans across Australia, Taiwan, Singapore MMC Gamuda is the Turnkey Contractor for the elevated and underground works for the Klang Valley MRT Line 2, with a contract
and Malaysia and RM6.2 billion unbilled property sales in both Malaysia and Overseas price of RM30.5 billion.
The Group is well on track in executing its regionalisation strategy, with RM13 billion worth of new project wins from Australia, Taiwan,
Singapore and Malaysia, tripling its order book. Similarly for the property division, the Group is enthusiastic about expanding its overseas The overall cumulative progress at the end of July 2022 for the:
development in Vietnam and Australia while marking its first footprint in London.
• Elevated Works Package was on schedule at 99.99 percent;
Moving forward, the resilience of the Group is underpinned by the strong construction orderbook of RM15 billion of which the overseas • Underground Works Package was on schedule at 99.34 percent.
portfolio accounts for 78 percent of the total order book and RM6.2 billion unbilled property sales which will provide earnings visibility
up to FY2026. It is anticipated that next year’s performance will be driven by property sales, pick up in work progress of Sydney Metro Phase 1 (Kwasa Damansara Station to Kampung Batu Station) is completed and has commenced operations on 16 June 2022.
West – Western Tunnelling Package and Coffs Harbour Bypass projects in Australia and works to complete the MRT Putrajaya Line Phase 2 Elevated works are in the final testing and commissioning phase with final touch-ups for stations and Bomba inspections
(formerly called MRT Line 2) following the sale of four highways to ALR in October 2022.
ongoing. The balance of Underground structure works is ongoing alongside station fit-out, systems installations and testing and
On top of that, the Group has a healthy balance sheet with a low gearing of 0.1 times as at 31 July 2022 which will turn into net commissioning. Phase 2 is expected to commence operations in January 2023.
cash position upon completion of the highway sale.

30 2 Key Messages 2 Key Messages 31

GAMUDA BERHAD 197601003632 (29579-T)
GROUP CHIEF FINANCIAL OFFICER’S STATEMENT
c) Penang Transport Master Plan
The Penang State Government (PSG) and the Company’s
60  percent owned SRS Consortium Sdn Bhd (SRS) have
executed a Public Private Partnership (PPP) agreement on
25  March 2021 whereby SRS will undertake the construction
and development of the Silicon Island (Island A) of the Penang
South Islands (PSI) via a project development model in a 70:30
PPP joint venture with the PSG. Key terms of the Joint Venture
Agreement are:
• PSG gets a 30 percent stake in the joint venture.
• All equity capital and borrowings will be funded by SRS.
SRS assumes all project risks including underwriting all
borrowings required for the project with no recourse to
PSG.
• Phase 1 reclamation works shall be awarded to Gamuda
Engineering Sdn Bhd, a wholly owned subsidiary of the
Company. The contract price shall be determined after
verification by an Independent Consulting Engineer to be
appointed by PSG.
On 8 September 2021, the Appeal Board of the Department
of Environment set aside the Approval of the PSR EIA, ruling
that the Approval did not comply with Section 34A(4)(a) of
the Environmental Quality Act 1974. This was because of the
different interpretations of the approval date of the Penang
Structure Plan 2030, which is under Judicial Review now.
A fresh and updated EIA report has been submitted to DOE
in April 2022. EIA report approval is expected in the fourth
quarter of 2022 and reclamation works are expected to
commence in the first quarter of 2023.
On 20 July 2022, the Penang State Government launched
the Pre-Qualification stage for the Bayan Lepas Light Rail
Transit (LRT) project to invite interested local and international
companies to register their interest and submit documentation
to be considered for the upcoming Request for Proposal
tender.
The pre-qualification exercise is to identify and pre-qualify
suitable works package contractors to participate in the RFP
process, where the companies will submit proposals on
engineering, procurement, construction, testing, and
commissioning of the LRT’s viaducts, stations, depot, system,
and other associated works, as well as the funding, operation,
and maintenance of the LRT system.
For the pre-qualification stage, interested companies are to
submit their company profile, details on their key personnel,
past and current projects, the contractual relationship of
members in their respective consortiums or joint ventures,
financial information, funding model, proposed implementation
plan, and other supporting documents.
32 2 Key Messages
With the encouraging interests received from over 40
companies from Malaysia and abroad, the Penang government
has considered the request from international companies to
extend the registration deadline from August 8 to August 19
and the document submission deadline from August 24 to
October 7 to allow more time for interested companies to
submit their documents.
Barring any unforeseen circumstances, the pre-qualification
process is expected to be concluded by end of 2022 and the
RFP process is expected to be announced by first quarter of
2023.
d) Sarawak
Pan Borneo Highway – WPC04 (Pantu Junction to
Btg Skrang)
Naim Gamuda (NAGA) JV Sdn Bhd is the contractor for the
Pan Borneo Sarawak package WPC04. The scope includes the
widening and upgrading of the existing 89.30km long, 2-lane
single carriageway road from Pantu Junction to Batang Skrang
to a 4-lane dual carriageway of JKR R5 standard. Extension of
time (EOT) No.3 due to the impact of the Movement Control
Order (MCO) was granted on 7 October 2021 and the new
target completion date will be on 15 November 2022 with an
extension of 46 days. Overall cumulative progress at the end
of July 2022 was on schedule at 83.4 percent.
Batang Lupar Bridge at Sri Aman Town
Naim Gamuda (NAGA) JV Sdn Bhd accepted the award of the
Second Trunk Road (Package B3) Proposed Batang Lupar Bridge
No 2 at Sri Aman Town project valued at RM224 million on 24
February 2020. Extension of Time (EOT) No. 5 was granted due
to impact from the exceptionally inclement weather with an
f) Australia
extension of additional 10 days, cumulatively 150 days extended.
The new target completion date will be on 29 August 2024.
Overall cumulative progress at the end of July 2022 was on
schedule at 16 percent.
e) Taiwan
Marine Bridge – Guantang
The Group’s 70 percent-owned joint venture with a Taiwanese
company is constructing a 1.23km marine bridge worth
NTD3,955 million (equivalent to RM522 million) for CPC
Corporation Taiwan, a state-owned petroleum company which
is expected to be completed in February 2023.
Offshore piling works, pile cap, bridge abutment and cantilever
construction are progressing well according to schedule. The
overall cumulative progress as at end-July 2022 was on
schedule at 72.6 percent.
Extension of Marine Bridge – Guantang
Gamuda’s 70 percent-owned joint venture with Dong-Pi
Construction Co. Ltd, in April 2022 won the tender worth
NTD2,038 million (equivalent to RM301.5 million) from CPC
Corporation Taiwan, for work to extend the current marine
bridge for another 376m. The contract duration is estimated
to be 2 years.
Physical works have commenced and the cumulative progress
as at end July 2022 was on target at 2.11 percent.
Seawall – Taipei Port
Gamuda’s 70 percent-owned joint venture with a Taiwanese
company in December 2019 won the tender to construct
4,014m of seawall structure with a contract price of NTD6,817
million (RM932 million) for Taiwan International Ports
Corporation, a state-owned port operation company.
Completion is targeted for May 2025.
Caisson construction is in progress. Overall cumulative progress
as at end July 2022 was on track at 39.3 percent.
161kV Songshu to Guangfeng Underground Transmission
Line
Gamuda’s 50 percent-owned joint venture with a Taiwanese
company has in August 2021 won the tender to construct a
161kV underground transmission line and auxiliary electrical
and mechanical system with a contract price of NTD3,087
million for Taiwan Power Company, a state-owned electric
power industry enterprise in Taiwan. Construction duration is
about three and a half years.
Soil investigation has been substantially completed at the site,
with launch shaft construction commencing. The cumulative
progress as at end of July 2022 was 5.9 percent.
Sydney Metro West – Western Tunnelling Package
The Transport for New South Wales awarded the AUD2.16
billion (RM6.5 billion) design and construct contract for the
tunnelling and civil works comprised in the Western Tunnelling
Package Project to Gamuda Australia – Laing O’Rourke
Consortium on 28 February 2022. Laing O’Rourke Australia
Construction Pty Ltd as a delivery partner will provide the
project management services for an agreed fee. The scope
of project works includes 9km of twin metro rail tunnel
between Westmead and Sydney Olympic Park, excavation and
civil works for new metro stations in the Parramatta Central
Business District and Westmead Health Precinct, earthworks
and civil structures, utilities and connecting tunnels for a
maintenance and stabling facility at Eastern Creek and Tunnel
Boring Machine operations site at Rosehill.
Design and site preparation works are in progress. The overall
cumulative construction progress as at end of July 2022 was
on track at 4.5 percent.
INTEGRATED REPORT 2022
Coffs Harbour Bypass Project
Gamuda Australia, in a joint venture with Ferrovial Construction
(FGJV), was awarded the Coffs Harbour Bypass Project. The
New South Wales (NSW) Government has appointed the FGJV
to deliver the AUD1.35 billion highway project, which is the
largest infrastructure project in Coffs Harbour’s history. Coffs
Harbour is located on the NSW North Coast, approximately
550km north of Sydney. In this 50:50 joint venture with Ferrovial
Construction, Gamuda Australia will design and construct a
14km new and upgraded four-lane highway. The project will
boost the regional economy and improve connectivity, road
transport efficiency and safety for local and interstate motorists.
Planning and detailed design works by FGJV will commence
immediately, with the Bypass scheduled to be fully completed
in late 2027.
g) Singapore
Gali Batu Multi-Storey Bus Depot
The Land Transport Authority of Singapore (LTA) awarded the
SGD260 million (RM800 million) contract for the Gali Batu
Multi-Storey Bus Depot to Greatearth Corporation-Gamuda
Berhad Singapore Branch Joint Venture on 12 November
2019. The project consists of a three-storey administrative
building, a five-storey dormitory and a five-storey main depot
equipped with parking spaces for 715 buses, refuelling and
washing facilities, repair and maintenance facilities with cutting-
edge technology to cater for the operation of electric buses.
The original contract duration is 41 months.
Excavation and piling works have been completed, with the
superstructure works currently on going at the site. The overall
cumulative status as of July 2022 was at 27.7 percent.
Our 55 percent joint venture partner Greatearth Corporation
filed a statutory declaration on 3 September 2021 of the
company’s inability to continue business, and notified us of
their intention to withdraw from this contract. We have since
pursued a full novation of the contract to Gamuda Berhad
Singapore Branch with LTA, and have since signed the
associated Supplemental Agreement for this novation to us.
Defu Station and Tunnels, MRT Cross Island Line (Phase 1)
Gamuda’s 60 percent-owned joint venture with a Singaporean
company, Wai Fong Construction Pte Ltd, has been awarded
by the Land Transport Authority of Singapore in February
2022 to design and construct the Defu station and tunnels
with a contract price of SGD467 million (equivalent to RM1.45
billion). The project comprises the construction of an
underground station and twin bored tunnels with a total length
of 2.75km. The contract duration is 95 months.
Design works are in progress. The project is scheduled to be
completed in 2030.
2 Key Messages 33
GAMUDA BERHAD 197601003632 (29579-T)
GROUP CHIEF FINANCIAL OFFICER’S STATEMENT
PROPERTY DEVELOPMENT:
Strong demand trend post-COVID for landed residential with right mix of placemaking and good connection to nature
Property sales increased by 40 percent as the property division sold a record RM4 billion worth of properties this year compared to
RM2.9 billion last year. The COVID-19 pandemic accompanied by the work from home arrangement during lockdown has effectively
transformed the home-buyers sentiment from living in densely populated areas to an area that is less populous. This augurs well for
our local township where we have established good placemaking with a good connection to nature. Property sales from local
developments, mainly driven by landed residential, hence doubled and contributed half of the overall sales. Overseas sales especially
in Vietnam and Singapore remained strong.
RM266 million property stocks were cleared in 2022; Balance unsold completed properties of RM630 million consisting
14 percent landed and 86 percent high-rise
Unsold Completed Properties (RM’million) Unbilled Sales (RM’million)
Malaysia Malaysia
Overseas Overseas
781 6,200
627
630 4,400
4,600
507
3,500
1,800
123 154 1,100
2022 2021 2022 2021
As at 31 July 2022, unsold completed properties stood at RM630 million consisting of 14 percent landed and 86 percent high-rise (2021:
31 percent landed and 69 percent high-rise). During the year, RM266 million worth of property stocks were cleared while some unsold
completed high-rise properties were added to the stockpile.
a) Overseas
Overseas projects continue to deliver outstanding sales With seamless connectivity to the park, future developments
performance especially in Vietnam and Singapore. As foreign
here will also feature biophilic and open space design so the
investments continue to flow strongly into Vietnam, the real
community can be close to nature.
estate market has been positively impacted thanks to the
improvement in the people’s disposable income as well as OLÁ, our executive condominium in Singapore is fully sold
their future income expectations. The trend of urbanisation
with a total GDV of SGD660 million.
and the rise of the middle class has brought about positive
results for both Celadon City in Ho Chi Minh City and Gamuda Following the completion of 661 Chapel St. in Melbourne,
City in Hanoi.
Australia, Gamuda Land has acquired our second parcel in
Melbourne’s inner ring located on Normanby Road for a
As Celadon City wraps up its launches, Gamuda Land’s
community focused mixed-use development featuring a
prospects in Vietnam will be replenished by upcoming
biophilic design. Plans are in place to launch the project in
commercial and residential developments in Gamuda City as
Australia, Kuala Lumpur, Singapore and Vietnam simultaneously
well as newer developments such as Artisan Park, located in
in FY2023. Sales at 661 Chapel St. in Melbourne are ongoing.
Binh Duong New City, just outside of Ho Chi Minh City. The
13.8 acres development is expected to launch in Q1 FY2023.
Meanwhile, Gamuda Land’s latest development in West
Hampstead London was introduced to the market in June
In Hanoi, plans for placemaking along Yen So Park is also
2022. Situated on West End Lane and adjacent to West
underway to create vibrancy for Gamuda City Central. This
Hampstead’s underground, Thameslink and overground stations,
would lay the foundation for future retail and commercial this development features 101 new affordable and private
parcels in the precinct including the upcoming Central homes, together with offices and retail spaces centred around
Residences which fronts the lush and massive Yen So Park.
a new public courtyard. West Hampstead is expected to deliver
positively to Gamuda Land in the coming months.
34 2 Key Messages
b) Malaysia
Local projects sold RM2 billion worth of properties this year,
two times last year’s sales of RM1 billion. This is largely
contributed by Gamuda Land’s key townships namely Gamuda
Cove, Gamuda Gardens, twentyfive.7 and Jade Hills located
in the Klang Valley and Horizon Hills in Iskandar Puteri, Johor.
Given Gamuda Land’s experience in delivering innovative
products, we introduced biophilic designs for our homes with
better indoor and outdoor connectivity. Complemented with
well-planned greenery, a central park for the community and
thoughtful placemaking, our township developments are fast
gaining recognition in the market.
The vibrancy in twentyfive.7 is further elevated with the opening
of MBO Cinemas in Quayside Mall as well as the addition of
a Carousel and Waterfront Superfly, leading to an increased
footfall especially during weekends.
At the same time, refurbishments and upgrading works are
done at Lucent Residence were completed to residents’
satisfaction which resulted in an increase in word-of-mouth
and referrals.
In Gamuda Gardens, news of the groundbreaking for New
Zealand’s Luge Activity Park along with a sizeable regional
mall and a water play park has attracted buyers looking for
good investment opportunities in the northern corridor of
Klang Valley. This boded well for Gardens Square, the Parisian-
inspired commercial hub in Gamuda Gardens. The opening
of Beaconhouse Pre-School at Gamuda Gardens has also
attracted parents to consider the potential of the Gamuda
Gardens’ comprehensive masterplan for the longer term for
convenience and sustainability.
Meanwhile, Gamuda Cove’s masterplan design was recognised
as Malaysia’s First 5-Diamond Low Carbon City by the Ministry
of Environment and Water with initiatives such as Gamuda
Land’s one million trees and saplings programme, solar parks,
e-mobility like trams and EV stations just to name a few.
Designed to be a nature sanctuary and smart city, Gamuda
Cove will implement smart design and planning with sustainability
in mind so that the town can stand the test of time.
Gamuda Cove will also be anticipating the opening of its
Splashmania Water Theme Park which is expected to generate
better footfall on top of Discovery Park and Paya Indah Discovery
Wetlands. More tenants will also be introduced to the township
as Gamuda Cove geared for the delivery of its first phase landed
homes – Palma Sands. The completion of its 60 acres central
park and the impending opening of Gamuda Land’s first Wetlands
Arboretum in Gamuda Cove is also anticipated to increase
footfall to this nature sanctuary in the coming months.
Taking a cue from successful products such as Joya and
Jovita in Gamuda Gardens as well as Palma Sands and Enso
Woods in Gamuda Cove, Gamuda Land will be launching new
landed homes phases in the coming months, featuring new
INTEGRATED REPORT 2022
typology and with biophilic designs. Gamuda Gardens will
launch link homes, Valeria with its own pollinators garden
within the precinct; twentyfive.7 will see the launch of a new
phase in Luxura featuring courtyard homes concept; while
Gamuda Cove will be launching Mio Springs, continuing the
Japanese minimalist concept at Enso Woods, offering spaces
with ample natural lighting and open, flexible layout.
Gamuda Cove will also debut its premium Southern precinct,
Wetlands Estates, through Waterlily and Heron bungalows,
overlooking the lush 90 acres wetlands Forest Park. The
bungalows are located within the biodiverse wetlands
surrounded by more than 500 species of flora and fauna.
Homes in mature developments such as Jade Hills and Horizon
Hills continue to achieve good sales mainly through curated
bespoke events, word-of-mouth or referrals from existing
homeowners. Besides placemaking and innovative home
typology, Gamuda Land has also put customers’ satisfaction
as a main priority. Continuous engagements through our
social media channels, township management team, the GL
Lifestyle app as well as regular events gave rise to referrals
of our townships and products.
Ongoing projects are:
• Gamuda Cove in Southern Klang Valley
• twentyfive.7 in Kota Kemuning
• Gamuda Gardens in Sungai Buloh
• Kundang Estates in Sungai Buloh
• Jade Hills in Kajang
• HighPark Suites in Petaling Jaya
• Bukit Bantayan Residences in Kota Kinabalu
• Horizon Hills in Iskandar Puteri
CONCESSION:
a) Expressway
The Group has completed the divestment of
the four expressways to Amanat Lebuhraya
Rakyat Berhad (ALR) on 13  October 2022.
b) Water
The operations and maintenance of the
Sungai Selangor Water Treatment Plant Phase
3 undertaken by Gamuda Water was going on
smoothly.
2 Key Messages 35
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

GROUP CHIEF FINANCIAL OFFICER’S STATEMENT

CONSOLIDATED CASH FLOW ANALYSIS CONSOLIDATED FINANCIAL POSITION ANALYSIS

RM’million 2022* 2021 RM’million 2022 2021* Variance

Net cash generated from operating activities 470 972 Non-current assets 6,919 6,618 5%
Net cash generated from investing activities 38 135 Current assets, including assets held for sale 13,344 11,805 13%
Net cash used in financing activities (320) (370)
Total assets 20,263 18,423 10%
Effects of exchange rate changes 51 9
Non-current liabilities 3,659 3,970 (8%)
Net increase in cash and bank balances, and investment securities 239 746
Current liabilities, including liabilities directly associated with the assets held for sale 6,349 4,938 29%
Cash and bank balances, and investment securities at year end 3,777 3,538
Total liabilities 10,008 8,908 12%
* Inclusive of discontinued operations.
Owner’s equity 9,905 9,164 8%
Lower operating cash inflow is contributed by higher preliminary project cost incurred during the year following the increase in number
of projects secured.
Liquidity ratio
Current ratio (times) 2.1 2.4 (0.3)
Quick ratio (times) 2.0 2.2 (0.2)
CAPITAL MANAGEMENT
Net assets per share attributable to equity holders (RM) 3.88 3.65 0.23
RM’million 2022* 2021 * 2021 comparative figures of assets held for sale has been reclassed to be consistent with 2022 classification.

Total borrowings 4,975 5,228

Total cash and bank balances, and investment securities (3,777) (3,538)

Net borrowings 1,198 1,690 TOTAL ASSETS CAPITAL EXPENDITURE REQUIREMENTS

Owner’s equity and non-controlling interests 10,254 9,516 The Group’s total assets increased by 10 percent (RM1,840) year- Major capital expenditure for the coming year is for the balance
Net gearing ratio (times) 0.1 0.2 on-year mainly contributed by higher unbilled receivables in payment for the acquisition of 13.8 acres land parcel in Binh Duong
* Inclusive of discontinued operations. Vietnam. Under Vietnam’s Law, collection from the home-buyers New City and new land in Australia, total to RM150 million. Other
is restricted to 50% of the selling price and the balance billing is capital expenditure includes the acquisitions of additional plant
The Group’s approach to capital management is to maintain a strong credit rating for its borrowings and healthy capital ratios in order upon the vacant possession of the property. and machinery of RM70 million for the new projects secured
to support its businesses. The Group aims to maintain a prudent net gearing of not more than 0.7 times. At the end of this year, the during the year.
Group’s net gearing ratio improved to 0.1 times as a result of stronger operational cash inflows from the construction and property
divisions. Following the sale of highway concession companies completed in mid-Oct, the Group will turn into net cash position. We TOTAL LIABILITIES
are on track to reward shareholders with a special dividend of nearly RM1 billion before the end of 2022. DIVIDEND PAYOUT
Total liabilities of the Group increased by 12 percent (RM1,100
million) year-on-year primarily due to project advances received
RM’million 2022 2021
The Group’s overseas projects are financed by borrowings denominated in the local currency of the country in which the business is for Australia projects and cost accruals for on-going property
located in order to provide a natural hedge on the Group’s foreign currency exposure. projects. Dividend per share 12 sen –
Dividend payout ratio 38% –

GROUP’S BORROWINGS PROFILE OWNER’S EQUITY Last year’s dividend payment was suspended as the global and
Owner’s equity increased by 8 percent (RM741 million) to RM9,905 local business and economic outlook remained uncertain due to
Borrowing due for repayment in (RM’million) <1 year 1-2 years >2 years Total
million, mainly due to the earnings during the year. new variants of COVID-19 detected and also to conserve cash to
FY2022 1,639 432 2,904 4,975 sustain operations like most companies worldwide.
FY2021 1,452 1,004 2,772 5,228
QUICK RATIO The Group reinstated the normal 12 sen dividend payout in FY2022
The Group’s borrowing profile as at year-end improves, as shown by the followings: as our financial performance this year was extremely encouraging.
The Group’s strong liquidity in covering two times of short-term
• lower total borrowings at end of this year as the Group pared down debts on the back of stronger operating cash inflow. payables is testimony to the Group’s strong financial strength.
• short-term borrowings due within two years decreased by RM500 million as the Group refinanced short-term borrowings with CORE RETURN ON OWNER’S EQUITY
longer term fixed-rate borrowings, prior to the global interest rate hikes. Two-thirds of borrowings are subject to fixed interest
rate entered into prior to the recent global interest rate hike. The Group’s core return on owner’s equity improves to 8 percent
from 6 percent last year due to stronger construction and property
earnings.

36 2 Key Messages 2 Key Messages 37

VALUE CREATION
AT GAMUDA
40 Our Approach to Value Creation

42 Our Key Capitals

44 Our Value Creating Business Model

46 Stakeholder Engagement

50 Value We Create and Distribute

MRT Putrajaya Line (Conlay Station), Kuala Lumpur, Malaysia

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

OUR APPROACH TO VALUE CREATION

In seeking to create value for Gamuda and our stakeholders we adopt an integrated approach that considers key trends in our operating
environment that have an impact on our operations; the needs and expectations of our stakeholders; as well as key sustainability EMBEDDING ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) PRACTICES
issues. We assess the risks and opportunities of these various factors in order to develop a business strategy that will steer us towards
The Gamuda Green Plan 2025 is Gamuda’s roadmap towards driving ESG within the Group. It empowers Gamuda to strategically
attaining our corporate goals and our ability to create value in the short, medium and long-term. Throughout this entire value creation
address ESG risks and opportunities, towards delivering the greatest positive impact and value. The Gamuda Green Plan 2025
chain, we remain cognisant of our values and uphold the highest standards of governance to ensure that everything we do reflects
comprises four pillars: Sustainable Planning and Design for Construction; Our Community is Our Business; Environmental
our commitment to integrity, transparency and sustainability.
and Biodiversity Conservation and Enhancing Sustainability via Digitalisation.

ASSESSING OUR CONTEXT IDENTIFY AND PRIORITISE INTEGRATE OUR STRATEGY INTO
OUR MATERIAL ISSUES CREATING VALUE
BUSINESS MODEL

ASSESS AND EVALUATE OUR OPERATING CONTEXT IDENTIFY, PRIORITISE AND FORMULATE The ultimate purpose of our business is to create long-
pages 67-70 BUSINESS MODEL pages 44-45
INTEGRATE MATERIAL MATTERS BUSINESS STRATEGY term value for all our stakeholders. We track our results
We actively monitor and evaluate the operating environment in order to achieve and outcomes through various Key Performance Indicators
We seek to actively manage our activities
optimum business performance. Material matters are those with the potential to We seek to achieve sustainable growth (KPIs), measured against our strategies and strategic thrusts.
and their impacts to ensure we enhance the
Global and local market trends and events - including COVID-19, trade wars/ affect our value creation and the achievement through the 3Cs of capacity, capability and positive and minimise the negative outcomes
sanctions, socio-economic challenges, and supply and demand disruptions – could of our strategy in the short, medium or long- competitiveness. This is encapsulated in the of our business model, thereby generating
impact our performance and business continuity hence also our abiity to create term. These matters outlines our strategy to four focus areas of: and sustaining value for all our stakeholders.
manage risks and maximise the opportunities
value. These are reflected in our risk management and shape our strategies.
that present themselves. We undertake materiality
• Business growth, especially within the Value, for us,
pages 56-58 assessments in order to determine the matters
region
means meeting our
• Digitalisation and innovation
that are important to our stakeholders. stakeholders’ goals
• Talent development
STRENGTHENING STAKEHOLDER RELATIONSHIPS During our materiality review, we identified and
prioritised the following key matters: • Focus on Environmental, Social and
Stakeholders’ needs are continually evolving. We regularly engage with our key Governance (ESG)
stakeholders in order to understand their perspectives and to create transparency 1. Economic Performance
in our strategies and objectives, and at the same time, align and balance their 2. Climate Action A source of sustained growth in
expectations with our business priorities. 3. Innovation total returns for investors and
4. Biodiversity ALLOCATE OUR funders
Delivering value to stakeholders influences our reputation. Our success and pages 42-43
5. Safety and Health RESOURCES
sustainability depend on the support of our stakeholders and as such it is essential
for us to understand and be responsive to their needs and interests as these
would ultimately influence the execution of our strategies and value creation. When making decisions on how to manage
and grow our business, we take into account
An employer of choice for
Our key stakeholders include: the resources and relationships that are critical
to our ability to create value. We refer to these EN
ABLIN
G SER
VI CE employees
• Customers/Clients • Business Partners S

• Employees • Government and Regulators pages 59-60 as the six capitals. Inputs of each are needed
• Shareholders, investors/financiers, • Media for the effective management, production and
analysts • Communities delivery of our products and services, thereby
ENGINEERING AND
• Suppliers/Contractors generating value for all stakeholders CONSTRUCTION
(outcomes). A differentiated provider of
pages 46-49 integrated township development
Our performance and growth rely on the
disciplined allocation of the following capitals:
IDENTIFY RISKS AND OPPORTUNITIES
INFRASTRUCTURE PROPERTY
The risks and opportunities inherent in the industries that we are involved in – CONCESSIONS* DEVELOPMENT
engineering and construction, property development, and the management of A preferred business partner for
infrastructure – impact our strategy to create value. We monitor all risks and vendors and suppliers
mitigate them via effective risk management (pages 113-116). Each risk also Financial Human Intellectual
represents opportunities which we leverage to enhance our operations. CA
PIT NT
AL MANAGEME
Our key risks include:
1. Strategic Risks 4. Reputational Risks
Manufactured Social and Natural A responsible community partner /
2. Regulatory/Compliance Risks 5. Operational Risks
3. Financial Risks Relationship developer

pages 61-66

* The Group completed the divestment of the four expressways on 13 October 2022.

40 3 Value Creation at Gamuda 3 Value Creation at Gamuda 41

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

OUR KEY CAPITALS We rely on various resources and relationships in order to carry out our operations effectively. These resources and relationships form
our key capitals. As these capitals are essential, we seek to grow their overall stock, recognising, however, that certain capitals play
off each other hence growth in one may cause a decrease in another. Below, we provide a brief description of our six key capitals,
broadly categorised as financial, manufactured, intellectual, human, social and relationship and natural.

Social and
Financial Manufactured Intellectual Human Natural
Relationship
Capital Capital Capital Capital Capital
Capital

This comprises the pool of funds available
to us in the form of retained earnings,
debt and equity funding. Financial capital
is used to enhance our stakeholder value
by driving innovation and growth via
investments in emerging technologies
and the capacity and competency of our
people. Our objective is to maintain a
strong cash flow and a robust balance
sheet while continuing to be agile in
responding to opportunities and
mitigating risks.
Total Equity:
RM10 billion
Borrowings:
RM4.9 billion
Cash Balance:
RM3.8 billion
Net Gearing:
12%
Net Cash Generated from
Operating Activities:
RM470 million
This encompasses our premises, training
centres and the machinery including
other physical assets that we own or use
in carrying out our operations – from
our Digital Industrialised Building System
(IBS) facilities and Autonomous Tunnel
Boring Machine (A-TBM) to the Tunnelling
Training Academy (TTA), Gamuda Plant
Operating School, BIM Academy and
KVMRT Safety Training Centre. We
maintain and manage these assets to
derive optimum value from them.
Elevating digital excellence –
digital engineering; tunnel research
and development; digital contracts
and commercial; data warehousing
Integration of customer
relationship management tools
Conducting complimentary
Environmental, Social and
Governance (ESG) training to over
3,000 partners in Gamuda’s supply
chain in an effort to reduce our
Scope 3 emissions
99.41%
of our total spent on services
and goods sourcing went to
local suppliers
Our intellectual capital is made up of all
the digital systems and processes that
underlie our operations, as well as various
technologies that we have invested in,
including Digital IBS, Building Information
Modelling (BIM) and TBM. It also
encompasses the expertise we have
developed over the years in master-
planning townships and tunnel boring,
among others. Leveraging our intellectual
capital, we seek to constantly innovate
so as to create optimum economic
efficiencies while protecting and
enhancing the environment.
Australia will have its first
A-TBM, which will be
used to build the two 9km rail
tunnels as part of the Sydney Metro
West – Western Tunnelling Project.
These A-TBMs utilise artificial
intelligence and are developed by
Gamuda to automatically steer,
operate and monitor a number of
TBM functions
100% Digital IBS adoption across
Gamuda Land’s developments
Improved and integrated green
technology products – utilising
circular economy principles to
reduce the lifecycle impact of
the project (concrete crush
reuse on-site, clean asphalt
pavement, steel composite
material replacement)
We recognise our people as our most
important asset and strive to enhance
their capabilities as well as competencies
through continuous training and professional
development. We place emphasis on
creating a highly engaged workforce and
motivating our young talents by including
them in our succession planning. Further
optimising our human capital, we seek
to nurture an inclusive workplace that
promotes diversity.
3,895
employees Group-wide, with an
average turnover rate and hiring
rate at 16 percent and
27 percent, respectively
31%
women in management
RM1.85 million
spent on training and development
Set up of Anti-Modern Slavery
Taskforce to treat workers fairly
and with dignity
Established Human Rights Policy,
Anti-Bribery and Corruption
Policy and Public Relations and
Stakeholder Management Policy.
These policies are linked to the
Group’s Code of Conduct and
Business Ethics, Whistleblower
Policy and Group ESG
Policy Statement
We are involved in an extensive web of
relationships with various stakeholders, all
of whom are important to us. To strengthen
our relationships with these stakeholders,
we engage with them to understand their
needs and expectations of Gamuda.
Among our key stakeholders are our
employees, customers/clients, shareholders
and investors/financiers, suppliers and
contractors, business partners, the
government and regulators, media and
communities. Their interests influence our
strategies and decision-making.
RM13 million
investment via the Gamuda
Scholarship
Outreach of over 1,229 of social
change makers for community and
education empowerment,
environment and wildlife protection,
and crisis relief via the Star Golden
Hearts Award, with which Gamuda
has been a long-standing partner
for the last six years
Plan to create at least 200
employment opportunities at our
arboretum and nurseries for
the Orang Asli
Gamuda is the first and only
corporate company in Malaysia to
operate Employment Transition
Programme (ETP) for people
with autism
As a leading property developer, land
forms a key natural capital that we
transform into thriving townships that
support vibrant and cohesive communities.
Other than land, we depend on energy
and water to conduct our operations.
Cognisant of the need to use natural
resources efficiently, we have adopted
various initiatives to reduce waste and
emissions in order to ensure that future
generations will have access to sufficient
natural capital for their purposes.
612,072 trees
and saplings nurtured
Energy consumption of
30,865MWh
Water consumption of
1.2 million m³
14 EV stations
in operation
4,650
solar panels retrofitted with a total
electricity generation of 921.78MWh
A total of
79 species
were identified in the IUCN Red
List (21 critically endangered and
endangered, 24 vulnerable and 34
near threatened

42 3 Value Creation at Gamuda 3 Value Creation at Gamuda 43

 GAMUDA BERHAD 197601003632 (29579-T)
OUR VALUE CREATING
BUSINESS MODEL
OUR CAPITALS
INPUTS
FINANCIAL CAPITAL
• Total equity RM10,254 million
• Borrowings RM4,975 million
• Cash balances RM3,777 million
• Net cash generated from operating activities
RM470 million
MANUFACTURED CAPITAL
• Digital excellence – engineering, tunnel R&D,
contracts and commercial, data warehousing
• Integration of customer relationship management
tools
• Environmental, Social and Governance (ESG)
training to Gamuda’s supply chain in effort to
reduce Scope 3 emissions
INTELLECTUAL CAPITAL
• Autonomous Tunnel Boring Machine (A-TBM)
• Gamuda Digital Industrialised Building System
(IBS)
• Building Information Modelling (BIM)
• Integrated green technology products
HUMAN CAPITAL
• 3,895 employees
• Optimising human capital growth with enhanced
competencies through training and development
• Set up of Anti-Modern Slavery Taskforce to treat
workers fairly and with dignity
SOCIAL AND RELATIONSHIP CAPITAL
• Commit to community investment of 2% of the
Group’s profit via Yayasan Gamuda
• Star Golden Hearts Award (SGHA) and Gamuda
Inspiration Award (GIA) – to empower social
change makers
• Enabling Academy (EA) – Employment Transition
Programme (ETP) for young adults with autism
NATURAL CAPITAL
• Gamuda Parks – for biodiversity conservation and
education
• Gamuda Green Plan 2025 – decarbonisation
pathway towards net zero
• Indigenous participation – Reconciliation Action
Plan, and employment opportunities at Gamuda’s
Arboretum and nurseries
44 3 Value Creation at Gamuda
INTEGRATED REPORT 2022
OUR VISION
We lead the region in innovative breakthrough solutions
OUR MISSION
We reliably deliver innovative infrastructure solutions and premier townships
for large-scale public infrastructure and property
developments.
for our stakeholders through our core businesses in engineering and
construction, property developments and infrastructure concessions.
E N A B L E V A L UE -A D D I N G A C T I V I T I E S
T HA T C REA TE V A L U E F OR OU R S TA K EH OL D ER S
MATERIAL MATTERS
KEY MARKET TRENDS OUTCOMES
Economic
Innovation and • Economic Performance FINANCIAL CAPITAL
Slower Economic Sustainability and Environmental,
Recovery Digitalisation Social and Governance (ESG) • Innovation
• Group posted all-time-high post-tax earnings of RM806 million
• Customer Satisfaction • Dividend payout ratio: 38% (RM304 million)
Depreciating Ringgit and Increasing Shifting Demographics and Evolving • Supply Chain Management • Resilience of the Group is underpinned by construction order book exceeding RM15 billion and
Interest Rates Consumer Trends • Governance unbilled property sales of RM6.2 billion
• Strategic property landbank in Malaysia, Vietnam, Singapore, Australia and the United Kingdom.
• Indirect Economic Impacts
Balance GDV of RM52 billion for remaining landbank
Environmental
• Climate Action
• Biodiversity MANUFACTURED CAPITAL
• Effluents and Waste • First main contractor in Malaysia to receive the BSI (British Standard Institution) Kitemark™
• Water Management certificate for Design, Construction and Commissioning
• Materials • 99% of spending is on local suppliers
• Gamuda Cove, the first private development to be accorded with a 5-diamond recognition for the
• Land Remediation, Contamination or Low Carbon City 2030 Challenge
Degradation
BUSINESS Social
ACTIVITIES • Safety and Health
• Employee Management
• Marketing and Labelling
INTELLECTUAL CAPITAL
• Overall Most Outstanding Company in Malaysia, and Most Outstanding Company in Malaysia in the
• Stakeholder and Community Relations Construction and Engineering Sector by Asiamoney
• A-TBM won Major Project of the Year by the Swiss-based International Tunnelling and Underground
• Customer Privacy Space Association; Tunnelling Project of the Year by the New Civil Engineer; and International
ENGINEERING AND Project of the Year at the Ground Engineering Awards by the British Geotechnical Association
CONSTRUCTION
STRATEGIC PILLARS
• Digitalisation and innovation HUMAN CAPITAL
• Talent development • United Nations Women Malaysia WEPs 2022 Award for Gender Inclusive Workplace
• Sustainability/ESG • Asia Corporate Excellence and Sustainability (ACES) Awards 2022 for Top Workplaces in Asia
• Five Star Occupational Health and Safety Audit (Five Stars), British Safety Council rating for four
consecutive years and three years with Sword of Honour awards
• Gamuda is the first Malaysian company to win the Excellent Honour in Construction Golden Safety
Award 2022 in Taiwan
KEY RISKS
• Cost escalation and disruption of
supply chain SOCIAL AND RELATIONSHIP CAPITAL
• Weakening market conditions • Invested RM13 million in 2022 via Gamuda Scholarship
• Hike in interest rate and weakening • RM120,000 (only one winner) to organisations/individuals with an extraordinary commitment to
social work via Gamuda Inspiration Award
INFRASTRUCTURE PROPERTY ringgit • 82% of EA graduates received job placements in various industries
CONCESSIONS* DEVELOPMENT • Capital and liquidity risk
• Changes in government policy
• Delay in work progress
• Safety at the workplace NATURAL CAPITAL
• Modern slavery
• >60% progress towards one million trees and saplings planting commitment by 2023
• Digital and innovation space • Group’s FY2022 emissions intensity is 6 tonnes CO₂e
• 200 employment opportunities for the Orang Asli at the arboretum
• Business interruption due to • Eco-tourism development with the Kelabit community via the building of Batu Patong Eco Village at
inaccessibility of IT systems Bario Highland, Sarawak
* The Group completed the divestment of the four
expressways on 13 October 2022.
• Climate change and biodiversity
GOVERNANCE •  Supported by strong governance and effective Board leadership Integrated with Sustainability/ •  Gamuda Green Plan 2025  •  Science Based Targets initiative (SBTi), Task Force on Climate-related Financial Disclosures (TCFD)
•  Robust Corporate Governance Ecosystem ESG strategies •  United Nations Sustainable Development Goals (UN SDGs)
3 Value Creation at Gamuda 45
GAMUDA BERHAD 197601003632 (29579-T)
STAKEHOLDER ENGAGEMENT
Our stakeholders are those who either have an impact on our operations or are affected by them. Recognising their importance, we
engage with them on various different platforms in order to understand their expectations of Gamuda and to communicate with them
our plans, objectives and values. We continuously seek to strengthen our stakeholder relationships to optimise our value creation, as
encapsulated in our Public Relations and Stakeholder Management Policy.
Who They Are
Our customers are those
who have purchased or are
potential purchasers of our
properties, while our clients
comprise those to whom we
CUSTOMERS/ provide engineering and
CLIENTS construction delivery
solutions.
Who They Are
The 3,895 individuals
employed by Gamuda
comprising full-time or on a
contractual basis.
EMPLOYEES
Who They Are
Our shareholders own
shares/equity in Gamuda,
while our investors/financiers
SHAREHOLDERS, provide funds (including via
INVESTORS/
equity), and analysts who
FINANCIERS, evaluate publicly listed
ANALYSTS companies.
Who They Are
Suppliers provide us with
goods required in our
SUPPLIERS/ operations, including
CONTRACTORS sustainability programmes,
while contractors carry out
construction activities.
46 3 Value Creation at Gamuda
Why We Engage
Customers and clients drive
demand for our
developments and share
insights on future trends. It
is important to understand
their needs in order to meet,
or indeed exceed, their
expectations and
requirements.
Why We Engage
Employee engagement is vital
for a sense of connection
and maintaining high levels of
motivation. This leads to
employee retention, enhanced
productivity and work quality.
We also engage our
employees to ensure they
share our corporate values.
Why We Engage
Our shareholders and
investors/financiers provide
critical financial capital, while
analysts assess and
disseminate information on
the Group’s performance
and prospects.
Why We Engage
We depend on our suppliers/
contractors for the timely
delivery of quality products
and services. We also seek
to ensure that our suppliers/
contractors uphold a high
standard of ethics and integrity.
Engagement Platforms
• Customer loyalty programme O
• Dedicated customer
mobile app O
• Social media O
• Events and campaigns O
• Experience galleries O
• Websites O
• Meetings with infrastructure
clients O
• eDMs M
• Customer surveys A
Engagement Platforms
• Internal communication
(newsletter, emails,
Gamuda Workplace) O
• Mentoring O
• Training, coaching and
workshops M
• Townhalls Q
• Events and employee
O
activities • Set-up of in-house COVID-19 testing laboratory, Centralised Labour
• Special briefings O
• Performance appraisals A
• Employee surveys O
Engagement Platforms
• Investor briefings Q
• Annual General Meetings (AGM)
and Extraordinary General
Meetings (EGM) A
• Investor conferences O
• Virtual marketing roadshows O
• One-on-one and group
meetings O
• Project site visits O
Engagement Platforms
• e-Procurement system O
• Supplier training O
• Suppliers performance
evaluation A
INTEGRATED REPORT 2022
Number of Stakeholders Engaged in 2022
Customers/ Employees Shareholders, Investors/ Suppliers/ Business Partners Government Media Community
Clients Financiers, Analysts Contractors and Regulators
40,000 3,895 18,988 3,722 672 18 120 9,739
Key Concerns Our Responses
• Sustainable products of high quality • GL Lifestyle app allows customers’ feedback to be addressed
• Speed of customer service response promptly
• Integrate green elements into our masterplans including reforestation
• Ability to deliver finished infrastructure according to
using the Miyawaki method
agreed time frame and budget
• Adherence to quality construction standards, e.g. Infrastructure
Sustainability Council (ISC), Quality Assessment System for Building
Construction Works (QLASSIC), Quality Gate Assessments (QGA)
and Green Building Index (GBI)
• Application of digital construction and Industrialised Building System
(IBS) for greater cost, operational and safety efficiencies
• Stringent project management with oversight of budget and progress
Key Concerns Our Responses
• Competitiveness in remuneration • Inclusive, fair and attractive remuneration and benefits
• Career development and training opportunities • Continuous on-the-job training as well as professional development
at training centres
• Safety and well-being
• Work-life balance • Subscription to LinkedIn Learning and Pluralsight to allow employees
to learn anytime, anywhere
• Company direction and performance, leadership quality
• Flexi-work arrangements
and company branding
• All operational sites are ISO 45001 (Occupational Health and Safety
• Effective communication
Management Systems) certified
• Business continuity during the pandemic (hence
continuity in employment for our employees)
and Quarantine Quarters, and clinics
• Employee pulse surveys
Key Concerns Our Responses
• Dividends and growth prospects • Timely release of quarterly and annual financial results
• Timely and accurate information on business strategies • Transparent communication with financiers
and performance
• Addressing shareholders’ questions in AGM/EGM and uploading
• Good management and governance resulting in a strong questions and answers on the website
triple bottom line Environmental, Social and Governance • Establishment of an investor relations (IR) function dedicated to
(ESG) engaging with our investing community
• Development of sound business and sustainability strategies
• Comprehensive risk management
Key Concerns Our Responses
• Transparency and objectivity in procurement processes • Continuous enhancement of digital procurement processes
• Knowledge sharing and capacity-building • Provision of training programmes to upskill our suppliers/contractors
• Timeliness in payment transaction • Easy access to our policies and values
• Requirement that suppliers sign our Declaration of Compliance
and/or AB&C Clause embedded in their contract
Legend: O Ongoing M Monthly Q Quarterly A Annual
3 Value Creation at Gamuda 47
GAMUDA BERHAD 197601003632 (29579-T)
STAKEHOLDER ENGAGEMENT
Who They Are
This group encompasses our
joint venture (JV) partners and
BUSINESS
partner companies that offer
PARTNERS
training, job trial, internship or
job opportunities to Enabling
Academy (EA) graduates.
Who They Are
Central and state/regional
governments of the markets
that we operate in, and
agencies that regulate the
industries in which we have a
GOVERNMENT presence.
AND
REGULATORS
Who They Are
Newspapers, digital news,
radio and TV stations.
MEDIA
Who They Are
Society in general, and
especially pockets of
communities that are
marginalised.
COMMUNITIES
48 3 Value Creation at Gamuda
Why We Engage
It is important to cooperate
and collaborate with our
partners to establish and
achieve our shared business
objectives.
Why We Engage
Governments, through their
regulatory bodies, maintain
and review standards in
various industries. Through
regular engagement, we are
kept apprised of changes in
the regulatory environment to
ensure compliance. We also
provide input on various
aspects of the industry,
including ESG matters.
Why We Engage
The media is a key channel
through which information
on Gamuda is disseminated
to the public in a manner
that is objective and reliable.
Why We Engage
We believe we have a duty
to integrate with
communities where we
operate to understand their
needs and to contribute in
ways that improve their lives.
Engagement Platforms
• Meetings O
• Progress updates Q
• Site visits O
• Awareness sessions
and training O
Engagement Platforms
• Dialogues O
• Participation in government
and regulatory events
including competency
trainings O
• Roundtable discussions O
• Reporting
O
• Employment Transition
Programme (ETP) Practitioners’
Workshop O
• Resource sharing
(ETP trainer’s manual) O
Engagement Platforms
• Press releases Q
• Media briefings Q
• One-on-one interviews O
Engagement Platforms
• Works – dedicated project
information centres O
• Training centres O
• Gamuda full scholarship
programme O
• ETP for adults on the autism
spectrum O
• ETP Practitioners’ Workshops O
• Feedback and surveys A
• Resource sharing (ETP trainer’s
manual) O
Key Concerns
• Ability to undertake and complete delivery efficiently
• Establishing relationships based on trust and integrity
• Lack of experience in the recruitment of neurodivergent
employees
Key Concerns
• Company’s compliance with all relevant regulations
• Maintenance of corporate governance and best business
practice
• Lack of structured ETP nationwide to equip persons
with disabilities for sustainable employment
Key Concerns
• Transparency and timeliness in communicating
information and progress updates to stakeholders
• Gamuda’s integrity and commitment to creating value
for stakeholders
Key Concerns
• Addressing the construction sector manpower and
upskilling needs for future national infrastructure projects
• Inability of outstanding students to fund their tertiary
education
• Inequitable wealth distribution
• Lack of employment opportunities for persons with
disabilities
Legend: O Ongoing M Monthly Q Quarterly
INTEGRATED REPORT 2022
Our Responses
• Two-way and transparent communication
• Timely updates of company strategy and performance via monthly
reporting, meetings and emails
• ETP at EA which equips employers to support employees on the
autism spectrum
Our Responses
• Integrity and Governance Unit (IGU) ensures a high level of integrity
and good governance across the Group
• Business Units monitor their risks to ensure full compliance with
regulations
• Continuous review and updates to our governance framework and
policies to be current and relevant
• Participation in industry committees e.g. CEO Action Network (CAN),
Master Builders Association Malaysia (MBAM), Real Estate and Housing
Developers’ Association (REHDA) and National Economic Action
Council (NEAC) on drafting policy white papers and recommendations
such as the National Policy on Biological Diversity 2016-2025
• EA ETP Practitioners’ Workshops and trainer’s manual ensure more
quality ETPs to be implemented nationwide to equip persons with
disabilities for sustainable employment
Our Responses
• Group Corporate Communications team invests in building and
maintaining strong relationships with various media houses
• Open door policy to engaging with the media
• Timely response to all media enquiries by relevant parties
Our Responses
• Establishing specialised training centres such as Gamuda Learning
Centre (GLC), Gamuda Plant Operator School (GPOS) and Tunnelling
Training Academy (TTA)
• Star Golden Hearts Award (SGHA) and Gamuda Inspiration Award
(GIA) empower social enterprises to facilitate community building
• Gamuda Scholarship – full tuition and accommodation expenses
covered
• Enabling Academy (EA) – ETP equips adults on the autism spectrum
with soft skills and job training for job placements
• EA conducts ETP Practitioners’ Workshops and shares ETP trainer’s
manual to replicate the ETP nationwide, equipping more persons
with disabilities for sustainable employment
• Engage with Orang Asli communities via Binturong Alam Ventures
and the Asli Co to be part of nature conservation activities
A Annual
3 Value Creation at Gamuda 49
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

VALUE WE CREATE AND DISTRIBUTE

CUSTOMERS AND CLIENTS SHAREHOLDERS, INVESTORS/FINANCIERS AND ANALYSTS

STAKEHOLDER VALUE CREATED VALUE FOR GAMUDA STAKEHOLDER VALUE CREATED VALUE FOR GAMUDA

• Quality lifestyle from sustainable products in township developments
and vertical communities that meet and exceed customer demand
• Appreciation in property value as they mature due to thorough
and strategic master-planning
• High level of project management to deliver quality infrastructure
on time and within budget
• Healthy sales of properties, ensuring steady cash inflow to support
ongoing projects and new developments
• Enhanced market reputation as a reliable and trustworthy property
developer that also ensures holistic and sustainable lifestyles
• Strengthened track record facilitating the award of more infrastructure
projects regionally
• A high-performance culture contributing to attractive returns
(dividends) and growth in investments (share price)
• Good governance and the maintenance of a culture of integrity
and environmental responsibility, thus ensuring sustainable value
• Transparent and timely disclosure of financial and non-financial
results
• Open channels for transparent dialogue
• Steady returns through reliable debt and interest payments
• Access to critical funds for business continuity and growth
• Sound financial strategies and management will enhance our top
and bottom lines
• Strong internal controls ensure we are at par with global Environment,
Social and Governance (ESG) best practices
• Reputation as an ESG stock will increase our pool of potential
investors

RISKS
• Challenges in meeting deliverables due to financial, operational or
other reasons beyond our control
• Challenges in meeting high expectations of our people-centred,
environmentally-conscious brand promise
• Challenges in keeping up with ever-changing trends and customer
demand
OPPORTUNITIES
• Embrace the latest technologies to enhance efficiencies and offer
the best products to customers/clients at the best price points
• Introduce new digital channels of communication with customers/
clients and maintain an open dialogue
• Increase the skills, experience and capabilities of our employees
to remain relevant
RISKS
• Socioeconomic and political factors beyond our control could
impact the business climate hence our financial performance
• Loss of liquidity to serve debt and interest payments
OPPORTUNITIES
• Continue to expand business operations in regional markets
• Upgrade our digital and technical infrastructure and capabilities
for a competitive edge
• Expand the business to renewable energy space
• Entrench a culture of integrity and compliance
• Access to funding at competitive rates

RELATED CAPITALS RELATED MATERIAL MATTERS RELATED SDGs

RELATED CAPITALS RELATED MATERIAL MATTERS RELATED SDGs

 
         

EMPLOYEES SUPPLIERS/CONTRACTORS

STAKEHOLDER VALUE CREATED VALUE FOR GAMUDA STAKEHOLDER VALUE CREATED VALUE FOR GAMUDA

• Competitive remuneration and attractive benefits
• Opportunities for learning and development, accompanied by career
growth
• Work-life balance through flexible work arrangements
• Stringent safety programmes to protect our employees’ well-being
• Inclusivity through fair employment practices and gender equality
• Engaged employees make valuable contributions to deliver on
business strategy, while serving as brand ambassadors
• Diverse employee profile enriches our collective knowledge and
perspectives, enhancing our decision-making capability
• High-performance culture that is commercially focused, client-
centred and innovative
• Business continuity from a smooth transition of younger talent to
fill increasingly more senior management positions
• Transparent and fair procurement processes, with a preference for
local suppliers/contractors where possible
• Provision of training to enhance suppliers’/contractors’ competencies
and capabilities
• Exposure and guidance with regard to ESG practices
• Opportunity to work on world-class infrastructure projects which
would strengthen suppliers’/contractors’ portfolios
• Effective cost management by engaging with suppliers/contractors
who can offer the best value
• Good relationship with suppliers/contractors safeguards operational
continuity and the ability to complete projects on time
• Establishment of an ESG-compliant supply chain elevates Gamuda’s
reputation as a regional ESG champion

RISKS
• Delay in meeting deliverables due to lack of relevant skills or
experience
• Inability to attract and retain quality talent
• Inability to meet the high expectations of a people-centred brand
promise
• Mismatch between our employee value proposition and the
expectations of the younger generation and changing workforce
OPPORTUNITIES
• Create greater visibility of Gamuda’s employee value proposition
• Widen our net to reach more high-potential talents
• Increase our scope of engagement across the board and provide
more avenues for feedback to truly understand our employees’
needs and expectations
• Continually enhance training opportunities to ensure all employees
realise their true potential
RISKS
• Inability of suppliers/contractors to meet their deliverables and
quality level
• Lack of alternative suppliers/contractors for key products/services
in the event of an unexpected disruption in the existing supply
chain
• Suppliers’/contractors’ lapse in ESG practices, causing reputational
damage
OPPORTUNITIES
• Thorough due diligence prior to engaging a new supplier/contractor
• Maintenance of a pool of potential suppliers/contractors
• Annual audits to ensure suppliers/contractors meet our criteria
• Training and capacity-building to enhance our suppliers’/contractors’
capabilities
• Sharing of ESG best practices to build and maintain an ESG-
compliant supply chain

RELATED CAPITALS RELATED MATERIAL MATTERS RELATED SDGs RELATED CAPITALS RELATED MATERIAL MATTERS RELATED SDGs

             

50 3 Value Creation at Gamuda 3 Value Creation at Gamuda 51

GAMUDA BERHAD 197601003632 (29579-T)
VALUE WE CREATE AND DISTRIBUTE
BUSINESS PARTNERS
STAKEHOLDER VALUE CREATED
• Contributing to a robust construction and property sector
• Access to cutting-edge technologies such as the Autonomous
Tunnel Boring Machine (TBM) and digital solutions such as
Industrialised Building System (IBS)
• Manpower training at one of Gamuda’s eight technical training centres
• Assurance of collaborating with a socially responsible organisation
committed to ESG practices
• Track record of having successfully completed numerous large
and complex infrastructure projects
• Inclusive and diversified workplace
RISKS
• Lack of collaboration or cohesion resulting in project delays
• Insufficient engagement leading to communication breakdown
• Mismatch in organisational cultures resulting in different approaches
to important aspects of project management
• Change of partner companies’ management affecting the job
placement of employees with autism
• Insolvency of partner company due to financial mismanagement
RELATED CAPITALS RELATED MATERIAL MATTERS
 
GOVERNMENT AND REGULATORS
STAKEHOLDER VALUE CREATED
• Compliance with regulations contributes toward a healthy and
sustainable economic ecosystem in the country
• Contribution to government treasury via taxes
• Relevant industry input on developing new policies
• Support for various government agendas, such as enhanced
corporate responsibility in averting corruption and the transition
to a low-carbon circular economy
• Enhance Malaysia’s reputation as a country to invest in averting
corruption, the transition to a low-carbon circular economy and
promoting employment opportunities for persons with disabilities
RISKS
• Lack of awareness of changes in regulation
• Existing protocol and changes of agencies’ management could
cause delay in collaboration
• Non-compliance resulting in reputational damage as well as fines
• Increasing regulations could increase our cost of operations
• Regionalisation will increase Gamuda’s exposure to more and
different regulatory environments
RELATED CAPITALS RELATED MATERIAL MATTERS
52 3 Value Creation at Gamuda
VALUE FOR GAMUDA
• Ability to leverage niche abilities and skills of business partners
• Sharing of best practices with other leading players in the region
• Creation of mutually beneficial operational synergies
• Access to projects in regional markets
• Ability to complete projects faster with added resources and
intellectual capital
• Exemplary model in creating an inclusive and diversified workplace
OPPORTUNITIES
• Thorough due diligence prior to entering into a partnership
• Proper planning and agreement on the scope of work of each party
• Constant engagement and communication to strengthen relationships
and build confidence
• Provision of training and support systems to equip partner companies
with skills to support employees with autism
• Knowledge sharing to enhance collective expertise and skills
• Provision of support systems to enable the successful completion
of projects
RELATED SDGs
VALUE FOR GAMUDA
• Engagement with government/regulators allows them to see us
as a clean and credible entity in a competitive market
• Compliance with regulations ensures an effective system of checks
and balances that will strengthen our sustainability
• Greater assurance of business continuity hence also increased
productivity and performance
• Opportunity to provide input on new regulations/policies
OPPORTUNITIES
• Strengthen relationships with different regulatory bodies
• Fully-sponsored ETP Practitioners’ Workshops and trainer’s manual
increase collaboration opportunity to bridge the current gap
• Continuous enhancement of compliance systems
• Adoption of best practices in regulatory risk management
• Better understanding of business and operational risks, enhancing
our problem-solving capabilities
RELATED SDGs
INTEGRATED REPORT 2022
MEDIA
STAKEHOLDER VALUE CREATED VALUE FOR GAMUDA
• Access to senior management for accurate and insightful information • Ability to disseminate financial and non-financial information on
• Speedy response to requests for information or interviews Gamuda to the public
• Greater profile of Gamuda’s capabilities, values and products
RISKS OPPORTUNITIES
• Slow response to media requests • Develop stronger ties with media houses through more engaging
• Presentation of false or inaccurate information regarding the Group events
• Possibility of being seen as greenwashing • Leverage media interest to share important financial as well as
ESG-related information
RELATED CAPITALS RELATED MATERIAL MATTERS RELATED SDGs
COMMUNITIES
STAKEHOLDER VALUE CREATED VALUE FOR GAMUDA
• Enhancing manpower skills in the construction sector • Reaffirms our social licence to operate
• Empower young adults on the autism spectrum to gain sustainable • Reputation in the market as a company that is committed to
employment and have a better quality of life uplifting society
• Empower practitioners nationwide (such as special education • Graduates of Enabling Academy (EA) contribute to greater diversity
teachers, vocational trainers and job coaches) to implement in the Group and its partner companies
structured employment transition programme to address high • Learn traditional methods of managing biodiversity and reforestation
unemployment among people with disabilities from Orang Asli partners
• Provide the opportunity for outstanding students from lower-income
families to pursue tertiary education and attain skills through
technical related programmes
• Empower social enterprises and individuals via the Gamuda
Inspiration Award and Star Golden Hearts Award
• Empower the Orang Asli community from neighbouring villages
to generate sustainable revenue
RISKS OPPORTUNITIES
• Events (such as pandemics) that disrupt our ability to carry out • Social return of investment (ROI) reporting in measuring impacts
community projects on the community
• Low take-up rate and inability of partner organisations to sustain • Create positive changes in the lives of the marginalised
their social community programmes • Continuously looking for worthy programmes to support
• Resource sharing and existing public outreach initiatives such as
awareness, workshops and talks help to bridge the current gap
RELATED CAPITALS RELATED MATERIAL MATTERS RELATED SDGs
3 Value Creation at Gamuda 53
MANAGEMENT
DISCUSSION
AND ANALYSIS
A. STRATEGIC REVIEW
56 Key Market Trends

59 Material Matters

61 Key Risks and Mitigation

67 Strategic Performance Review

71 Key Performance Metrics

B. PERFORMANCE REVIEW
72 Group Five Years Financial Highlights

74 Group Segmental Performance

75 Simplified Group Statements of Financial Position

76 Group Quarterly Performance

77 Statement of Value Added and Distribution

78 Investor Relations

81 Share Performance

82 Financial Calendar 2022

Marine Bridge – Guantang, Taiwan

GAMUDA BERHAD 197601003632 (29579-T)
A. STRATEGIC REVIEW
KEY MARKET TRENDS
SLOWER ECONOMIC RECOVERY
After an encouraging rebound in the global economy in 2021, trade
and output are again being pressured by fresh COVID-19 outbreaks
and lockdowns (particularly in China), the Russia-Ukraine war, and
continued supply chain disruptions, among others. This has prompted
the International Monetary Fund (IMF) to downgrade its 2022 global
Our ability to create value GDP forecast made in April 2022 by 0.4 percentage points to
depends to a significant 3.2  percent in July 2022 (6.1 percent in 2021).
extent on the manner in Impact
which we respond to
external influences that are National Level
• Delays in the award of big infrastructure projects as governments
reshaping the industries in rein in capital outflow
• Low property sales as homebuyers face financial constraints
which we operate. We • High number of unsold units causing cash flow blockages
• Slow construction progress due to supply chain disruptions, foreign
therefore monitor our key and local labour shortages, and fluctuation in material pricing
market trends and • Rising inflation rates
constantly review our How We Responded
strategies to ensure
optimum performance • Leveraged our geographic diversity by focusing on regional expansion
in markets that remain buoyant, e.g. infrastructure and property
within their context. development in Australia, the United Kingdom, Singapore, Vietnam
and Taiwan
• Undertook quick turnaround property projects with higher Internal
Rate of Return in local and overseas markets
• Continued to submit proposals for infrastructure projects of value
in the local and international arenas
• Continued and enhanced PCR testing with stringent monitoring to
avert COVID-19 clusters and ensure steady progress in ongoing
projects
Outlook
The IMF is predicting further moderation of global growth in
2023, with GDP coming in at 2.9 percent. On a positive note,
the GDP growth outlook for ASEAN-5 is more encouraging,
at 5.3 percent and 5.1 percent in 2022 and 2023, respectively,
bolstered by increasing commodity prices, among other factors¹.
¹ IMF World Economic Outlook Update, July 2022
56 4 Management Discussion and Analysis – Strategic Review
DEPRECIATING RINGGIT AND INCREASING
INTEREST RATES
As a result of tightening liquidity across the board, investors are
becoming more cautious and allocating more funds towards higher-
yielding assets denominated in US dollars. This, together with the
slowdown in China – and significant loss of trade for Malaysia with
one of its strongest trade partners – has led to a depreciation of the
ringgit. Meanwhile, interest rates are increasing as central banks attempt
to battle inflation.
Impact
The weakening ringgit:
• Increasing cost of procurement, especially for imported items or
those that have imported components
• Higher cost of repaying debts in foreign currencies
• Greater value of foreign assets (such as foreign investments) in
ringgit term
Interest rate hike:
• Higher cost of financing for all our projects
How We Responded
The weakening ringgit:
• Factor in cost escalation in our contracts
• Borrowings are denominated in local currencies to minimise foreign
exchange risks
Interest rate hike:
• Locked in borrowings at fixed interest rates when rates were still
low
Outlook
Bank Negara Malaysia is likely to raise interest rates in Malaysia
in tandem with the US Federal Reserve’s aggressive rate hikes.
This would help to redress the widening exchange rate gap.
4 Management Discussion and Analysis – Strategic Review
INTEGRATED REPORT 2022
SHIFTING DEMOGRAPHICS AND EVOLVING
CONSUMER TRENDS
Two key demographic trends impacting the property industry over the
last few decades are urbanisation and ageing populations. Urbanisation
is the result of industrialisation, which attracts more people into cities.
Better healthcare and lower birth rates, meanwhile, have contributed
to ageing populations. Added to this, staying at home 24/7 during the
pandemic has shifted homebuyers’ perspective on the ideal home.
Impact
• Continuous expansion of cities into satellite areas
• The need to build upwards for lack of land in cities, or to “create”
land around cities
• Developers now have to take into consideration not only younger
generations who are purchasing homes but also growing numbers
of senior citizens who have specific needs
• Demand for homes that are more connected with nature and that
promote holistic well-being
How We Responded
• Development of townships in suburban areas of the Klang Valley,
such as Sungai Buloh and Sepang
• Involved in land reclamation in Penang for development into Penang
South Islands (PSI) – modelled as Silicon Valley
• Introduced a series of biophilic designs that promote balanced and
sustainable lifestyles with a focus on greenery, natural lighting,
ventilation, spatial qualities and use of natural materials
• Incorporation of placemaking elements in our communities to
strengthen communal ties
Outlook
Demand for greater comfort and a sense of well-being will
continue to increase as more city dwellers choose to live in
spacious, green environments that promote holistic lifestyles,
even if this means moving to the outskirts of cities.
57
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

A. STRATEGIC REVIEW A. STRATEGIC REVIEW

KEY MARKET TRENDS
INNOVATION AND DIGITALISATION
Innovation and digitalisation have become critical to creating operational
and cost efficiencies in engineering companies and to maintaining an
edge amid increasing competition. In addition, movement restrictions
imposed during the pandemic accelerated the adoption of digital
lifestyles, with more people from all demographic segments now using
online channels for work and personal purposes.
SUSTAINABILITY AND ESG
Over the last few years, the sustainability of life on earth as we know
it has become increasingly uncertain due to various factors, most
pertinent among which are climate change, inefficient waste
management, biodiversity loss, inequitable wealth distribution and
infectious diseases. It has also become obvious that governments need
the private sector, NGOs and the public to work with them to manage
these issues.
MATERIAL MATTERS
Materiality assessment is an important process for us as it forms the foundation of our focus areas and value creation. The assessment
ensures that our efforts on ESG are relevant to our stakeholders and create a meaningful impact on our business. We are also able
to identify opportunities and mitigate risks via our stakeholder engagements.
In determining materiality, Gamuda is guided by the following criteria:
• Topics that impact the business model (including capitals)
• Topics that impact stakeholders
• Topics that impact EES performance (creation of financial and non-financial values)

Impact Impact
• Companies that do not invest in innovation will lose out to their • Weather changes brought by climate change such as floods are
more tech-savvy competitors as they will not be able to match the likely to have an adverse impact on our infrastructure and property Materiality Assessment Process
quality and cost of their offerings developments
• Lower sales of properties that do not reflect the quality afforded • Our ability to care for the well-being of our employees and Guided by the criteria, Gamuda implements a closed-loop, five-step materiality process as follows:
by innovative construction methodologies communities will contribute to our business sustainability
• Demand for digital channels to engage with customers/homebuyers • Investors are looking at corporations’ commitment to taking
for marketing and communication purposes Environmental, Social and Governance (ESG) issues seriously when
• Employees expect to be presented with various forms of digital/online making investment decisions
communication to connect with management and to each other • Good talents are looking at companies’ ESG scorecards for
employment purposes Management
Current State Local and Global Stakeholder
Discussion Validation
How We Responded How We Responded Assessment Alignment Engagement
(Prioritisation)
• Investment into cutting-edge construction technologies such as • Created a roadmap with actionable plans and targets – Gamuda
the development of the Autonomous Tunnel Boring Machine Green Plan 2025 – which includes reducing our corporate Board and
(A-TBM); tunnel boring machine; and the establishment of specialised greenhouse gas emissions intensity by 30 percent by 2025 and by management are
training academies to equip our employees/workers with the skills 45 percent by 2030
consulted on the
to use these technologies optimally • Entering into the renewable energy space with business diversification
results of the
• Establishment of Gamuda Excellence Transformation which is an and expansion in solar and hydropower
aggregation of the best digital and data experts; to elevate digital • Collaborating closely with the Ministry of Health in our COVID-19 materiality
excellence across the Group to improve digital engineering landscape response, we became the first Malaysian company to start our own matrix.
and catalysing innovative opportunities polymerase chain reaction (PCR) testing laboratory. Complete with Reaffirmation of
Key matters are Inputs from Through focus
• Increasing use of Digital Industrialised Building System (IBS) and an in-house ambulance and triage care centre, and testing at all Process begins the matters is
listed, various groups,
Building Information Modelling (BIM) for construction; and SAP Ariba of our construction sites, we are among the best-prepared and by assessing performed
categorised stakeholders are meetings and
as well as enterprise resource planning (ERP) with SAP S/4HANA best-equipped private companies to manage the pandemic existing matrix against global
for procurement and finance • Climate modelling, climate resilience designs, Low Carbon Cities according to sought via interviews, the
and list of topics trends, risk
• Investment in secure remote working capabilities such as Citrix to Framework, Infrastructure Sustainability Rating Scheme and Sustainable ESG aspects and engagements preliminary
to identify themes, risks,
cater for immediate expansion in geographical reach and to enable Infrastra are now central to planning and designing our projects matched with and surveys material matters
gaps and consequences
flexi-work arrangements • Investing in nurturing ESG specialists among our talents both local and conducted are carefully
improvements and
• Moving towards cloud infrastructure and software to accelerate the • ESG risk matters are discussed and monitored by the Group’s Risk global throughout analysed and
areas. opportunities to
speed of system deployment Committee, the Board management, and senior management expectations. FY2022. compiled.
• Accelerate security investment to enable digital transformation such • Adopted GRI, TCFD, SASB and IIRC reporting standards and frameworks ensure material
as Single Sign-On, Privilege Identity Management and Zero Trust • Supportive of UN SDGs and Business Ambition for 1.5°C matters were up
Management • Sustainability-related key performance indicators (KPI) have been to date and in
incorporated into the annual performance review for all employees line with the
latest economic
Outlook Outlook landscape and
industry peers.
It has become evident that innovation and digitalisation are In preparation for greater stakeholder expectations and
critical to driving our sustainable growth. The Group will regulatory requirements on ESG practices and reporting in the
therefore continue to invest in these areas in the long-term. years to come, Gamuda is aligning our initiatives with global
aspirations. On climate change, for instance, we have committed
to reducing our carbon emissions in accordance with the
Science Based Targets initiative (SBTi). We are also a registered
supporter of the Task Force on Climate-related Financial
Disclosures (TCFD).

58 4 Management Discussion and Analysis – Strategic Review 4 Management Discussion and Analysis – Strategic Review 59
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

A. STRATEGIC REVIEW A. STRATEGIC REVIEW

MATERIAL MATTERS KEY RISKS AND MITIGATION
FY2022 Materiality Matrix INTRODUCTION
Our operations are necessarily impacted by various risks which could derail us from achieving our strategic objectives. To manage
Our Materiality Matrix for FY2022 is illustrated below: and minimise our risks, we identify them, rate their potential severity, and put in place actions as well as mitigating plans to protect
HIGH our businesses and the value we are able to create.

HIGH
Economic

INFLUENCE ON STAKEHOLDER ASSESSMENT AND DECISIONS

Performance Risk Type: Market Risk Type: Market
Governance Economic
Climate Action
INFLUENCE ON STAKEHOLDER ASSESSMENT AND DECISIONS

Performance COST ESCALATION Risk Tolerance: Risk Tolerance:

Governance
Indirect Economic Impacts Climate Action Unchanged WEAKENING MARKET Increased
AND DISRUPTION OF CONDITIONS
Indirect Economic Impacts Biodiversity Innovation SUPPLY CHAIN
Water Management Biodiversity Innovation
Water Management DESCRIPTION AND IMPLICATION FOR VALUE CREATION DESCRIPTION AND IMPLICATION FOR VALUE CREATION
Economic
Effluents and Waste Safety and Along with the production and movement restrictions Following two-and-a-half years of weaker than normal
Environmental Effluents and Waste Safety and Health imposed to curb COVID-19 there has been a substantial economic performance, income generation and spending
Health
increase in the cost of materials, fuel, employees and labour. power had reduced across the globe, and in the markets
Social At the same time, supply chains have been disrupted, where Gamuda has a presence. This has impacted the
especially for items produced/manufactured in countries property industry with sales slowing down and the property
Employee
Materials Employee that are still recovering from the pandemic and, more overhang increasing.
Our Top Materials Management Management
Our Top
Priority
recently, the Russia-Ukraine conflict.
High High
Priority
5 5 Supply Chain Supply Chain RESPONSE AND MITIGATING ACTIONS
Management Management RESPONSE AND MITIGATING ACTIONS
4 4 • Uncertainties in the market caused by geopolitical
3 3 Land Remediation, • Strategic participation in selected tenders with equitable instability
Land Remediation, Stakeholder and Stakeholder and
Customer
Contamination Contamination Customer
Community RelationsCommunity Relations risk allocation • Research shows a shift to purchase for own occupation
2 2 Satisfaction
or Degradation or Degradation Satisfaction • Close examination of trends in materials and labour rather than speculative investment. This will reduce market
1
1
Marketing and Labelling
pricing size and affect home buying requirements
Customer Privacy
Marketing and Labelling Customer Privacy • Review and enlarge network of suppliers for materials
1 2 3 4 5
Low 1 High2 3 4 5
MEDIUM SIGNIFICANCE OF EES IMPACTS TO GAMUDA HIGH and labour RESULTS
Low High MEDIUM SIGNIFICANCE OF EES IMPACTS TO GAMUDA HIGH
• Track and monitor situation on shipments, seek alternative
supply options in case of projected shipping delays We have incorporated sustainable housing features (i.e.
energy and water savings, improved ventilation and natural
lighting) to attract our own occupiers; and facilitated the
Economic Environmental Social RESULTS
provision of green financing solutions to enable manageable
Economic Safety and Employee We have prioritised development projects that have a end financing for homeowners. In addition, we have
Innovation Climate Action Biodiversity Health Management
Performance
cascading effect on economic growth. Coupled with a broadened our collaboration with an extended pool of
Customer Supply Chain Effluents and Water Stakeholder strategy to improve operational efficiencies and cost reputable real estate agents for a wider market reach
Satisfaction Management Waste Management Marketing and competitiveness via close engagement with local suppliers, especially to international purchasers.
and Labelling Community
Indirect Land Relations we are able to future-proof our business resulting in our
Governance Economic Remediation, projects’ progress continuously on track.
Materials Customer
Impacts Contamination
or Degradation Privacy

In FY2022, we reviewed our material matters by compiling feedback positioning of the material matters, the variance was not significant.
from internal and external stakeholders via online surveys, focus Our top five material matters (Economic Performance, Innovation,
group discussions, town halls, investor conferences, and dialogues. Climate Action, Biodiversity and Safety and Health) are retained LINK TO LINK TO
Kindly find more details on our stakeholder engagement on with the remaining 12 material matters within the growing priority.
pages 46 to 49. Capitals Impacted: Material Matters: Capitals Impacted: Material Matters:
We also reaffirm the material matters against global trends, risks,
We will continue to evaluate our material matters as it is an ongoing consequences and opportunities to ensure our material matters
process. During the recent review of the Group’s material matters, were up to date and in line with the latest economic landscape        
we noticed that all 17 material matters are still key to our business and industry peers.
and our stakeholder interest. Although there were variances in the

60 4 Management Discussion and Analysis – Strategic Review 4 Management Discussion and Analysis – Strategic Review 61
GAMUDA BERHAD 197601003632 (29579-T)
A. STRATEGIC REVIEW
KEY RISKS AND MITIGATION
Risk Type: Regulatory
HIKE IN INTEREST Risk Tolerance:
RATE AND WEAKENING Increased
RINGGIT
DESCRIPTION AND IMPLICATION FOR VALUE CREATION
Following two-and-a-half years of what is now termed a
‘pandemic economy’, the US Federal Reserve has raised its
interest rates aggressively to combat inflation. To continue
to attract investments and protect the ringgit, Bank Negara
Malaysia has been forced to raise the interest rate in Malaysia
too, increasing the cost of funds.
RESPONSE AND MITIGATING ACTIONS
• Borrowings are denominated in local currencies to
minimise foreign exchange risks
• Locked in borrowings at fixed interest rates when rates
were still low
RESULTS
• Borrowings are substantially denominated in RM while
the Group’s overseas projects are financed by borrowings
denominated in the local currency of the country in
which the business is located in order to provide a natural
hedge on the Group’s foreign currency exposure
• The Group has refinanced short-term borrowings with
longer term fixed-rate borrowings, prior to the recent
global interest rate hikes. Consequently, two-thirds of
borrowings are on fixed interest rates
• With the foreign currencies borrowings serving as natural
hedge to overseas businesses, the Group to benefit from
the weakening RM as net foreign assets will be worth
more
LINK TO
Capitals Impacted: Material Matters:
62 4 Management Discussion and Analysis – Strategic Review
Risk Type: Financial
Risk Tolerance:
CAPITAL AND Unchanged
LIQUIDITY RISK
DESCRIPTION AND IMPLICATION FOR VALUE CREATION
In the current environment of high interest rates and
dampened sales, it is imperative to manage our finances
efficiently. Most pertinently, we require sufficient capital
and liquidity to manage ongoing projects as well as to
pursue plans for business growth. Without sufficient capital,
we are at risk of not delivering on our projects and financial
commitments, subjecting the Group to legal action.
RESPONSE AND MITIGATING ACTIONS
• Regularly review our debts, cashflow and liquidity
• Maintain an adequate level of cash/cash equivalents
through constant monitoring of financial risks
• Review and monitor credit facilities while maintaining a
healthy gearing ratio at all times
• Diversify sources of funds to increase the pool of capital
providers
• Intensify efforts to monetise our assets by selling
completed property units
RESULTS
• Low gearing of 0.1 times and will turn into net cash
position with the completion of the highway sale. Ample
room to raise financing for projects and to pursue
business growth
• Cash balance of RM3.8 billion
LINK TO
Capitals Impacted: Material Matters:
INTEGRATED REPORT 2022
Risk Type: Regulatory Risk Type: Operational
Risk Tolerance: Risk Tolerance:
CHANGES IN Unchanged DELAY IN WORK Unchanged
GOVERNMENT POLICY PROGRESS
DESCRIPTION AND IMPLICATION FOR VALUE CREATION DESCRIPTION AND IMPLICATION FOR VALUE CREATION
As a publicly listed organisation, we are regulated by various Since the outbreak of COVID-19 in early 2020, the supply
policies on governance, health and safety, employee relations of materials and foreign labour has been disrupted due to
and financial management, among others – all of which production slowdowns and international border closures.
serve to protect our shareholders and other stakeholders. Infection of workers at site further reduces the strength of
In addition, our two core businesses – construction and existing workforces. This continues to have a significant
property development – are subject to environmental-related impact on work progress in construction projects, affecting
regulations. These policies change according to various the timeliness of their delivery.
factors in our operating environment. It is important to
comply with these policies to maintain our licence to RESPONSE AND MITIGATING ACTIONS
operate.
• Early detection and quarantine of workers infected by
COVID-19 and those in close contact to minimise work
RESPONSE AND MITIGATING ACTIONS
disruption
• Close monitoring of changes in government policies • Vaccination drive to reduce COVID-19 infection
• Compliance with changes in policies or additional policies • Engaged claim consultants for the application of Extension
(e.g. keeping abreast and aligned with the amendments of Time (EOT)
of the Malaysia’s Employment Act) • Review and enlarge network of suppliers for materials
• Provision of industry perspective to relevant government and labour
agencies to support the formulation of effective policies
RESULTS
RESULTS
The Group’s rigorous COVID-19 measures at all work fronts
Our commitment towards upholding good corporate have resulted in reducing the number of infections within
governance is evidenced in our compliance of 41 out of our workforce, thus mitigating potential work clusters and
the 43 Practices prescribed in MCGG 2022, together with enabling minimal work disruption.
three out of the five optional Step-Up Practices.
LINK TO LINK TO
Capitals Impacted: Material Matters: Capitals Impacted: Material Matters:
4 Management Discussion and Analysis – Strategic Review 63
GAMUDA BERHAD 197601003632 (29579-T)
A. STRATEGIC REVIEW
KEY RISKS AND MITIGATION
Risk Type: Operation
Risk Tolerance:
SAFETY AT THE Unchanged
WORKPLACE
DESCRIPTION AND IMPLICATION FOR VALUE CREATION
Safety incidents at the workplace result in stop work orders,
causing project delays. In addition, any non-compliance
with environmental and safety regulations will result in the
imposition of penalties, and cause reputational damage.
RESPONSE AND MITIGATING ACTIONS
• Adoption of ISO 45001 (Safety and Health Management
System), ISO 14001 (Environmental Management System)
and other relevant certifications
• Train and engage personnel to develop and enforce
procedures in accordance with regulations and standards
• Regular Safety, Health and Environment meetings with
employees and subcontractors to monitor and ensure
compliance with regulations
RESULTS
The Group continues to elevate its safety and health
performance through robust risk assessments and the
adoption of management systems certified to international
ISO standards. We have digitalised safety and health
monitoring, evaluation and performance analysis using
Fieldview and Tableau. Our record of exemplary safety and
health performance has resulted in us winning the Sword
of Honour Award from the British Safety Council for the
third time.
LINK TO
Capitals Impacted: Material Matters:
64 4 Management Discussion and Analysis – Strategic Review
Risk Type: Regulatory/Social
Risk Tolerance:
Unchanged
MODERN SLAVERY
DESCRIPTION AND IMPLICATION FOR VALUE CREATION
Modern slavery refers to the exploitation of cheap labour
for economic gain. It has become a pertinent global issue
as more countries depend on foreign workers to carry out
low-paying work, e.g. in factories, plantations and
construction. In most instances, the workers are indentured
and unable to leave at will. This presents a risk to Gamuda
as our contractors rely heavily on foreign labour.
RESPONSE AND MITIGATING ACTIONS
• Compliance with minimum wages, which saw the Group
revise our basic wage for foreign workers to RM1,600/
month and local workers to RM1,800/month from
RM1,200 per month previously
• With the Group’s increased focus on human rights, it
has encouraged organisation growth with greater ability
to attract talent and staff retention. Investor confidence
is improved especially on ESG issues, and the supply
chain is more responsive for businesses in the construction
sector to take responsibility specifically for human rights
compliance
RESULTS
• Establishment of an Anti-Modern Slavery Taskforce to
monitor, audit and keep track of labour practices across
the Group, benchmarking against relevant international
and local standards
• Regular audits and checks on our Centralised Labour
Quarters (CLQs), ensuring all CLQs comply with the Act
A1604 on Workers’ Minimum Standards of Housing and
Amenities
LINK TO
Capitals Impacted: Material Matters:
Risk Type: IT/Cybersecurity
Risk Tolerance:
DIGITAL AND Unchanged
INNOVATION SPACE
DESCRIPTION AND IMPLICATION FOR VALUE CREATION
As we progressively digitalise our operations, we need to
ensure our employees are equipped with the digital
knowledge and skills to optimise operations across the
increasing number of projects being undertaken across the
Group. In many cases, our employees will have to learn
new ways of working with new/updated software. This
requires openness and the willingness to adapt to new
technologies.
RESPONSE AND MITIGATING ACTIONS
• Creation of a centralised team of digital subject matter
experts (SMEs) to support different projects
• Engage with country leaders and project directors for
alignment on innovation and digital implementation and
to develop use-case plans
• Hand-hold project-based employees to improve IT
adoption
• HR to develop the right talent pool with clear progression
paths and competitive remuneration
• Monitor technology trends through conferences, vendor/
supplier demos, industry networking; and funnel good
ideas to project teams for possible implementation
RESULTS
• Enhanced competitive edge compared to other companies
across markets in the region, and ability to work across
borders
• Greater transparency, collaboration, visibility and
governance as a result of digital workflows
• Access to important historical information for more
effective data-driven decisions
LINK TO
Capitals Impacted: Material Matters:
4 Management Discussion and Analysis – Strategic Review
INTEGRATED REPORT 2022
Risk Type: IT/Cybersecurity
BUSINESS INTERRUPTION Risk Tolerance:
Unchanged
DUE TO INACCESSIBILITY
OF IT SYSTEMS
DESCRIPTION AND IMPLICATION FOR VALUE CREATION
IT systems are at risk of disruption/downtime due to various
reasons including equipment or software failure, disruption
to internet access, unsecured access to on-premise and/
or cloud apps and services, natural or man-made disasters,
and cyberattacks. Any loss or corruption of data is likely to
affect productivity and lead to financial loss, privacy concerns,
reputational risk and possible regulatory action.
RESPONSE AND MITIGATING ACTIONS
• Spare equipment on standby for critical appliances and
components
• Annual software maintenance for updates and bug fixes
• Multiple internet service providers (broadband) for backup,
redundancy and failover
• Continuously enhance cyber security by deploying AI-
powered endpoint detection and response (EDR)
• Usage of virtual private network (VPN) access to secure/
encrypt the entire network and virtual desktop infrastructure
(VDI) for employees who need to access applications
from outside the corporate network
• Multi factor authentication (MFA) to ensure only authorised
personnel are allowed access to the systems
• Daily back up on tapes and server, with the backup tapes
moved to a secure off-site storage and disaster recovery
facility
• Encryption of laptop hard disks to prevent data leakage/
loss if they are lost or stolen
• System patches for all users’ laptops and workstations
RESULTS
• Gamuda did not experience any business interruption
due to cybersecurity issues
• Employees’ awareness of good user IT habits has
improved, thus reducing the risk of any breach in IT
protocols going forward
LINK TO
Capitals Impacted: Material Matters:
65
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

A. STRATEGIC REVIEW A. STRATEGIC REVIEW

KEY RISKS AND MITIGATION STRATEGIC PERFORMANCE REVIEW
Risk Type: Environment/Sustainability To monitor the effectiveness of our strategies, we keep track of our performance against the objectives we have set. This also enables
us to prioritise areas to focus on in the coming years.
Risk Tolerance:
CLIMATE CHANGE AND BIODIVERSITY Increased

BUSINESS GROWTH
DESCRIPTION AND IMPLICATION FOR VALUE CREATION
STRATEGIC OBJECTIVES FY2022 KEY INITIATIVES
Climate change mitigation is a global effort that Gamuda is part of. If left unchecked, climate change will cause an inevitable
impact on humanity, ecosystems and indirectly to businesses. We are seeing how climate change causes disasters and threats • Position Gamuda as a regional player, focused on Australia, • Leverage pipeline of infrastructure projects in Australia to
such as food and water scarcity, which can lead to other impacts such as conflict. As a construction and engineering company, Singapore, United Kingdom, Taiwan and Vietnam diversify market presence from only property development to
• Maintain 50:50 ratio of domestic and international property include infrastructure
we see climate change seriously. Carbon emissions from actual construction work places an additional onus on the construction
projects • Tender for more infrastructure projects in the other key
industry and major players to make concerted efforts to reduce our carbon footprint in order to help mitigate climate change.
• Strengthen the Group’s cash position regional markets
Among the main risks are:
• Complete ongoing projects
1) work disruption as well as materials/labour supply disruption due to inclement weather; the ability of our developments • Build a strong pipeline of residential projects in Australia and
to withstand extreme weather events such as floods; and other overseas markets over the next five years
2) negative perception among stakeholders if we are seen not to contribute towards climate change mitigation. Besides • Monetisation of non-strategic assets
ensuring we focus our efforts on reducing our carbon footprint, we also prioritise in biodiversity conservation. Preservation • Focus on sales of property assets
of ecosystems where our businesses exist (including neighbouring areas) matters in order for us to minimise environmental
impact.
FY2022 ACHIEVEMENTS
RESPONSE AND MITIGATING ACTIONS
• Awarded NTD3.09 billion (RM464 million) 161KV underground • Completed MRT Kajang Line (MRT1) of the Klang Valley Mass
• Commitment towards Net Zero by 2050 via Science Based Target (SBTi) and aligning Gamuda to the Paris Agreement transmission Line project, in a 50:50 JV with Feng Shun Rapid Transit (KVMRT), and on track for opening of MRT
• Alignment with recommendations of the Task Force on Climate-Related Financial Disclosures Construction Co. Ltd. Putrajaya Line (MRT2) in Q1, 2023
• Commitment to reducing our carbon emissions intensity by 45 percent by 2030 compared to business as usual • Gamuda Australia-Laing O’Rourke Australia consortium won • Acquisition of 0.64 acres of land at 272 Normanby Road,
the AUD2.16 billion (RM6.5 billion) Sydney Metro West – South Melbourne, Australia, for AUD24 million – to develop a
• Employment of digital IBS to reduce our environmental footprint
Western Tunnelling Project mixed-used tower, called The Canopy on Normanby
• Masterplans that ensure developments are optimally sustainable, incorporating energy-efficient/RE systems and incorporating • Gamuda Australia-Ferrovial Construction won AUD1.35 billion • Acquisition of 13.8 acres in Binh Duong New City, Vietnam
green spaces to increase carbon storage capacity (RM4.1 billion) contract to deliver the main package for Coffs named Artisan Park for USD53.88 million to build 349 units of
• #OneMillionTrees programme Harbour Bypass, part of the Pacific Highway upgrade landed townhouses and shophouses
• Promotion of low-carbon mobility via Green Transportation Mobility Plan • Awarded SGD467 million (RM1.45 billion) Defu Station and • Acquisition of 1.2 acres in West Hampstead, London, United
• Establishment of Low Carbon City Footprint guidelines to ensure all future developments are GBI certified Tunnels project, Phase 1 of the MRT Cross Island Line, in a Kingdom, to build apartments with GDV of £65 million
• Development of a pool of ESG subject matter experts 60:40 JV venture with Wai Fong Construction Pte Ltd • Acquisition by Amanat Lebuhraya Rakyat Berhad (ALR) of our
• Chosen to extend the Guantang Marine Bridge in TaoYuan, four highways was completed in October 2022, boosting our
Taiwan, in a contract worth NTD2.04 billion (RM301.5 million) cash coffers by RM2.35 billion culminating in a net cash
RESULTS
• Won RM1.97 billion Sungai Rasau Water Supply Scheme position of around RM1.1 billion
• Involve Orang Asli communities in our green initiatives, especially tree planting, leveraging their knowledge of living in harmony – Stage 1 (Package 1) contract for a water treatment plant in • Unbilled sales edged up to a record RM6.2 billion posted an
with nature Malaysia all-time-high sales of RM4 billion in financial year ended 2022
• Secured NTD14.5 billion (RM2.13 billion) TaoYuan City
• Establishment of Gamuda as a leading eco-conscious developer, offering properties that promote holistic well-being
Underground Railway, Package CJ18 PingZhen Station, Taiwan
• Biodiversity preservation and the development of hotspots, especially for birds in our wetlands in a 60:40 joint venture with Asia World Engineering &
Please refer to pages 137 to 139 for more details on Gamuda’s Climate Related Risks and Opportunities. Construction Co (AWEC)

FY2023 OUTLOOK AND PRIORITIES

• Ensure Gamuda Engineering achieves its two-year order book target of RM25 billion
• Focus on winning Package CMC 303 of MRT3, the largest tunnelling component of the third KVMRT line
• Work towards achieving RM8 billion property sales in financial year 2026, representing CAGR of 20 percent
LINK TO • Explore the potential of developing commercial and industrial properties

Capitals Impacted: Material Matters:

LINKS:
      MATERIAL MATTERS CAPITALS IMPACTED

66 4 Management Discussion and Analysis – Strategic Review 4 Management Discussion and Analysis – Strategic Review 67
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

A. STRATEGIC REVIEW
STRATEGIC PERFORMANCE REVIEW

DIGITALISATION AND INNOVATION TALENT DEVELOPMENT

STRATEGIC OBJECTIVES FY2022 KEY INITIATIVES STRATEGIC OBJECTIVES FY2022 KEY INITIATIVES

• Apply increasingly advanced digital engineering and
construction technology
• Digitalise our supply chain management to achieve
strategic collaboration and partnership
• Expanded/enhanced our digital systems – Building
Information Modelling (BIM), Digital Industrial Building
System (IBS), digital engineering and tunnel R&D
• Renovate and modernise enterprise resource planning
(ERP) platform to accelerate an agile workforce
• Build skill-sets to support transformation into a data-
driven organisation
• Develop talent from early stage as part of succession
planning
• Create greater gender equity in the workplace
• Training to enhance employees’ digital skills and savvy
• Identification of career paths for individual talents
• Leadership and other training to develop relevant soft
and technical skills
• Abide by gender-neutral HR policies

FY2022 ACHIEVEMENTS FY2022 ACHIEVEMENTS

• Introduced Autonomous Tunnel Boring Machine (A-TBM) to Australia, for use in the Sydney Metro West-Western Established Gamuda Excellence Transformation (GET) team, rolled out Data Hero Programme (DHP) and Business Innovation
Tunnelling Package Programme (BIP) to enhance employees’ digital skills
• Gained recognition for A-TBM, Building Information Modelling Augmented Reality (BIMAR), Drone Surveying, GIS + BIM
• Incorporated year-long digital skills training at Gamuda Learning Centre (GLC)
Geospatial Portal
• Collaborated with LinkedIn Learning and Pluralsight on corporate e-learning account
• Received BSI (British Standard Institution) Kitemark™ certificate for Design, Construction and Commissioning; excellent
• Carried out Talent Check to identify critical positions, potential successors and development plans
compliance with ISO 19650 standards in implementing BIM
• Offered internal career counselling leveraging psychometric and 360 degrees feedback assessment
• Gamuda Engineering has recorded zero NCR for all projects since 2009, marking its 13th year
• Won the UN Women Malaysia WEPs Award 2022 for Gender Inclusive Workplace
• Continued regional rollout of ERP system SAP S/4HANA on the cloud for quicker, smoother inter-company transactions
and collaboration with JV partners
• Received Singapore Green Building Council rating for Gamuda Digital IBS products

FY2023 OUTLOOK AND PRIORITIES FY2023 OUTLOOK AND PRIORITIES

• Further modernisation of Information Technology (IT) infrastructure to enable regional expansion and accessibility of • Scale up participation in DHP and apply digital transformation to more business departments
enterprise solutions • Scale up internal offerings (e.g. career counselling) to a larger pool of employees
• Leverage our design and technical skills for further regional growth • Enhance talent management with the new HR Information System (HRIS)
• Closer collaboration with suppliers in terms of quality of goods and services, and governance • Continue to provide relevant training to upskill and reskill employees

LINKS: LINKS:

MATERIAL MATTERS CAPITALS IMPACTED MATERIAL MATTERS CAPITALS IMPACTED

68 4 Management Discussion and Analysis – Strategic Review 4 Management Discussion and Analysis – Strategic Review 69
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

A. STRATEGIC REVIEW A. STRATEGIC REVIEW

STRATEGIC PERFORMANCE REVIEW KEY PERFORMANCE METRICS
SUSTAINABILITY
STRATEGIC OBJECTIVES FY2022 KEY INITIATIVES
REVENUE (N1) NET PROFIT MARKET
• Climate Action • Aligned our initiatives and targets with global frameworks and guidelines CAPITALISATION
• Integrate sustainability into the design and • Increase use of RE in developments; enhance M&E systems efficiency;
planning of construction projects
• Enhance sustainability via digitalisation
• Protect the environment, conserve biodiversity
adopt circular construction approach; transition fleet into low-carbon
alternatives; and enhance ESG evaluation in procurement
• Adopt 100% Digital IBS across developments
RM
6,435 RM
806 RM
10
• Our Community is Our Business • #OneMillionTrees programme MILLION MILLION BILLION
• Protect wetlands ecosystems
• Gamuda Scholarship 2022 (2021: RM5,016 million) (2021: RM588 million) (2021: RM7.0 billion)
• Star Golden Hearts Award 2022
• Further enhance Group’s human rights matters via Human Rights Policy

FY2022 ACHIEVEMENTS

• Committed to Science Based Targets initiative (SBTi) • Gamuda Cove Waterlily and The Herons received provisional
• Became an official supporter of the Task Force on Climate- GBI certification
related Financial Disclosures (TCFD) • 100% of Gamuda Land developments include GIBS components
• Submitted our annual carbon emissions data to Carbon • Approved by the Office of the Federal Safety Commissioner in CONSTRUCTION
RETURN ON NET DEBT TO
Disclosure Project (CDP) Australia
EQUITY (ROE) EQUITY RATIO ORDER BOOK
• Soil carbon stock assessment completed at the 90 acres • All Gamuda Digital IBS products are QLASSIC-compliant

0.1 15
Wetlands Forest Park, Gamuda Cove • Nurtured over 600,000 trees/saplings to date
RM
8%
• Received FIABCI Malaysia Property Awards 2021 for • Introduced Miyawaki urban forest tree planting technique in
environmental restoration of Gamuda Gardens, while Batu Australia for Normanby project
Patong Eco Village won in the Resort Category
• Solar panels installed at twentyfive.7 Quayside Mall and Sales
• Wetlands Arboretum on track for completion in June 2023
• 1,500 mangrove trees planted along shoreline near Penang TIMES BILLION
Gallery, Gamuda Digital IBS Banting, PSI Cabin and Gamuda South Islands (PSI) project (2021: 6%)
Gardens Experience Gallery, Menara Gamuda and Megah Sewa • Collaborate on wetlands conservation and waste management (2021: 0.2 times) (2021: RM4.5 billion)
• Gamuda is one of the first nine companies to commit to Green with Universiti Malaya (UM), Universiti Kebangsaan Malaysia
Electricity Tariff Programme (UKM) and Universiti Kuala Lumpur (UniKL)
• Partnered with OCBC Bank (Malaysia) Berhad and OCBC • Total Gamuda Scholarship fund more than doubled to RM13
Al-Amin Bank Berhad in its inaugural Shariah compliant million
sustainability-linked financing • Introduced Gamuda Group Human Rights Policy
• Gamuda Cove received five-diamond recognition for Low- • Gamuda Australia launched a Reconciliation Action Plan (RAP)
Carbon Cities Framework (LCCF) design committing to establish meaningful partnerships with Aboriginal
and Torres Strait islanders and non-Indigenous peoples
UNBILLED
PROPERTY SALES
PROPERTY SALES
FY2023 OUTLOOK AND PRIORITIES

• Group-wide carbon traceability and continuous emissions reduction efforts

• Continue to increase scholarship value and number of recipients; extending scholarships to students pursuing vocational certificates and
RM
4 RM
6.2
diplomas on ESG topics BILLION BILLION
• Ensure continuous efforts in embedding sustainable design in construction
• Continue expanding the implementation of Gamuda Digital IBS as part of our construction approach
(2021: RM2.9 billion) (2021: RM4.6 billion)
• Completion of the Arboretum, conserving >300 wetlands plant and animal species
• Completion of the #OneMillionTrees programme

LINKS:

MATERIAL MATTERS CAPITALS IMPACTED

(N1) : Including revenue of joint ventures (e.g. KVMRT Elevated & System works) but excludes revenue of associated companies
         

70 4 Management Discussion and Analysis – Strategic Review 4 Management Discussion and Analysis – Strategic Review 71
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

B. PERFORMANCE REVIEW

GROUP FIVE YEARS FINANCIAL HIGHLIGHTS

Financial Year Ended July REVENUE OWNERS’ EQUITY
RM‘million 2022 2021 2020 2019 2018 RM6,435 MILLION RM9,905 MILLION
FINANCIAL RESULTS
Revenue as reported in audited financial statements 5,144 3,517 3,663 4,565 4,217 9,905
Share of joint ventures’ revenue 1,291 1,499 3,142 2,616 2,936 7,181 7,153 9,164
6,805 8,541
6,435 8,063
Revenue 6,435 5,016 6,805 7,181 7,153 7,594
5,016

Core profit before tax 1,016 786 738 901 1,051

Less: One-off items
– Impairment of IBS assets – – (148) – –
– Loss on disposal of SPLASH – – – – (300)
– Impairment of Gamuda Water’s trade receivables – – – – (7)

Profit before tax as reported 1,016 786 590 901 744 2022 2021 2020 2019 2018 2022 2021 2020 2019 2018

Core net profit 806 588 525 700 832

Less: One-off items NET PROFIT CORE RETURN ON OWNERS’ EQUITY
– Impairment of IBS assets
– Loss on disposal of SPLASH
–
–
–
–
(148)
–
–
–
–
(300)
RM806 MILLION 8%
– Impairment of Gamuda Water’s trade receivables – – – – (5)

Net profit as reported 806 588 377 700 527

11%
806
KEY INFORMATION OF FINANCIAL POSITION 700
9%
8%
Total Cash and Bank Balances and Investment Securities 3,777 3,538 2,792 1,849 1,623 588
Total Assets 20,263 18,423 18,528 17,196 16,629 527 6% 6%
Total Liabilities 10,008 8,908 9,560 8,734 8,651 377
Total Borrowings 4,975 5,228 5,465 5,144 5,737
Share Capital (No. of shares) 2,554 2,514 2,514 2,472 2,468
Owners’ Equity 9,905 9,164 8,541 8,063 7,594
Total Equity 10,254 9,516 8,968 8,462 7,978
2022 2021 2020 2019 2018 2022 2021 2020 2019 2018
FINANCIAL RATIOS
Core Earnings Per Share (sen) 31.86 23.41 21.09 28.36 33.83
Basic Earnings Per Share (sen) 31.86 23.41 15.13 28.36 21.43 PROPERTY SALES TOTAL BORROWINGS
Share Price at Year End
Core Price Earnings Ratio
(RM)
(times)
3.75
11.77
2.80
11.96
3.56
16.88
3.71
13.08
3.60
10.64
RM4 BILLION RM4,975 MILLION
Price Earnings Ratio (times) 11.77 11.96 23.53 13.08 16.80
Core Return on Owners’ Equity 8% 6% 6% 9% 11% 4.0
5,737
Return on Owners’ Equity 8% 6% 4% 9% 7% 3.6 5,228
5,465
5,144
4,975
Core Return on Total Assets 4% 3% 3% 4% 5% 3.1
2.9
Return on Total Assets 4% 3% 2% 4% 3%
Dividend Payout to Earning Ratio 38% – 40% 42% 56% 2.2
Net Gearing ratio (times) 0.1 0.2 0.3 0.4 0.5

Note: The financial results for the financial year ended 31 July 2022 include continuing operations and discontinued operations.

2022 2021 2020 2019 2018 2022 2021 2020 2019 2018

72 4 Management Discussion and Analysis – Performance Review 4 Management Discussion and Analysis – Performance Review 73
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

B. PERFORMANCE REVIEW B. PERFORMANCE REVIEW

GROUP SEGMENTAL PERFORMANCE SIMPLIFIED GROUP STATEMENTS

OF FINANCIAL POSITION
RM‘million 2022 2021 2020 2019 2018

GROUP REVENUE
Engineering and Construction 3,273 3,287 4,789 4,138 4,066
TOTAL ASSETS
Property Development 2,728 1,295 1,521 2,547 2,575
Water and Expressway 434 434 495 496 512

Revenue 6,435 5,016 6,805 7,181 7,153

Land and property development

GROUP PROFIT BEFORE TAX costs and inventories
27%
29%
Engineering and Construction 387 341 239 283 367 35% 36% Cash and bank & investment
securities
Property Development 439 216 173 314 261 As at As at
Property, plant and equipment
Water and Expressway 190 229 326 304 423 31 July 2022 31 July 2021
Core Profit Before Tax 1,016 786 738 901 1,051 Receivables
15% 11%
Less: One-off items – – (148) – (307)
Other assets
14% 15%
Profit Before Tax 1,016 786 590 901 744 9% 9%

GROUP NET PROFIT

Engineering and Construction 340 253 173 237 296
RM20,263 RM18,423
MILLION MILLION
Property Development 342 172 127 259 219
Water and Expressway 124 163 225 204 317

Core Net Profit 806 588 525 700 832

Less: One-off items – – (148) – (305)

Net Profit 806 588 377 700 527

TOTAL EQUITIES AND LIABILITIES
Note: T
 he Group segmental performance for the financial year ended 31 July 2022 includes continuing operations and discontinued
operations.

REVENUE – By Geography (RM’million) NET PROFIT – By Geography (RM’million) 25%

20%

Total shareholders’ funds

2022 2022 As at As at Non-controlling interests

4,433 515 49% 50%
4,311 2021 490 2021 31 July 2022 31 July 2021
Borrowings
28%
24%
Other liabilities
291
2% 2%
2,002

705 98
RM20,263 RM18,423
MILLION MILLION

2022 2021 2022 2021 2022 2021 2022 2021

Malaysia Overseas Malaysia Overseas

74 4 Management Discussion and Analysis – Performance Review 4 Management Discussion and Analysis – Performance Review 75
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

B. PERFORMANCE REVIEW B. PERFORMANCE REVIEW

GROUP QUARTERLY PERFORMANCE STATEMENT OF VALUE ADDED AND DISTRIBUTION

The statement of value added shows the total wealth created by the Group and its distribution to stakeholders, with the balance
2022 Fourth Third Second First retained in the Group for reinvestment and future growth.
RM‘million 2022 Quarter Quarter Quarter Quarter
For the period ended YTD Jul-22 Apr-22 Jan-22 Oct-21
RM‘million 2022 2021
Revenue as reported in audited financial statements 5,144 1,928 1,181 1,288 747
Share of joint ventures’ revenue 1,291 277 122 387 505 VALUE ADDED:

Revenue 6,435 2,205 1,303 1,675 1,252 Revenue (Includes share of joint ventures’ revenue) 6,435 5,016
Operating expenses (5,396) (4,208)
Profit before tax 1,016 327 270 227 192
Other income 199 187
Net Profit 806 256 221 177 152 Share of profits of associated companies and joint ventures 397 315
Basic earnings per share (sen) 31.86 9.99 8.72 7.05 6.06 Total value 1,635 1,310
Dividend per share – single tier (sen) 12.00 6.00 – 6.00 –
Net assets per share attributable to equity holders (RM) 3.88 3.88 3.82 3.71 3.69 DISTRIBUTION:
To employees
– Salaries and other staff costs 281 185

2021 Fourth Third Second First To Governments

RM‘million 2021 Quarter Quarter Quarter Quarter – Taxation 180 154
For the period ended YTD Jul-21 Apr-21 Jan-21 Oct-20
To providers of capital
Revenue as reported in audited financial statements 3,517 887 971 895 764 – Dividends 304 –
Share of joint ventures’ revenue 1,499 161 104 484 750 – Finance cost 97 114
– Non-controlling interest 30 44
Revenue 5,016 1,048 1,075 1,379 1,514
Retained for future reinvestment and growth
Profit before tax 786 289 201 155 141 – Depreciation and amortisation 241 225
Net Profit 588 214 142 123 109 – Retained profits 502 588

Basic earnings per share (sen) 23.41 8.52 5.64 4.90 4.35 Total Distributed 1,635 1,310
Dividend per share – single tier (sen) – – – – –
Net assets per share attributable to equity holders (RM) 3.65 3.65 3.52 3.45 3.41 RECONCILIATION
Net Profit for the year attributable equity holders 806 588
Note: T
 he Group quarterly performance for the financial year ended 31 July 2022 includes continuing operations and discontinued Add: Depreciation and amortisation 241 225
Staff costs 281 185
operations.
Finance cost 97 114
Taxation 180 154
Non-controlling interest 30 44
REVENUE – By Quarters (RM’million) PROFIT BEFORE TAX – By Quarters (RM’million)
Total value added 1,635 1,310
2022 2022
2021 2021 TOTAL VALUE DISTRIBUTED
327
2,205
289 270
1,675 14%
227 17%
1,514 201 To employees
1,303 1,379 192
1,252
1,048 1,075 155 To government
141 12%
46% 11% 62%
FY2022 FY2021 To providers of capital
Retained for future
12%
reinvestment & growth
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 26%
Fourth Third Second First Fourth Third Second First
Quarter Quarter Quarter Quarter Quarter Quarter Quarter Quarter

RM1,635 RM1,310
MILLION MILLION

76 4 Management Discussion and Analysis – Performance Review 4 Management Discussion and Analysis – Performance Review 77
GAMUDA BERHAD 197601003632 (29579-T)
B. PERFORMANCE REVIEW
INVESTOR RELATIONS
INVESTOR RELATIONS – POLICY, PRACTICES AND
PROGRAMMES
The Board recognises Investor Relations (IR) as a key component
of its Corporate Governance obligations. To meet the high
expectations of the investment community, the Board has set up
a dedicated IR unit headed by the Group Managing Director and
assisted by the Senior Group General Manager, Investor Relations,
to provide direct access to top management in all matters pertaining
to Investor Relations.
The Board’s primary objective is to provide all necessary information
to the financial community such that shareholders, investors and
potential investors can make an informed judgement on the fair
value of the Company’s shares consistently over time. By doing
so, this will help to create demand for the Company’s shares and
eventually optimise the Company’s cost of capital. To enhance
the effectiveness of the IR unit, the Board has instituted a
comprehensive IR policy and programme with the following
objectives, guidelines and mandates:-
1) Equal Access to Information
As a publicly listed group, the Board is acutely aware of the
need to always provide fair and equal access to information
for all classes of investors. Investors play an important role
in the successful growth and development of the Group. The
Board, therefore, treats all classes of investors equally,
notwithstanding the wide range of investors, many of whom
have differing investment objectives and mandates. The IR
unit caters to the demands of all types of investors, including
retail and institutional investors, short and long-term investors,
and domestic and foreign investors.
In line with IR best practices, all investors are provided with
the relevant corporate information as and when requested.
Price sensitive information is always disclosed to Bursa Malaysia
before being disclosed to any individual investor. As far as is
practicable, all requests for investor meetings are completely
fulfilled. In addition, the IR unit actively reaches out to overseas
investors on a regular basis to meet with those who are not
able to travel to Malaysia.
During the COVID-19 global pandemic, private and small
group investor meetings and regional investor conferences
were conducted entirely virtually, particularly with global
investors who still face restrictions on international travel.
However, with the easing of COVID-19 restrictions globally,
IR activities are now gradually reverting to physical meetings
or a hybrid platform of physical and virtual meetings.
78 4 Management Discussion and Analysis – Performance Review
2) Building Trust and Credibility
A highly regarded and credible management team is one of
the prerequisites for any investor. The Board recognises that
trust and credibility can only be built up over time and requires
a long-term commitment to protecting investors’ interests.
As such, the Board takes all necessary steps to ensure that
critical investor issues are addressed promptly, effectively and
accurately so that investors are always kept abreast of
corporate developments and have a broad and clear
understanding of strategic issues.
3) Fostering High Quality Relationships
High quality relationships can only be nurtured by continuously
engaging with the investment community, both through good
times as well as during difficult periods. In this respect, the
IR unit conducts regularly scheduled dialogue sessions with
investors to provide corporate updates, explain the Group’s
strategic direction, outline business prospects, and clarify
financial issues. Should circumstances require, unscheduled
dialogue sessions are occasionally arranged to explain and
clarify any major corporate developments. Through these
dialogue sessions, valuable feedback on various issues is also
often obtained from the investment community.
4) Maintaining Open and Honest Communication Channels
Given the cyclical nature of the Group’s key business sectors,
business prospects are not always necessarily positive. Given
this reality, the Board believes in portraying an honest
assessment of the Group’s business prospects, even if
prospects may not be particularly bright. In doing so, it is
hoped that investors will obtain a realistic understanding of
the business cycles and will be in a better position to make
informed investment decisions.
PROGRAMMES AND ACTIVITIES
A dedicated IR unit has been set up by the Board to implement
effective IR programmes and activities in line with its IR policies.
This unit is ultimately headed by the Group Managing Director,
whilst the day-to-day activities are handled by the unit’s Senior
Group General Manager. Additional support is provided by various
division heads when necessary.
As a proud founding member of the Malaysian Investor Relations
Association (MIRA) several years ago, Gamuda today continues to
actively support MIRA’s IR objectives and activities as a Corporate
Member.
Investor Relations Activities
FY2022 was a year marked by the reopening of the economy as
the severity of COVID-19 subsided and the country transitioned
to the endemic phase. As the government cautiously relaxed most
COVID-19 restrictions, operations gradually returned to normal,
and office staff were asked to return to working in the office
full-time. Management, however, continues to maintain the
requirement to mask up in the office and the weekly RT-PCR
testing for the entire workforce.
In line with the economic reopening, selected IR activities also
reverted to physical meetings. In-person visits to our project sites
and Centralised Labour Quarters (CLQs) were organised as several
requests were received from investors. Investor briefings also
gradually moved back to a hybrid format, with both physical and
virtual participation by participants. Feedback from the investment
community suggests that whilst virtual briefings are still more
popular, there are some who still prefer physical meetings. Moving
forward, it is likely that future briefings will offer both platforms
to cater for all preferences. International investor conferences are
still being held virtually, although there are indications that these
may also revert to a physical format in the coming months.
The following is a summary of all IR activities during FY2022.
No. of
Type of Event Investment Centre Meetings
Investor Conferences Kuala Lumpur (virtual) 13
Investor Briefings Kuala Lumpur (virtual) 6
Project Site Visits Kuala Lumpur 2
Teleconference Calls Various 10
Private Meetings Various 26
Key Investor Relations Issues
The first half of the financial year saw investors expressing concerns
about the depleting order book as MRT Putrajaya Line was almost
completed. In addition, there was a great deal of disappointment
when the Group failed to win the first two tenders in Australia,
and several investors began to feel that the Group would never
be able to break into the Australian market. The Penang South
Islands (PSI) project also encountered a major setback when the
court ruled that the Environmental Impact Assessment (EIA) approval
was invalid due to technical issues. This necessitated the submission
of a fresh EIA application which would set the project back by
about a year. It became increasingly challenging to provide guidance
on future order book replenishment targets.
4 Management Discussion and Analysis – Performance Review
INTEGRATED REPORT 2022
A major turning point happened in December 2021 when the
Group made a major breakthrough in Australia by winning the
Sydney Metro West – Western Tunnelling Package (SMW-WTP).
This AUD2.16 billion (RM6.5 billion) project, our single largest
project overseas, almost tripled our order book overnight. More
order book wins followed in the months ahead. At the time of
writing, the Group had already won a total of six new overseas’
projects – two from Australia, three from Taiwan and one was
from Singapore with a total value of RM11 billion, catapulting the
order book to a record high of RM15 billion. This surge in order
book gave investors a huge dose of confidence in the Group’s
ability to compete in international markets.
A second major development took place in February this year
when Amanat Lebuhraya Rakyat Berhad (ALR) offered to acquire
the Group’s four tolled expressways for a total Enterprise Value
of RM5.5 billion. ALR, structured as a ‘not-for-profit’ privately-held
entity and entirely independent of the government, proposed to
fund the acquisition entirely by debt by raising RM5.5 billion Sukuk.
This meant that the acquisition would not burden the government’s
balance sheet nor involve the government in the acquisition.
Investors cheered the deal, as it would result in a win-win-win
outcome for motorists, the government and the Group. At the
time of writing, the deal is almost complete with a successful
book-build for the Sukuk issuance successfully completed. The
completion of the deal will result in the Group unlocking the full
value of its highway concessions and receiving RM2.3 billion cash.
The Board has also indicated that RM1 billion of the proceeds will
be distributed to shareholders via a Special Dividend.
These two major developments resulted in the stock significantly
outperforming the broad market, with the stock rerating almost
50 percent to around the RM4 level and hitting a multi-year high,
despite a 10 percent fall in the FBMKLCI.
Key projects like MRT3 made good progress in their roll-out, and
tenders for the main packages are expected to close soon, and
the winners to be announced in early 2023. At the same time,
the Group continues to aggressively pursue new projects overseas,
particularly in Australia, as it pursues its ambition of becoming an
established regional construction and properties group. The Group
is presently shortlisted to bid for two projects in Melbourne, Victoria
– the North-East Link (NEL) and Suburban Rail Loop (SRL). The
outcomes of these bids will be known in 2023.
79
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

B. PERFORMANCE REVIEW B. PERFORMANCE REVIEW

INVESTOR RELATIONS SHARE PERFORMANCE
On the properties front, investors were interested to visit our key Electronic Communication
township projects, as these projects continue to deliver strong Stock Exchange Trading Name Stock Code
Broader investor communication also takes place via our corporate BURSA MALAYSIA SECURITIES BHD GAMUDA 5398
sales. Our project teams in Gamuda Gardens, Gamuda Cove and
website at www.gamuda.com.my as well as through the Integrated
twentyfive.7 hosted several investor site visits over the financial
Report, Annual General Meeting (AGM) and Extraordinary General
year. The visits help investors better understand why these projects Daily Average
Meeting (EGM).
are fast gaining market acceptance. It also allows us to showcase Volume Share Price
our efforts in incorporating Environmental, Social and Governance (RM’000) (RM’000)
There is a wealth of information online. All announcements made
(ESG) elements into the entire township as we strive to minimise 35,000 6.00
to Bursa Malaysia are updated on our corporate website as soon
our carbon footprint through the entire development cycle.
as practicable. In addition, slides and notes from the quarterly
investor briefings are also uploaded on our website for the benefit 30,000
Investors are also now being briefed on our properties division’s 5.00
of shareholders unable to attend these briefings.
strategy of taking on ‘Quick Turnaround Projects’ (QTPs). This
strategy is aimed at building up a sizeable portfolio of small-ticket,
Annual General Meeting 25,000
short duration projects (typically requiring investments of less than 4.00
USD100 million, and completing within five years). These QTPs In line with the new practices, the Group’s AGM will once again
will be sourced and undertaken primarily in overseas markets like be held virtually this year. The Board seeks to encourage shareholder 20,000
Vietnam, Singapore, Australia and the UK. To date, we have built attendance at its virtual AGM. The Chairmen of the Audit, 3.00
up a portfolio of five such projects in London, Ho Chi Minh City Remuneration and Nomination Committees, together with other
15,000
and Melbourne, and we have plans to add another four or five Directors will usually attend the AGM. Shareholders are encouraged
new projects each year for the next two to three years. to raise any pertinent issues at the meeting. 2.00
10,000
Our ESG initiatives also continue to be tracked closely by investors
in line with global trends. To address ESG issues, our Sustainability 1.00
team was roped into our quarterly briefings to provide regular 5,000
updates. Following the recent launch of our ESG roadmap, the
Gamuda Green Plan 2025, investors are now kept fully informed 0 0

Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
and regularly updated on our targets and achievements.

Daily Average Volume    Closing Share Price

Share Price Aug-21 Sep-21 Oct-21 Nov-21 Dec-21 Jan-22 Feb-22 Mar-22 April-22 May-22 Jun-22 July-22

High (RM) 3.10 3.24 3.37 3.17 3.00 2.96 3.05 3.59 3.75 3.75 3.66 3.77

Low (RM) 2.60 2.95 2.97 2.76 2.80 2.77 2.77 2.89 3.46 3.44 3.33 3.50

Daily Average Volume

(’000) 2,211 2,661 2,644 1,620 1,185 1,350 2,032 5,275 3,656 1,402 2,398 1,882

80 4 Management Discussion and Analysis – Performance Review 4 Management Discussion and Analysis – Performance Review 81
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

B. PERFORMANCE REVIEW
PROFILE OF BOARD OF DIRECTORS
FINANCIAL CALENDAR 2022
ANNOUNCEMENT OF CONSOLIDATED RESULTS

QUARTER 1 QUARTER 3
Tuesday, 21 December 2021 Wednesday, 29 June 2022

Age
QUARTER 2 QUARTER 4 72
Wednesday, 23 March 2022 Thursday, 29 September 2022
Gender
Male

PAYMENT DATE OF FIRST AND SECOND DIVIDEND Nationality

Malaysian

First interim dividend Second interim dividend Date of Appointment

Tuesday, 8 March 2022 Friday, 2 September 2022 12 December 2013

EXTRAORDINARY GENERAL MEETING

Notice of Extraordinary General Meeting Extraordinary General Meeting YBHG DATO’ MOHAMMED HUSSEIN Board Committee
Tuesday, 12 July 2022 Wednesday, 27 July 2022 Independent Non-Executive Chairman Membership
Member of Audit
Committee
YBhg Dato’ Mohammed Hussein has been on the Board as Chairman since 12 December 2013.
ANNUAL GENERAL MEETING Chairman of
Previously, YBhg Dato’ Mohammed Hussein was with the Malayan Banking Berhad (“Maybank”) Remuneration
Group for 31 years. During that time, he held various senior management positions, including Committee
Notice of Annual General Meeting 46th Annual General Meeting Head of Corporate Banking, Head of Commercial Banking, Head of Malaysian Operations,
Chairman of
Wednesday, 9 November 2022 Thursday, 8 December 2022 Managing Director of Aseambankers Malaysia Berhad (now known as Maybank Investment Bank
Berhad) and Executive Director (Business Group). The last position held before he retired from Nomination Committee
the Maybank Group on 31 January 2008 was Deputy President/Executive Director/Chief Financial
Officer. Other Directorship(s)
Listed Corporation/Corporations:
YBhg Dato’ Mohammed Hussein’s vast and varied organisational experience in commercial and • Hap Seng Plantations
investment banking and his exposure to many other industries has enabled him to provide advice Holdings Berhad (Chairman)
to the Board and make him ideally suited to chair the Board, as well as the Remuneration and • Syarikat Takaful Malaysia
Nomination Committees.
Keluarga Berhad (Chairman)
YBhg Dato’ Mohammed Hussein obtained a Bachelor of Commerce degree majoring in Accounting Public Company/Companies:
from the University of Newcastle, New South Wales, Australia. He is an alumnus of the Advanced • Credit Guarantee
Management Program, Harvard Business School, Boston, USA and attended several management Corporation Malaysia Berhad
programmes at Wharton Business School (Philadelphia, USA), IMD (Lausanne, Switzerland) and (Chairman)
INSEAD (Fontainebleau, France). He is also a Fellow of the Asian Institute of Chartered Bankers.

YBhg Dato’ Mohammed Hussein has no family relationship with any Director and/or major
shareholder of the Company, has no conflict of interest with the Company and has no conviction
for any offences within the past five years (other than traffic offences, if any), and there was no
public sanction or penalty imposed by the relevant regulatory bodies during the financial year.

YBhg Dato’ Mohammed Hussein attended all eight board meetings held during the financial year
OLÁ, Singapore ended 31 July 2022.

82 4 Management Discussion and Analysis – Performance Review 5 Leadership 83

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

PROFILE OF BOARD OF DIRECTORS

Age Age
67 68

Gender Gender
Male Male

Nationality Nationality
Malaysian Malaysian

Date of Appointment Date of Appointment

10 February 1981 1 February 1990

YBHG DATO’ LIN YUN LING Board Committee YBHG DATO’ IR HA TIING TAI Board Committee
Group Managing Director Membership Deputy Group Managing Director Membership
Chairman of Risk Member of the Risk
Management Management
YBhg Dato’ Lin Yun Ling has been on the Board as Managing Director since 10  February 1981. Committee YBhg Dato’ Ir Ha, a civil engineer, has been on the Board since 1 February 1990. He was promoted Committee
to Deputy Group Managing Director on 1 June 2012.
A civil engineer, YBhg Dato’ Lin joined Gamuda in 1978 as a senior project manager and became Member of
the Group Managing Director at the age of 26, four years later. He remains at the helm of the Remuneration As Deputy Group Managing Director, YBhg Dato’ Ir Ha, who has 44 years of extensive and Other Directorship(s)
Group that has progressed from a small construction set-up to Malaysia’s leading infrastructure Committee successful experience in large-scale design-and-build (DAB), build-operate-transfer (BOT) and Listed Corporation/Corporations:
and property developer. project delivery partner (PDP) projects, plays a key role in helping to drive the Group’s engineering • Nil
and construction and infrastructure concession business divisions both locally and internationally.
Other Directorship(s) Public Company/Companies:
With his entrepreneurial vision and strategic leadership skills, he is focused on growing the core
Listed Corporation/Corporations: Currently, through the Company’s role as the project turnkey contractor, he directs and oversees • Danau Permai Resort Berhad
businesses of the Group, leveraging on the differentiated strengths of its talent pool. The strategies
• Nil the construction of the massive KVMRT project. He is also helping the Group expand its engineering
for the Group have resulted in a sustained period of growth in revenues and earnings in each
and construction business into Australia, Taiwan, Singapore and other regional markets.
of its core businesses. Public Company/Companies:
• Yayasan Gamuda His strong engineering expertise and extensive experience in delivering large and complex
The growth of the Group has also been led by consistent and continuous innovation, the latest
engineering projects enable him to contribute effectively to the Group’s business and to the
being a significant investment into automated digital production technology. Group-wide, processes Board.
and systems are being placed on a common digital platform to ensure future competitiveness.
YBhg Dato’ Ir Ha holds a Bachelor of Engineering (Honours) degree from University of Malaya.
YBhg Dato’ Lin holds a Bachelor of Science (Honours) degree in Civil Engineering from King’s He is a Professional Engineer registered with the Board of Engineers, Malaysia; a Chartered
College, London, University of London, UK. Structural Engineer and a Chartered Engineer registered with the Engineering Council, UK; a
Fellow of The Institution of Engineers Malaysia; a Fellow of the Institution of Civil Engineers, UK;
YBhg Dato’ Lin has no family relationship with any Director and/or major shareholder of the a Fellow of The Institution of Structural Engineers, UK and a Fellow of the Chartered Institution
Company, has no conflict of interest with the Company and has no conviction for any offences of Highways and Transportation, UK.
within the past five years (other than traffic offences, if any) and there was no public sanction
or penalty imposed by the relevant regulatory bodies during the financial year. YBhg Dato’ Ir Ha has no family relationship with any Director and/or major shareholder of the
Company, has no conflict of interest with the Company and has no conviction for any offences
YBhg Dato’ Lin attended all eight board meetings held during the financial year ended 31 July within the past five years (other than traffic offences, if any) and there was no public sanction
2022. or penalty imposed by the relevant regulatory bodies during the financial year.

YBhg Dato’ Ir Ha attended all eight board meetings held during the financial year ended 31 July
2022.

84 5 Leadership 5 Leadership 85
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

PROFILE OF BOARD OF DIRECTORS

Age Age
62 73

Gender Gender
Female Male

Nationality Nationality
Malaysian Malaysian

Date of Appointment Date of Appointment

1 June 1992 28 September 2018

YTM RAJA DATO’ SERI ELEENA BINTI Board Committee YBHG TAN SRI DATO’ SETIA HAJI AMBRIN BIN BUANG Board Committee
ALMARHUM SULTAN AZLAN MUHIBBUDDIN Membership Independent Non-Executive Director Membership
Member of Chairman of Audit
SHAH AL-MAGHFUR-LAH Remuneration Committee
Non-Independent Non-Executive Director YBhg Tan Sri Dato’ Setia Haji Ambrin Bin Buang joined the Board on 28 September 2018.
Committee
YBhg Tan Sri Dato’ Setia Haji Ambrin holds a Degree in Economics from the University of Malaya and a Masters Member of Nomination
An advocate and solicitor, YTM Raja Dato’ Seri Eleena has been on the Board since in International Business from the University of South Carolina, USA. Committee
1  June 1992. Other Directorship(s)
He was appointed the Auditor General of Malaysia on 22 February 2006 upon his retirement after having served
Listed Corporation/Corporations: the Government (Malaysian Civil Service) for over 35 years. He completed his tenure as Auditor General of
Malaysia on 22 February 2017.
Other Directorship(s)
YTM Raja Dato’ Seri Eleena’s extensive experience in legal practice enables her to contribute • Nil
Listed Corporation/Corporations:
significantly to the Board. His working career includes experience in the Ministry of Trade and lndustry from 1971 to 1982 and was appointed
Public Company/Companies: as Deputy Director, Small Scale Industries Division in 1981. He has also served on the Malaysian Timber lndustry • Lingkaran Trans Kota
• Yayasan Gamuda Board from 1982 to 1987 and the National Institute of Public Administration from July 1987 to 1991. Holdings Berhad
YTM Raja Dato’ Seri Eleena was a Barrister-at-Law from Lincoln’s Inn, London, UK.
She was called to the English Bar in 1985. Upon returning to Malaysia, she worked with an • Yayasan Sultan Azlan Shah YBhg Tan Sri Dato’ Setia Haji Ambrin was also attached to the Malaysian Embassy in Tokyo, Japan, from 1992
to March 1995 as Minister for Economic Affairs and Deputy Head of Mission. He was a Senior General Manager Public Company/Companies:
international firm in Kuala Lumpur and was called to the Malaysian Bar in 1986. She set up her • Yayasan Tuanku Bainun for the Kuala Lumpur International Airport Berhad from April 1995 to February 1999. He was the State Secretary • Yayasan Pelaburan
own legal practice Messrs Raja Eleena, Siew, Ang & Associates in 1987 of which she is presently • Pusat Kreatif Kanak-kanak of the Selangor State Government from March 1999 to September 2001 and Secretary-General of the Ministry
of Education till his appointment as Auditor General of Malaysia. Bumiputra
a senior partner. Tuanku Bainun
On 16 May 2016, YBhg Tan Sri Dato’ Setia Haji Ambrin was conferred an Honorary Doctorate Award, which
YTM Raja Dato’ Seri Eleena is also a trustee in several charitable organisations such as Yayasan carries the title Prof. (Dr.) by IIC University of Technology, Cambodia. In 2017, he was awarded an Honorary
Doctorate in Accounting by Universiti Kebangsaan Malaysia and appointed Adjunct Professor by Universiti Utara
Sultan Azlan Shah, Yayasan Tuanku Bainun, Yayasan Cemerlang, Yayasan Gamuda and Pusat Malaysia. He was formerly a Board Member of the Malaysian lnstitute of Integrity.
Kreatif Kanak-Kanak Tuanku Bainun. These organisations conduct a variety of activities which
For the past 15 years, he has been a frequent speaker presenting his views and perspective on public sector
focus on community development, improving and upholding education at all levels, promotion auditing, good governance and integrity at many seminars and conferences organised domestically and
of sports, exploring and expanding children’s creativity through performing arts, and preservation internationally.
of heritage and tradition, culture, social or art, which includes upkeep of the historical buildings Tan Sri Dato’ Setia Haji Ambrin was appointed as Chairman of the Special Investigation Committee on Governance,
and artefacts. Procurement and Finance by the Malaysian Government from 2018 to July 2021. In 2018, he was appointed as
a member of the Board of Trustees of Yayasan Pelaburan Bumiputra. On 1 January 2021, he was appointed as
the Deputy Chairman of the Board of Trustees for Lembaga Zakat Selangor, an institution under the Duli Yang
YTM Raja Dato’ Seri Eleena has no family relationship with any Director and/or major shareholder Maha Mulia Sultan Selangor entrusted to collect and distribute “zakat” in the state of Selangor. He is currently
of the Company, has no conflict of interest with the Company and has no conviction for any a member of Dewan DiRaja Selangor.
offences within the past five years (other than traffic offences, if any) and there was no public YBhg Tan Sri Dato’ Setia Haji Ambrin has no family relationship with any Director and/or major shareholder of
sanction or penalty imposed by the relevant regulatory bodies during the financial year. the Company, has no conflict of interest with the Company and has no conviction for any offences within the
past five years (other than traffic offences, if any) and there was no public sanction or penalty imposed by the
relevant regulatory bodies during the financial year.
YTM Raja Dato’ Seri Eleena attended all eight board meetings held during the financial year
YBhg Tan Sri Dato’ Setia Haji Ambrin attended all eight board meetings held during the financial year ended
ended 31 July 2022. 31  July 2022.

86 5 Leadership 5 Leadership 87
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

PROFILE OF BOARD OF DIRECTORS

Age Age
68 66

Gender Gender
Female Female

Nationality Nationality
Malaysian Malaysian

Date of Appointment Date of Appointment

7 March 2016 1 January 2022

PUAN NAZLI BINTI MOHD KHIR JOHARI Board Committee MS. CHAN WAI YEN, MILLIE Board Committee
Independent Non-Executive Director Membership Independent Non-Executive Director Membership
Member of Audit Nil
Committee
Puan Nazli joined the Board on 7 March 2016. Ms. Chan was appointed as an Independent Non-Executive Director of the Company on
Member of Nomination 1 January 2022. Other Directorship(s)
After completing her tertiary education, Puan Nazli joined Aseambankers Malaysia Berhad [now Committee Listed Corporation/Corporations:
Ms. Chan was admitted as an Advocate and Solicitor to the High Court of Malaya in 1981.
known as Maybank Investment Bank Berhad] (ASEAM) from September 1981 to January 1996, She commenced legal practice in Maxwell, Kenion, Cowdy & Jones, a law firm in Ipoh. In 1984, Ms. • QL Resources Berhad
holding various positions. Her last position before she left ASEAM was Head of Project Development. Member of Risk Chan co-founded the legal firm W Y Chan & Roy, and continued to practice law in Malaysia until
Management 2007. Public Company/Companies:
In February 1996, Puan Nazli joined Percon Corporation Sdn Bhd (Percon), a wholly-owned Committee • Nil
Ms. Chan’s practice focus in Malaysia during the first seven years of practice was in civil and commercial
subsidiary of Permodalan Nasional Berhad as the General Manager (Corporate Services). At Percon, litigation. In the following 2 decades, her practice concentrated on corporate securities and finance,
she was tasked to put in place a financial and corporate restructuring scheme. The job involved and commercial matters.
enhancing, strengthening and developing Percon’s competitive position in the field of engineering Other Directorship(s)
and construction and, at the same time, developing the corporate direction for Percon. At the Listed Corporation/Corporations: In 2010, Ms. Chan was admitted to the Law Society of British Columbia, Canada. She practiced in the
Group level, Puan Nazli represented Percon’s interests in various subsidiaries and associate Vancouver office of Borden Ladner Gervais (“BLG”), a national law firm in Canada, and was a member
• Lingkaran Trans Kota of BLG Tax Group and the Corporate & Commercial Group. She was also BLG Senior Consultant for
companies ranging from road concession to property development, both locally and abroad. Holdings Berhad Asia Pacific Market. She advises high net worth families, particularly business families in Asia, in the
She left Percon in July 2002 and is not attached to any particular company at present. area of holistic global estate planning, involving inter-generational wealth transfer, asset protection,
Public Company/Companies: and capital preservation. In addition, she assists families to establish strategies and processes to promote
Puan Nazli’s vast exposure in a variety of industries has contributed positively to her analytical • Nil family governance, maintain family unity, and uphold family identity and integrity. She works with an
and conceptual approach in decision making. Her extensive people-management and general extensive contact base of financial institutions and offshore service providers for trusts, foundations,
management experience, both at corporate and line-management levels, also enables her to and corporations.
provide invaluable inputs to the Board and Audit Committee.
Ms. Chan ceased her legal practice with BLG and applied to be a non-practicing lawyer in British
Columbia in 2018 in order to concentrate on consulting with business families and individuals, particularly
Puan Nazli holds a Bachelor of Science in Business Administration from The George Washington in Asia, in the area of holistic global estate planning under Legacy 127 Consulting Inc. In April 2019,
University, Washington D.C., USA and a Master of Business Administration from Syracuse University, Ms. Chan was appointed a Consultant of Shearn Delamore & Co, a legal firm in Malaysia.
Syracuse, New York, USA.
She graduated with a Bachelor of Laws Degree with First Class Honours from the University of Malaya,
1980.
Puan Nazli has no family relationship with any Director and/or major shareholder of the Company,
has no conflict of interest with the Company and has no conviction for any offences within the past Ms. Chan has no family relationship with any Director and/or major shareholder of the Company, has no
five years (other than traffic offences, if any) and there was no public sanction or penalty imposed conflict of interest with the Company and has no conviction for any offences within the past five years
by the relevant regulatory bodies during the financial year. (other than traffic offences, if any) and there was no public sanction or penalty imposed by the relevant
regulatory bodies during the financial year.
Puan Nazli attended all eight board meetings held during the financial year ended 31 July 2022. Ms. Chan attended all board meetings for the financial year ended 31 July 2022 held since her
appointment to the Board on 1 January 2022, numbering 3 in total.

88 5 Leadership 5 Leadership 89
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

PROFILE OF BOARD OF DIRECTORS

Age Age
51 32

Gender Gender
Male Male

Nationality Nationality
Malaysian Malaysian

Date of Appointment Date of Appointment

28 September 2018 18 October 2021

ENCIK MOHAMMED RASHDAN BIN MOHD YUSOF
Alternate Director to YBhg Dato’ Lin Yun Ling and
Deputy Group Managing Director
Encik Mohammed Rashdan or widely known as Danny, joined Gamuda on 1 May 2018 and was
Other Directorship(s)
appointed as the Alternate Director to YBhg Dato’ Lin Yun Ling on 28 September 2018.
Listed Corporation/Corporations:
Encik Rashdan, has 26 years of experience in the corporate finance and investment banking industry, • Nil
corporate consultancy and the financial services sector. He served as Executive Director (Investments)
of Khazanah Nasional Berhad from 2010 to 2012 and as Chief Executive Officer of Maybank
Public Company/Companies:
Investment Bank Berhad from 2008 to 2010. Prior to that, he was the Managing Director of
BinaFikir Sdn Bhd from 2003 to 2008 and was the Managing Director of QuantePhi Sdn Bhd, a
• Nil
boutique corporate finance advisory firm he founded in 2012, until December 2017.
He was made the Group Chief Investment Officer (‘CIO’) with effect from 1 July 2021 to lead the
Group’s investment portfolios across all business units. Aided by the Group Capital function, he
formulates future strategic direction on capital allocation efficiency across the business units to
deliver strong, long-term and sustainable returns. He also oversees Gamuda’s investment in leading-
edge technology, innovation and data platforms in the infrastructure, Construction and Renewable
Energy sectors to fulfil Gamuda’s Green Plan.
As CIO, he works closely with the Group Chief Financial Officer in the Performance Monitoring
of the Group’s business units, to constantly evaluate the efficacy of Group strategy and its
implementation. He also oversees the Group’s Corporate Finance function, which manages all of
the Group’s acquisitions and disposals, and new ventures.
He currently assists the Group Managing Director in our contractual participation and delivery of
the Penang South Islands (“PSI”) and the Penang Transport Master Plan (“PTMP”) projects.
Encik Rashdan holds a Master of Arts (Honours) Degree in Economics from the University of
Cambridge, United Kingdom. He is a Chartered Accountant and a Member of the Institute of
Chartered Accountants in England and Wales (ICAEW) and the Association of Corporate Treasurers
(ACT) of the United Kingdom.
Encik Rashdan has no family relationship with any Director and/or major shareholder of the Company,
has no conflict of interest with the Company and has no conviction for any offences within the past
five years (other than traffic offences, if any) and there was no public sanction or penalty imposed
by the relevant regulatory bodies during the financial year.
Board Committee MR. JUSTIN CHIN JING HO Board Committee
Membership Alternate Director to YBhg Dato’ Ir Ha Tiing Tai and Membership
Nil Managing Director, Gamuda Engineering Member of Risk
Management
Mr. Justin Chin Jing Ho was appointed as the Alternate Director to YBhg Dato’ Ir Ha Tiing Tai with effect Committee
18 October 2021.
A success story of the Gamuda Scholarship Programme, Mr. Chin’s journey in the Group began in 2008
Other Directorship(s)
when he was awarded a full scholarship to pursue his tertiary education. Soon after, he joined Gamuda as
a Tunnel Engineer on the first KVMRT Project, the MRT Kajang Line, in 2012. Since then, he has held various Listed Corporation/Corporations:
positions within the Group and its subsidiaries. • Nil
With over ten years of experience in the tunnelling sphere, Mr. Chin brings a wealth of technical expertise, Public Company/Companies:
competencies and knowledge to the business. He was appointed as Tunnel General Manager for MMC
• Nil
Gamuda KVMRT (T) Sdn Bhd in 2018 and was responsible for delivering the 13.5km of twin bored tunnels
for the MRT Putrajaya Line. He has also been involved with the Group’s local and regional engineering
business operations in Singapore, Australia, Vietnam and Taiwan.
Mr. Chin’s capabilities in tunnel engineering and digitalisation have led to the birth of the world’s first
Autonomous Tunnel Boring Machine (A-TBM) in 2019, developed entirely in-house by a team of passionate
young Gamuda engineers. This innovative technological breakthrough has won numerous international
accolades and awards and propelled Gamuda to the forefront of the global tunnelling fraternity.
Mr. Chin held the position of Special Officer to the Managing Director of Gamuda Berhad in 2020 before
stepping up as an Executive Director of Gamuda Engineering in January 2021. He assumed the role of Managing
Director of Gamuda Engineering on 1 August 2021 in line with the Group’s succession plans in transitioning
to next-generation leaders for Gamuda’s sustainable long-term growth.
Mr. Chin leads the strategic direction and overall business performance of Gamuda’s engineering arm and
helms the delivery of the recently unveiled Gamuda Green Plan as the Group deepens its commitments to
sustainable planning and design and reducing its carbon emissions.
Mr. Chin holds a Master’s Degree in Civil and Environmental Engineering from Imperial College London,
United Kingdom.
Mr. Chin has no family relationship with any Director and/or major shareholder of the Company, has no
conflict of interest with the Company and has no conviction for any offences within the past five years
(other than traffic offences, if any), and there was no public sanction or penalty imposed by the relevant
regulatory bodies during the financial year.

90 5 Leadership 5 Leadership 91
GAMUDA BERHAD 197601003632 (29579-T)
PROFILE OF SENIOR MANAGEMENT
MR. NGAN CHEE MENG
Chief Executive Officer,
Gamuda Land
Nationality: Malaysian
Age: 57
Gender: Male
Other Directorships in Public Companies:
None
Qualification(s):
• Certified Public Accountant, Malaysian
Institute of Certified Public Accountants
(MICPA)
• Chartered Accountant, Malaysian Institute
of Accountants (MIA)
Relevant Working Experience:
Assumed his current position as the Chief
Executive Officer of Gamuda Land in January
2019. Before this, he held the Head of
Finance role in Gamuda Land prior to
stepping up as the Chief Operating Officer
in 2017. He currently sits on the Boards
of several private limited companies.
Formerly a Senior Consultant with
Coopers and Lybrand (now known as
PricewaterhouseCoopers) and Group
Accountant of the Building Materials Division
at Hong Leong Industries Berhad, he had
also served as the Senior Finance Manager
with the SPRINT Highway concessionaires.
92 5 Leadership
YBHG DATO’ UBULL DIN OM
Executive Director,
Gamuda Engineering
Nationality: Malaysian
Age: 60
Gender: Male
Other Directorships in Public Companies:
None
Qualification(s):
• Bachelor of Science in Housing, Building
and Planning, Universiti Sains Malaysia
• Vice President of Master Builders Association
Malaysia (MBAM)
Relevant Working Experience:
An accomplished and seasoned name within
the infrastructure and construction industry,
YBhg Dato’ Ubull Din Om helms the key
position of Executive Director for Gamuda
Engineering as the Group expands its business
overseas. He was previously the Managing
Director of Gamuda Engineering from January
2014 until July 2021 and was appointed to
the Board of Directors of Gamuda Berhad as
the Alternate Director to YBhg Dato’ Ir Ha
Tiing Tai from January 2015 until October
2021. With 34 years of expertise, Dato’ Ubull
has held various positions and advanced
rapidly through different business and
operations roles within Gamuda since he
joined the Group in 1988. He has been
involved in several notable projects, namely
the Electrified Double Track Project (Ipoh-
Padang Besar), Sungai Selangor Water Supply
Scheme Phase 3, Shah Alam Expressway (SAE),
Lebuhraya Damansara-Puchong (LDP) and
SPRINT Highway. He is currently involved in
the tunnelling and underground works for the
KVMRT project and the Pan Borneo Highway
Package (WPC-04) project, as well as leading
the Gali Batu Multi-Storey Bus Depot and
Defu Station and Tunnels, MRT Cross Island
Line (Phase 1) projects in Singapore.
MR. SOO KOK WONG
Group Chief Financial Officer,
Gamuda Berhad
Nationality: Malaysian
Age: 53
Gender: Male
Other Directorships in Public Companies:
None
Qualification(s):
• Fellow Member, Association of Chartered
Certified Accountants (ACCA), United
Kingdom
• Chartered Accountant, Malaysian Institute
of Accountants (MIA)
Relevant Working Experience:
As Group Chief Financial Officer, he is
responsible for the Group’s financial
management and accounting, treasury,
investor relations, legal and company
secretarial, and human resources. Prior to
his current position as the Group Chief
Financial Officer, he was the Group’s Internal
Audit Chief and Chief Financial Officer of the
Group’s construction arm. A chartered
accountant by qualification, he was on the
Board as an Alternate Director from 2013 to
2018.
On 1 October 2022, he was appointed by
the Minister of Finance to be a member of
the Malaysian Accounting Standards Board
(MASB). Before joining Gamuda, he was
attached to Price Waterhouse Malaysia and
have vast experience in accounting, tax, audit,
finance, treasury, and budgetary control.
IR. CHU WAI LUNE
Chief Operating Officer,
Gamuda Land
Nationality: Malaysian
Age: 40
Gender: Male
Other Directorships in Public Companies:
None
Qualification(s):
• Master of Business Administration (MBA),
Wawasan Open University
• Bachelor’s Degree in Civil and Structure
Engineering, University Kebangsaan Malaysia
Relevant Working Experience:
A professional engineer registered with the
Board of Engineers, Malaysia, he began his
career path with Gamuda Engineering in
2008, seeing through the completion of the
Electrified Double Track Project (EDTP)
project before transferring to Gamuda Land
in 2016 as a Project Manager. He was then
promoted to General Manager the following
year and was responsible for managing
Bandar Botanic, and subsequently Gamuda
Land’s new townships- twentyfive.7 and
Gamuda Gardens. In 2021, he was appointed
as Gamuda Land’s Project Director and later
assumed the position of Chief Operating
Officer for Gamuda Land.
INTEGRATED REPORT 2022
TS. LIM HUI YAN MS. JESS TENG POH FERN
Executive Director, Executive Director,
Gamuda Engineering Product Management Unit,
Nationality: Malaysian Gamuda Land
Age: 33 Nationality: Malaysian
Gender: Female Age: 33
Other Directorships in Public Companies: Gender: Female
None Other Directorships in Public Companies:
None
Qualification(s): Qualification(s):
• Bachelor of Science (Honours) in • Bachelor of Architecture Design, RMIT
Mechanical Engineering (Manufacturing University, Australia
and Automation), Universiti Putra Malaysia
Relevant Working Experience:
Relevant Working Experience: Appointed as the Executive Director of
With ten years of experience in the tunnelling Product Management Unit for Gamuda Land
and construction industry, she was appointed in January 2021. Prior to Gamuda Land, she
as the Executive Director of Gamuda worked on high-profile projects such as TRX
Engineering in January 2021 and Head of Retail Mall and Tradewinds Square in Kuala
Yayasan Gamuda in January 2022, a crucial Lumpur under DP Architects Pte Ltd. She
role in overseeing the Group’s social efforts. currently leads a diverse team overseeing
Her journey with the Group began in 2008 masterplanning and design, architecture,
when she was awarded a full scholarship to interior architecture, BIM and sustainability
pursue her tertiary education under the initiatives in Gamuda Land.
Gamuda Scholarship programme. She joined
Gamuda as a Tunnel Engineer working closely
with an experienced team that managed the
world’s first variable density tunnel boring
machine (VD TBM) and other innovative
construction material for the MRT Kajang
Line in 2012. She then continued to be
involved in the planning and construction of
the MRT Putrajaya Line. In 2015, she started
Gamuda Digital IBS, which emphasises
enhancing the Group’s sustainable business
strategy through creating a sustainable
construction ecosystem integrating digital
construction, namely Building Information
Modelling (BIM), robotic manufacturing and
highly efficient on-site installation.
5 Leadership 93
GAMUDA BERHAD 197601003632 (29579-T)
PROFILE OF SENIOR MANAGEMENT
MS. LARISSA CHAN THIEN
Executive Director,
Commercial Real Estate,
Gamuda Land
Nationality: Malaysian
Age: 34
Gender: Female
Other Directorships in Public Companies:
None
Qualification(s):
• Bachelor of Engineering (Honours) in Civil
and Construction, Curtin University,
Australia
Relevant Working Experience:
Assumed the role of Executive Director,
Commercial Real Estate for Gamuda Land in
January 2021. Since joining the Group in
2011, her experience with Gamuda spans
diverse roles and projects, from Design
Engineer with the Group to a leading role
as Project Manager at Gamuda Land. Her
technical expertise has facilitated some of
Gamuda’s most iconic projects, including the
MRT Kajang Line of Klang Valley Mass Rapid
Transit (KVMRT) project, 661 Chapel St. in
Australia, Discovery Park in Gamuda Cove
and Quayside Mall in twentyfive.7.
94 5 Leadership
MS. ONG JEE LIAN
Group Chief Sustainability Officer,
Gamuda Berhad
Nationality: Malaysian
Age: 43
Gender: Female
Other Directorships in Public Companies:
None
Qualification(s):
• Masters in Sustainable Development
Management, Jeffrey Sachs Centre, Sunway
University, Malaysia
• Bachelor of Arts in Mass Communications,
Murdoch University, Australia
• Certified Sustainability GRI Reporting
Specialist
Relevant Working Experience:
With close to 21 years of experience, she
was appointed as the Group’s Chief
Sustainability Officer in January 2020. Her
current roles include Executive Director
of Gamuda Engineering since January
2021 and the Head of Group Corporate
Communications, Gamuda Berhad from July
2021. She joined Gamuda in 2008 as the
Marketing Communications Manager for
Gamuda Land. In 2011, she had a central
role in communications and stakeholder
management for the MRT Kajang Line and
MRT Putrajaya Line. She then continued as
the General Manager within the Group’s
Corporate Communications department. She
formerly held communication roles with
Lenovo and UEM Sunrise.
MS. LIM SOO LYE
Director, Legal and Company
Secretarial, Gamuda Berhad
Nationality: Malaysian
Age: 57
Gender: Female
Other Directorships in Public Companies:
None
Qualification(s):
• Bachelor of Laws (LLB), University of
Malaya, Malaysia
• Advocate and Solicitor of the High Court
of Malaya, Malaysia
Relevant Working Experience:
Appointed to her current position as Director,
Legal and Company Secretarial in January
2020. Her foray into Gamuda started in 1996
when she joined as a Legal Manager and
later was tasked with the added responsibility
as the Group’s joint Company Secretary in
1998 following the departmental merger. She
qualified as an Advocate and Solicitor of the
High Court of Malaya in 1990, whereupon
she commenced legal practice in a reputable
law firm in Kuala Lumpur. She continued in
legal practice until 1995, after which she
joined a public listed company as the Head
of its Legal Department.
MS. SITI EZYANA BINTI SYED
JAAFAR
Chief Integrity and Governance
Officer, Integrity and Governance Unit,
Gamuda Berhad
Nationality: Malaysian
Age: 46
Gender: Female
Other Directorships in Public Companies:
None
Qualification(s):
• Bachelor of Science (Honours) in Ecology,
Universiti of Malaya, Malaysia
Relevant Working Experience:
She has headed the Integrity and Governance
Unit as the Chief Integrity and Governance
Officer since January 2022. She has 14 years
of extensive experience in environmental,
quality management and integrated ISO
systems implementation. Her proficiency
includes establishing and managing the ISO
Certification process. Previously in her role
as Assistant General Manager for Gamuda
Water Sdn Bhd, she managed the control of
performance and compliance to the
environment and quality-related legal
requirements at Bukit Badong and Rasa Water
Treatment Plants according to Quality,
Environment, Safety and Health (QESH)
practices. Prior to that, she led the
Environment, Quality and Liaison division in
SPLASH until 2019, which she started as a
manager in 2008. She formerly held
communication roles at Puncak Niaga (M)
Sdn Bhd, Gamuda Berhad and SPLASH.
Between 2008-2012, she was also a contract
news presenter for Nightline and Buletin TV3
at Media Prima Berhad.
EN. ADIL PUTRA BIN AHMAD
Executive Director,
Gamuda Engineering
Nationality: Malaysian
Age: 57
Gender: Male
Other Directorships in Public Companies:
None
Qualification(s):
• Bachelor of Science in Civil Engineering,
California State University, Long Beach,
USA
• Member of Board of Engineers Malaysia
• Member of Institution of Engineers Malaysia
Relevant Working Experience:
Appointed as the Executive Director of
Gamuda Engineering, in April 2013 and is
currently the Project Director for MMC
Gamuda, MRT Putrajaya Line project. He was
also involved in the planning of the LRT for
the Penang Transport Master Plan (PTMP).
He has extensive experience in managing
and constructing large-scale infrastructure
projects, including the Lebuhraya Damansara-
Puchong (LDP), Shah Alam Expressway (SAE)
and the Klang Valley MRT Line 1. In the early
years of his career, he was involved in the
construction of the Ipoh-Lumut Highway and
part of the North-South Expressway.
INTEGRATED REPORT 2022
MR. SZETO WAI LOONG
Project Director, Penang Transport
Master Plan (PTMP) and Reclamation
Works, Executive Director, SRS
Consortium Sdn Bhd
Nationality: Malaysian
Age: 63
Gender: Male
Other Directorships in Public Companies:
None
Qualification(s):
• Master of Business Administration (MBA)
General Management, Charles Sturt
University, Australia
• Diploma in Civil Engineering, Federal
Institute of Technology (FIT), Malaysia
Relevant Working Experience:
With over 43 years of engineering experience,
he joined MMC Gamuda in June 2007 as
the General Manager of the Electrified Double
Track Project (EDTP). In 2015, he was
entrusted as the Project Director for SRS
Consortium Sdn Bhd in the Penang Transport
Master Plan (PTMP) project, including the
Penang South Reclamation (PSR). He started
his career as a cadet engineer in 1978 for
Mudajaya Corporation Berhad before joining
IJM Corporation Berhad in 1994 as the
Project Manager for Star Light Rail Transit
System. Before joining Gamuda, he pocketed
numerous building and infrastructure
development projects such as the Tanjung
Pelepas Port Rail Link Project, Tunnel Link
connecting Suria KLCC and the KL Convention
Centre, Riana Green Condominium, Impiana
Hotel and Commerce Asset Holding Berhad
tower. He was also posted to India to oversee
the Civic Convention Centre Project for the
Municipal Corporation of Delhi.
5 Leadership 95
GAMUDA BERHAD 197601003632 (29579-T)
PROFILE OF SENIOR MANAGEMENT
YBHG DATO’ HAJI ABDUL
SAHAK BIN SAFI
Executive Director,
Gamuda Land
Nationality: Malaysian
Age: 62
Gender: Male
Other Directorships in Public Companies:
None
Qualification(s):
• Bachelor of Science (Honours) in Housing
Building and Planning (Arch), Universiti
Sains Malaysia
• Associate Fellow, Institute of Local
Government Studies (ILGS), Universiti Utara
Malaysia
Relevant Working Experience:
YBhg Dato’ Haji Abdul Sahak Bin Safi assumed
his current role as Executive Director of
Gamuda Land in July 2016. He is also an
Alternate Director for UEM Sunrise-Gamuda
Joint Venture, Horizon Hills, Johor Bahru.
Dato’ Haji Abdul Sahak joined the Group in
May 2001 and has been instrumental in
conceptualising and planning several landmark
developments namely, Bandar Botanic (Klang),
Valencia (Sungai Buloh), Horizon Hills (Johor
Bahru) and twentyfive.7 (Kota Kemuning).
Current involvement in the planning of
Gamuda Cove, a new development in
Selangor, and Gamuda Gardens, a mixed
development located north of Kuala Lumpur.
He was formerly with The Lion Group –
Property and Construction Division.
96 5 Leadership
EN. MOHAMAD ZAMRI SHAARI
Senior General Manager,
Project Management,
Gamuda Engineering
Nationality: Malaysian
Age: 62
Gender: Male
Other Directorships in Public Companies:
None
Qualification(s):
• Bachelor of Science (Honours) in Civil
Engineering, Leeds University, United
Kingdom
Relevant Working Experience:
With over 26 years of pertinent experience
in engaging and securing stakeholder
approvals for large infrastructure projects
such as the MRT Putrajaya Line, MRT Kajang
Line, Electrified Double Track Project (EDTP),
Sprint Highway and Ampang Kuala Lumpur
Elevated Highway, to name a few. Assumed
the role of Head of Approval Management
Department in 2015 for MMC Gamuda. He
joined Gamuda in 2000 and formerly was
with the Public Works Department (PWD) for
17 years, pocketed experience as an Assistant
Director in Road Department, PWD HQ and
Regional Head for PWD Unit Felda Bentong,
Pahang. During his time with PWD, he was
seconded to Babtie Shaw and Morton in the
United Kingdom in 1996 and supervised the
M74 Highway upgrading works. He has
extensive experience in designing bridges
and roads and managing the construction
of roads, schools, and water treatment plants.
LAr. KHARIZA BINTI ABD KHALID
Executive Director,
Gamuda Land
Nationality: Malaysian
Age: 46
Gender: Female
Other Directorships in Public Companies:
None
Qualification(s):
• Bachelor of Architecture at University
Technology Malaysia, Skudai, Johor Bahru
• Professional Landscape Architect, Institute
of Landscape Architecture (Malaysia)
• Advisory Panel Member, Malaysian National
of Biodiversity Roundtable under the
Ministry of Water, Land and Natural
Resources (2019)
• C o u n c i l M e m b e r , U P M L a n d s c a p e
Architecture Program Development of
Faculty of Architecture Design (2021)
• Member, Malaysian Society of Arborist
(PArM)
Relevant Working Experience:
She began her career path with Gamuda
Land in 2004 where she was instrumental
in leading the Landscape Architecture and
Design Department. In her current role, she
heads Gamuda Parks, overseeing the
Company’s residential and park developments
locally and overseas. Prior to joining Gamuda
Land, she was attached to an international
landscape consultant firm, Aspinwall Clouston
and Gillespies South East Asia where she
worked on Bukit Jalil Olympic Park, AIMST
Medical University, Ministry of Finance
Malaysia, Ministry of Education, Malaysia and
Bot Club Precinct 11 Putrajaya.
MR. JOHN LIM JI XIONG
Executive Director,
Digital and Innovation, Gamuda
Engineering and Gamuda Land
Nationality: Malaysian
Age: 28
Gender: Male
Other Directorships in Public Companies:
None
Qualification(s):
• Master of Mechanical Engineering,
University of Bristol, United Kingdom
• Member, Malaysian Board of Technologists
(MBoT)
Relevant Working Experience:
Assumed the role of Executive Director –
Digital and Innovation for Gamuda Engineering
and Gamuda Land in July 2022. His journey
with the Group began in 2013 when he was
awarded a full scholarship to pursue his
tertiary education overseas through the
Gamuda Scholarship Programme. He started
the Gamuda Excellence Transformation (GET)
team in 2021 to bring together the various
technology teams across the Group with the
purpose of elevating digital excellence across
Gamuda. This new team is tasked with
developing talent, promoting innovation and
overseeing the digital landscape including
Building Information Modelling (BIM), Digital
Engineering, Gamuda Land Digital and Tunnel
R&D. John began his career as a tunnel
engineer on the MRT Putrajaya Line project
where he led his team to develop the novel
Autonomous Tunnel Boring Machine (TBM)
which has won numerous international
innovation accolades in 2019.
INTEGRATED REPORT 2022
MR. KOBINATHAN THANGAVELU
Executive Director,
Gamuda Engineering
Nationality: Malaysian
Age: 38
Gender: Male
Other Directorships in Public Companies:
None
Qualification(s):
• Bachelor of Civil Engineering (Honours),
University Tun Hussein Onn Malaysia,
Malaysia
• Member, Board of Engineers Malaysia (BEM)
Relevant Working Experience:
Over 14 years of engineering experience in
managing and constructing large-scale
infrastructure, railway and underground
projects such as the KVMRT projects and the
Electrified Double Track Project (EDTP).
Current involvement is in the construction
and completion of the MRT Putrajaya Line
underground stations – Chan Sow Lin and
Tun Razak Exchange, and Intervention Shaft
3. He joined MMC Gamuda in 2008 as the
site engineer of the landmark EDTP from
Ipoh to Padang Besar.
5 Leadership 97
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

GROUP ORGANISATION STRUCTURE

BOARD OF DIRECTORS
YBHG DATO’ MOHAMMED HUSSEIN YBHG DATO’ LIN YUN LING YBHG DATO’ IR HA TIING TAI ALTERNATE DIRECTORS:
Chairman Group Managing Director Deputy Group Managing Director
ENCIK MOHAMMED RASHDAN BIN MOHD YUSOF
YTM RAJA DATO’ SERI ELEENA BINTI YBHG TAN SRI DATO’ SETIA HAJI AMBRIN PUAN NAZLI BINTI MOHD KHIR JOHARI Alternate to YBhg Dato’ Lin Yun Ling
ALMARHUM SULTAN AZLAN MUHIBBUDDIN BIN BUANG Independent Non-Executive Director – Deputy Group Managing Director
SHAH AL-MAGHFUR-LAH Independent Non-Executive Director
MS. CHAN WAI YEN, MILLIE MR. JUSTIN CHIN JING HO
Non-Independent Non-Executive Director
Independent Non-Executive Director Alternate to YBhg Dato’ Ir Ha Tiing Tai
– Managing Director, Gamuda Engineering

BOARD COMMITTEES
• Audit
• Nomination
• Remuneration

GAMUDA ENGINEERING GAMUDA LAND HEAD OFFICE

MR. JUSTIN CHIN JING HO – Managing Director MR. NGAN CHEE MENG – Chief Executive Officer • Finance and Management
Accounting
EN. ADIL PUTRA BIN AHMAD – Executive Director MR. CHU WAI LUNE – Chief Operating Officer
• Gamuda Capital and Business
Malaysia Vietnam Development
Infrastructure
• Gamuda Cove • Gamuda City, Hanoi • Information Services and
• Celadon City, Cybersecurity
Malaysia Taiwan • Gamuda Gardens
Ho Chi Minh City • Human Resource and Administration
• Klang Valley Mass Rapid Transit (KVMRT) • Marine Bridge – Guantang • twentyfive.7
• Elysian, Ho Chi Minh
1. MRT Kajang Line • Extension of Marine Bridge – Guantang • Horizon Hills • Legal and Company Secretarial
City
2. MRT Putrajaya Line • Seawall – Taipei Port • Jade Hills • Group Corporate Communications
• Artisan Park,
• Gamuda Industrialised Building System (Digital IBS) • 161kV Songshu to Guanfeng Underground • Bukit Bantayan Residences Binh Duong • Environment, Social and
Transmission Line Governance Unit
• PMV Infra 05 – Belfield Tunnel • Kundang Estates
• TaoYuan City Underground Railway, Package CJ18
• Penang Transport Master Plan (PTMP), Penang • Madge Mansions Singapore • Investor Relations
PingZhen Station
• Gurney Marine Bridge, Penang • OLÁ • Internal Audit
• The Robertson
• Pan Borneo Highway Package (WPC-04), Sarawak Australia • GEM Residences
• HighPark Suites • Integrity and Governance Unit
• Batang Lupar Bridge, Sarawak • Sydney Metro West – Western Tunnelling Package
• Gamuda Walk
• Sungai Rasau Water Supply Scheme – Stage 1 • Coffs Harbour Bypass Australia
(Package 1), Selangor • Gamuda GM Klang • 661 Chapel St.,
• Gamuda GM Bukit Bintang Melbourne
Singapore • Kota Kemuning • The Canopy on
• Defu Station and Tunnels, MRT Cross Island Line Normanby, Melbourne
• Valencia
(Phase 1)
• Bandar Botanic
• Gali Batu Multi-Storey Bus Depot United Kingdom
• Quayside Mall
• Aldgate, London
Medical Services Highway Management Gamuda Water • West Hampstead
Central, London

98 5 Leadership 5 Leadership 99
GOVERNANCE
102 Corporate Governance Overview Statement

112 Directors’ Training

113 Statement on Risk Management and

Internal Control

115 Risk Management Committee Report

117 Audit Committee Report

118 Statement on Internal Audit

119 Additional Compliance Information

121 Statement on Integrity and Governance

Governance is an integral part of how we conduct our business responsibly

that includes evaluation of our risk matters, compliant to local expectations
and delivering with integrity
GAMUDA BERHAD 197601003632 (29579-T)
CORPORATE GOVERNANCE
OVERVIEW STATEMENT
The Board of Directors (“Board”) of Gamuda Berhad (“Gamuda” or “Company”)
presents this statement to provide shareholders and investors with an overview
of the corporate governance practices of the Company under the leadership of
the Board during the financial year ended 31 July 2022 (“FY2022”) and up to the
date of this statement. This overview takes guidance from the key corporate
governance principles as set out in the Malaysian Code on Corporate
Governance (“MCCG”).
The Corporate Governance Overview Statement is made pursuant
to Paragraph 15.25(1) of the Main Market Listing Requirements
(“Listing Requirements”) of Bursa Malaysia Securities Berhad (“Bursa
Securities”) and guidance was drawn from Practice Note 9 of
Bursa Securities’ Listing Requirements and the Corporate Governance
Guide (4th Edition) issued by Bursa Securities. This overview
statement, which sets out a summary of the Group’s corporate
governance practices during FY2022 based on the following three
(3) key principles of the MCCG:
PRINCIPLE A PRINCIPLE B PRINCIPLE C
ASDASDASD
Integrity in
Corporate
Board Effective Audit
Reporting and
Leadership and and Meaningful
Effectiveness Risk Management
Relationship with
Shareholders
This statement is to be read together with the Corporate Governance
Report 2022 (“CG Report”) of the Company prepared based on a
prescribed format as set out in Paragraph 15.25(2) of the Listing
Requirements which is available on the Company’s website at
www.gamuda.com.my and Bursa Malaysia’s website.
COMMITMENT FROM THE BOARD
The Board recognises the importance of maintaining adequate
corporate governance practices within Gamuda and its subsidiary
companies (collectively “Group”) and devotes considerable effort
to identify and formalise best practices. Good corporate governance
is crucial to sustain the Group in the long-run through the ever
changing regulatory and market environment. The Board sees
corporate governance as an integral part of the Group’s business
strategy.
The Board believes that sound and effective corporate practices
are fundamental to the smooth, effective and transparent operation
of a company and its ability to attract investment, protect the
102 6 Governance
INTEGRATED REPORT 2022
PRINCIPLE A:
BOARD LEADERSHIP AND EFFECTIVENESS
I. Board Responsibilities
The Board is responsible for the long-term success of the The Board delegates responsibility for the day-to-day operation
Group and the delivery of sustainable value to stakeholders. of the businesses to the Group Managing Director who is
Hence, the primary role of the Board is to protect and enhance assisted by the Deputy Group Managing Directors and Key
long-term stakeholder value. It sets the overall strategy for Senior Management and recognises his responsibility for
the Group and supervises executive management. It also ensuring that the Company operates within a framework of
ensures that good corporate governance policies and practices prudent and effective controls. In discharging its duties with
are implemented within the Group. While discharging its due care, skill and diligence, the Company led by the Group
duties, the Board acts in good faith, with due diligence and Managing Director are driven and guided by the Value Creation
care, and in the best interests of the Company and its Strategy as illustrated on pages 40 to 41 of this Integrated
rights of shareholders and stakeholders, and enhance shareholder
shareholders. Report.
value.
A framework of delegated authority is in place consistent This Value Creation Strategy has been formalised and is
The Board will continuously evaluate the status of the Group’s
with the structure of delegation below the Board level. The disseminated to employees and continuously reinforced
corporate governance practices and procedures with a view to
Board reserves to itself certain key matters to approve, throughout their tenure with the Group.
adopt and implement the best practices in so far as they are
including the Group’s strategic plans, major capital expenditure,
relevant to the Group, bearing in mind the nature of the Group’s
corporate governance issues, dividend policy and external
businesses and the size of its business operations.
financial reporting.
SUMMARY OF CORPORATE GOVERNANCE PRACTICES BOARD
Responsible for providing stewardship and oversight of the Group’s business affairs
In manifesting the Group’s commitment towards sound corporate
governance, the Group has benchmarked its practices against the
relevant promulgations as well as other best practices. Gamuda
has applied all the Practices encapsulated in the MCCG for the
Audit Committee (“AC”) Nomination Committee (“NC”) Remuneration Committee (“RC”)
FY2022 with the exception of the following Practices:-
Review of financial reporting, Review candidatures for Board Review and oversee administration
Recommended CG Practices in MCCG internal controls, related party appointment and re-appointment as of remuneration policies and
transactions and conflicts of well as annual assessment of the procedures of Directors and
The Chairman of the board should not be a interest, internal audit as well as Board, Board Committees and Key Senior Management.
Practice 1.4 member of the Audit Committee, Nomination external audit processes. Directors.
Committee or Remuneration Committee.
Minutes of the general meeting should be
GROUP MANAGING DIRECTOR
Practice 13.6 circulated to shareholders no later than 30
Responsible for the overall business and implementation of Board policies, decisions and powers within delegated limits for
business days after the general meeting.
all matters except those reserved for the Board or delegated to Board Committees
The explanations on the above departures are disclosed in the
CG Report
Risk Management Committee Division Directors
In line with the latitude accorded in the application mechanism
of MCCG, the Company has provided forthcoming and appreciable Head of Internal Audit
explanations for the departure from the said Practices. Business Units
The explanations on the departures are supplemented with a
description on the alternative measures that seek to achieve the Chief Integrity and Governance Officer
Intended Outcome of the departed Practices, measures that the
Company has taken or intends to take to adopt the departed
Practices as well as the timeframe for adoption of the departed
Practices. Further details on the application of each individual
Practice of MCCG are available in the CG Report.
6 Governance 103
GAMUDA BERHAD 197601003632 (29579-T)
CORPORATE GOVERNANCE OVERVIEW STATEMENT
As depicted in the above illustration, Board Committees have
been established to assist the Board in its oversight function
with reference to specific responsibility areas. It should
however be noted that at all times, the Board retains collective
oversight over the Board Committees. These Board Committees
have been constituted with clear terms of references and
they are actively engaged to ensure that the Group is in
adherence with good corporate governance.
As a step up on overall responsibility for risk oversight, the
Board will continue to assess whether this oversight is to be
carried out either by the full Board or through delegation to
one or more standing committees comprising majority of
independent directors.
The Board receives the minutes of all Board committee
meetings at the following Board meeting and is presented
with a verbal report from each committee Chair on significant
areas of discussion and key decisions. To assist each committee
in discharging its responsibilities, each committee has an
annual meeting planner that sets out the scheduled items of
business and reports to be considered during the year.
The Board articulates its roles and responsibilities in its
Directors’ Handbook, and describes those areas reserved for
the Board’s determination. The Board adopted the Directors’
Handbook in 2002 and will review the said handbook by the
next financial year. The Board believes that the Directors’
Handbook, which sets out the roles, duties and responsibilities
of the Company Directors and the broader issues of directors’
ethics, amongst others, collectively with the various policies,
procedures and practices that have been in place for a long
time, the Constitution of the Company and statutory and
regulatory requirements, have effectively encapsulated the
essence of the suggested contents of a Board charter.
There is a clear division of responsibilities at the helm of the
Company to ensure a balance of authority and power, as the
roles of the Chairman and the Group Managing Director are
distinct and separate. The Chairman of the Company is an
Independent Non-Executive Director, who through the Board,
provides effective oversight over Management and reflects
the Company’s commitment to uphold corporate governance.
The Chairman leads the Board by setting the tone at the top,
and managing the Board effectiveness by focusing on strategy,
governance and compliance. Where necessary, the Chairman
will conduct a separate session with the Non-Executive
Directors (“NEDs”) to allow for discussion on any pertinent
issues raised by the NEDs and/or issues from the Management,
as may be shared by the Chairman with the other NEDs.
For the financial year under review, the Chairman conducted
one separate session with the NEDs on 18 April 2022 to
discuss on a property deal in Ho Chi Minh City, Vietnam
sourced under the Quick Turnaround Project (“QTP”) Strategy
of the Group which was part of the approved 5-year Business
Plan for Gamuda Land.
The Board is supported by suitably qualified and competent
Company Secretaries who are members of the relevant
professional bodies. They are accountable directly to the Board
104 6 Governance
through the Chairman of the Board on all Board and governance
matters. The Company Secretaries also have an internal
reporting line to the Group Managing Director on corporate
secretarial and legal matters in respect of the business.
The appointment of Company Secretaries is based on the
capability and proficiency determined by the Board.
The Constitution of the Company permits the removal of
Company Secretaries by the Board.
All members of the Board, whether as a whole or in their
individual capacity, have access to the advice and services
of the Company Secretaries on all matters relating to the
Group to assist them in furtherance of their duties. The Board
is regularly updated and kept informed by the Company
Secretaries and the Management of the requirements such
as restrictions in dealing with the securities of the Company
and updates as issued by the various regulatory authorities
including the latest developments in the legislations and
regulatory framework affecting the Group.
Besides the Directors’ Handbook, the Board has adopted a
Directors’ Code of Conduct on 28 September 2016. In addition
to the Company Directors’ Code of Ethics established by the
Companies Commission of Malaysia, the Directors’ Code of
Conduct is the Board’s commitment towards establishing a
corporate culture which prescribes ethical conduct that
permeates throughout the Company and ensuring the
implementation of appropriate internal systems to support,
promote and ensure its compliance. The Directors’ Code of
Conduct is available for reference on Gamuda’s corporate
website at www.gamuda.com.my.
The Board recognises the importance of prompt and timely
dissemination of accurate and sufficient information concerning
the Company and its Group to shareholders, investors and
other stakeholders to enable them to make an informed
decision. A Corporate Disclosure Policy for the Group was
adopted on 28 September 2016 to set out the policies and
procedures on disclosure of material information of the Group
is being addressed, following emphasis by Bursa Securities
as outlined in Bursa Securities’ Corporate Disclosure Guide.
Accordingly, the Group Managing Director and/or the Executive
Director evaluate the release of all major communications to
investors or Bursa Securities. The Corporate Disclosure Policy
is also available for reference on Gamuda’s corporate website
at www.gamuda.com.my.
Recognising the importance of Information Technology (“IT”)
Governance, information security and cybersecurity to the
Group, the Enterprise-Wide Information Security Policy
(“EWISP”) was developed to ensure a consistent company-
wide process approach for the establishment, implementation,
operation, review, maintenance and improvement towards
Information Security Management System (ISMS). Through a
comprehensive suite of information security control objectives
and supporting policy statements, the EWISP explains how
ISO27002, the international standard code of practice for
information security management, applies within the Group.
Its purpose is to communicate management directives and
standards of care to ensure consistent and appropriate
protection of information throughout the Group.
INTEGRATED REPORT 2022
The Board views procurement as a critical area that needs to undergo transformation to a more strategic discipline and
value-adding function to Gamuda’s business. To survive the current industry volatility and responding to the pressure to deliver
projects in a more transparent and cost-effective manner, steps have been undertaken to re-invent procurement and to ensure
that the Group stays resilient. Procurement and supply chains are of the highest importance from the very beginning of every
project that Gamuda undertake as a Group. The Group Digital Procurement Platform was rolled out in financial year 2018 to
make procurement more transparent and effective; by using a consistent, collaborative approach leveraging on the SAP Ariba
platform that embraces supply chain and procurement best practices to improve value and sustainable savings.
Gamuda has implemented the first phase of its new generation cloud-based enterprise resource planning (ERP) system, which is
on the SAP S/4HANA platform. This enables the Group to have:
Better organisational efficiency
Improved governance, compliance
A single source of truth through streamlined processes &
and risk reduction
automation
As the Company expands operations overseas, there is a growing need to harness technology to enable cross border work,
promote project visibility and strengthening our innovative brand image. GET (Gamuda Excellence Transformation) has been driving
the uptake of key digital tools at the intersection of the various project disciplines to promote digital collaboration as well as
upskilling the workforce. For example, the award winning BIM (Building Information Modelling) and DE (Digital Engineering) initiatives
have become a common part of Gamuda project delivery and a dedicated team has been established to further drive leadership
in this area.
As the culture of innovation grows, GET has also been strengthening relationships with major digital partners such as Google
Cloud, a leader in Cloud AI and Data services. This year, the Company and Google jointly hosted a special hackathon to explore
different ways to harness AI and data as part of daily work. The Group’s employees have shown great interest with over 30 young
engineers across the Group showcasing their talents to find advanced solutions to their daily deliverables. GET aims to continually
elevate digital excellence and catalyse the development of real, people-driven solutions across the Group.
GET’s Role: Elevating Digital Excellence in Gamuda Group
Gamuda Transformation Council (GTC)
A senior-level steering committee to ideate, develop and manage the Group’s transformation in our key focus areas of ESG,
digitalisation and growth.
Gamuda Excellence Transformation (GET)
Group Information Systems
Elevating Digital Excellence Across Gamuda
Data governance strategy
and alignment in
Digital Engineering Governance procurement of Infrastructure and Operations
Developing our technology landscape and talent pool Digital Engineering • Provision and maintenance of Office 365, cloud,
in digital engineering on-premise infrastructure, end user computing
software
and networking
Data Excellence • Strategic sourcing and vendor management
Innovating processes in the Company and creating • Disaster recovery and business continuity
digital growth opportunities • Software license compliance and asset management
• Service desk and end user support
Digital Empowerment
Creating innovation leaders and empowering them Enterprise Applications (GEDP)
to innovate in their teams • Govern Enterprise Architecture
• Digital Procurement
Data Hero Community • Group ERP platform and master data management
Collaborate on developing
Providing a steady pipeline of innovative talents and • ERP data warehouse and analytics, Group Financial
disruptive ideas top-to-toe integration consolidation
between our services • Group HR Information System
Cyber Risks, Governance and Compliance
BUs and CSUs • Policies, Monitoring and Control
• Data Governance
Data Hero Teams • Cybersecurity operations
Type 1 Business Owners + Type 2 Data
Engineers/Scientists
GET is an enabler and resource. Providing support to our project teams to meet their requirements and goals. Creating data hero teams and empowering our people
to develop into Type 1 and Type 2 personalities.
6 Governance 105
GAMUDA BERHAD 197601003632 (29579-T)
CORPORATE GOVERNANCE OVERVIEW STATEMENT
As a Group, Gamuda commits to conducting its business in a
sustainable manner by addressing climate change and
establishing limits to our carbon emissions. The Gamuda Green
Plan 2025 (as illustrated on page 127 of this Integrated Report)
was launched in conjunction with World Environment Day on
5 June 2021. It is a comprehensive framework and roadmap
that charts tangible targets driven on Environmental, Social
and Governance (ESG) dimensions set forth over the next five
years, with an extended view to 2030 and beyond. It commits
the entire Group to circular construction with specific steps
to reduce direct and indirect corporate greenhouse gas
emissions intensity by 30 percent in 2025, and by 45 percent
in 2030. Taking decisive action on climate change, our ESG
Steering Committee is chaired by top-level leadership to
aggressively drive our Green Plan forward. Gamuda governs
its sustainability matters (Economic, Environment and Social)
through a comprehensive governance structure firmly held by
risk and business representation, as illustrated below:
Gamuda Sustainability Governance Structure
BOARD OF DIRECTORS
RISK
MANAGEMENT
COMMITTEE
GROUP CHIEF
SUSTAINABILITY STEERING
SUSTAINABILITY
COMMITTEE
OFFICER
SUBJECT MATTER EXPERTS
A full Sustainability Report is set out on pages 122 to 223 of
this Integrated Report.
106 6 Governance
INTEGRATED REPORT 2022
II. Board Composition The Board composition which comprises majority Independent Recognising the benefits of diversity in its broad spectrum,
Directors also conforms with Practice 5.2 of the MCCG the Board adopted a Diversity and Inclusion Policy on 28
During the financial year under review, the Board comprises
namely, Gamuda, being classified as a Large Company is September 2016. The Board has consistently maintained the
one Group Managing Director, one Deputy Group Managing
recommended to maintain a Board that is significantly 30 percent women directors on its Board as it believes that
Director, and a significant presence of five NEDs of whom
independent. women directors will add value to Board discussions by
four are Independent Directors. Hence, the Board’s composition
bringing new perspectives, approaches and ideas to help the
has fully complied with the provisions of the Listing
In compliance with the Listing Requirements, the Board has Group succeed. Under the current Board composition, women
Requirements of Bursa Securities for independent non-
on the recommendation of the Nomination Committee, representation on the Board is 43 percent, which has exceeded
executive directors to make up at least one-third (1/3) of the
approved the adoption of a Directors’ Fit and Proper Policy the 30 percent requirement.
Board membership and for a director who is qualified under
on 29 June 2022 and the said policy is available for reference
Paragraph 15.09 (1) (c) of Bursa Securities’ Listing Requirements
on Gamuda’s corporate website at www.gamuda.com.my. Across the Group, the respective proportions of male and
to sit on the Audit Committee.
The objective of the said policy is: female representation on the Board, in the workforce and
across the business (now reported at a global level) as of 31
• to outline the approach for the appointment and
Balance of Independent and Non-Independent Directors July 2022 are as illustrated below:
re-election of Directors of the Group; and
(as at 31 July 2022)
• to guide the Nomination Committee and the Board in Proportion of Women on the Board
their review and assessment of candidates to be appointed
on the Board of the Group as well as Directors who are 2022 2021
seeking re-election at the annual general meetings of
29%
Gamuda. 43% 57% 43% 57%
The Chairman, YBhg. Dato’ Mohammed Hussein will be retiring
as an Independent Chairman at the conclusion of the
57% FY2022 FY2021
14%
Forty-sixth (“46th”) Annual General Meeting (“AGM”) of the
Company scheduled for 8 December 2022 as he will reach Women 43% 43%
his 9-year term with Gamuda at the 46th AGM. The 9-year
Men 57% 57%
term for Independent Directors is in line with the
recommendation of the MCCG and any retention of Number of Women 3 3
Executive Directors 2 Independent Directors 4 Independent Directors beyond the 9-year term would require
Number of Men 4 4
Non-Executive Director 1 shareholders’ approval at AGMs on an annual basis.
The biographical particulars of the Directors are set out in
Length of Tenure of Independent Directors (as at 31 July 2022) the Profile of Board of Directors section of this Integrated Proportion of Women in the Workforce
Report. An updated list of Directors of the Company and
7 – 9 years 2 their respective roles and functions has been maintained on 2022 2021
the website of the Company together with their updated
4 – 6 years 1 biographical particulars. 36% 64% 35% 65%
1 – 3 years 1 The Board is satisfied that the current composition with
majority Independent Directors does fairly represent the FY2022* FY2021*
Age Diversity (as of 31 July 2022) investment of the majority and minority shareholders in the
Company. The current Board brings with it a broad range of Women 36% 35%
BOARD’S AVERAGE AGE business, financial, technical and public service background.
62 years 73 years Men 64% 65%
68 years The Board is a firm believer in promoting diversity in its Number of Women 1,410 1,257
membership, including gender, ethnicity and age, and strives
Number of Men 2,485 2,358
to maintain the right balance for effective functioning of the
Nationality/Ethnicity (as of 31 July 2022) Board.
Note:
Malaysian 7 * The numbers presented refer to permanent and contract employees from
all our companies local and overseas excluding joint ventures and associates
Malay 4 (except for Australia).
Chinese 3
6 Governance 107
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

CORPORATE GOVERNANCE OVERVIEW STATEMENT

For details on ethnic, age and gender diversity in Gamuda’s workforce, please refer to the Sustainability Report set out on pages The evaluation was based on specific criteria, covering several advice, where necessary and fees payable to the NEDs.
122 to 223 of this Integrated Report. aspects of Board governance, structure, processes and The Remuneration Committee aims to ensure that Directors’
composition including: remuneration is competitive, motivates good performance and
The Company Directors are professionals in the fields of construction and engineering, finance, accounting, legal and experienced loyalty, and supports growth in shareholder value.
• Board’s structure, operations, roles and responsibilities and
senior public administrators. Together, they bring a wide range of competencies, capabilities, technical skills and relevant business
others;
experience to ensure that the Group continues to be a competitive leader within its diverse industry segments with a strong The Remuneration Committee undertook the following reviews
reputation for technical and professional competence. • Board’s Committees – composition, expertise, support of the remuneration packages prepared by the Human
and communications; and Resource Department:-
The Board composition in terms of each of the Director’s industry and/or background experience, age and ethnic composition
• Director’s Peer Evaluation – individual Directors’ qualification • The Group Managing Director’s and Deputy Group
is as follows:-
and experience, contribution, performance, calibre and Managing Directors’ remunerations;
Industry/ Age Ethnic personality.
Gender • The NEDs’ (include Independent Directors) remuneration;
Background Experience Composition Composition
and
Factors relevant to issues on Board matters globally were

Non-bumiputera
Finance/Auditing
Construction &
also reviewed by the independent external consultant. • Group Senior Management’s remunerations.

Public Services

60 to 69 years

70 to 79 years
Accounting/
Engineering

Bumiputera
From the Board Effectiveness Report prepared by the The objective of the above reviews was to align the Executive

Banking

Female
independent external consultant, the Board as a whole and Directors’ and NEDs’ remuneration packages with the

Legal

Male
its Board Committees have been effective in their overall
Directors discharge of functions and duties.
Dato’ Mohammed Hussein
The Board regularly reviews the independence of each
Dato’ Lin Yun Ling Independent Director by undertaking annual assessment of
Dato’ Ir Ha Tiing Tai the independence of its Independent Directors. The criteria
for assessing the independence of an Independent Director
Raja Dato’ Seri Eleena Almarhum Sultan were developed by the Nomination Committee with the
Azlan Muhibbuddin Shah Al-Maghfur-lah support of the Company Secretaries which include the
Tan Sri Dato’ Setia Haji Ambrin Buang relationship between the Independent Director and the
Company and his/her involvement in any significant transaction
Nazli Mohd Khir Johari with the Company. In addition, all Directors are required to
Chan Wai Yen, Millie disclose to the Board any conflicts of interest or duty and
material personal interest in any matter that relates to the
The profiles of the Board members are set out on pages 83 to 91 of this Integrated Report. affairs of the Company.
remuneration of Executive Directors and NEDs from peer
companies in the same industries.
From the findings, it appears that the remuneration for the
top three Executive Directors namely, Group Managing Director
and the two Deputy Group Managing Directors are comparable
with most public listed companies benchmarked.
After due consideration on market trends together with the
Company’s performance and market comparison with other
Executive Directors occupying similar positions from other
public listed companies, the Board on the recommendation
of the Remuneration Committee has decided that:
a. the Executive Directors’ and Alternate Director’s salaries
for FY2022 remain unchanged as per FY2021; and

To ensure the continued effectiveness of the Board, the Company undertakes a formal evaluation each year in order to assess III. Remuneration b. the salary/benefits of one of the Deputy Managing Director
the effectiveness of the Board and the Board Committees. be reinstated upon completion of the toll highway deal.
The Board has in place a Remuneration Policy for Directors
and Key Senior Management which is clear and transparent,
During FY2022, an annual evaluation of the effectiveness of the Board as a whole and the Board Committees were conducted The Board (saved for the NEDs) has decided that the Directors’
designed to support and drive business strategy and
via a survey method by an independent external consultant. A Director Peer’s Evaluation where all Directors were required to fees of the NEDs (including Independent Directors) remain
long-term objectives of the Gamuda Group.
evaluate all members of the Board was also undertaken. unchanged in respect of FY2022.

In this regard, the Remuneration Committee is responsible

The evaluation process is led by the Nomination Committee’s Chairman and supported by the Company Secretaries. The evaluation Detailed information on the Directors’ remuneration for the
to review the said policy from time to time to ensure
results were considered by the Nomination Committee, which then makes recommendations to the Board and were aimed at FY2022 on a named basis is disclosed under Note 6 of the
the same remain competitive, appropriate, and in alignment
helping the Board to discharge its duties and responsibilities. Financial Statements section in this Integrated Report and
with the prevalent market practices. The said policy was
Practice 8.1 of the CG Report while the detailed information
approved by the Board for adoption on 27 June 2018 and
of the Company’s top five Group Senior Management on a
is available for reference on Gamuda’s corporate website at
named basis are disclosed under Practice 8.2 of the CG Report.
www.gamuda.com.my.

The Remuneration Committee’s main responsibility is to review

and recommend to the Board the framework of Executive
Directors’ and Key Senior Management’s remuneration, in
particular, the remuneration packages for the Executive
Directors of the Company in all its forms, drawing from outside

108 6 Governance 6 Governance 109

GAMUDA BERHAD 197601003632 (29579-T)
CORPORATE GOVERNANCE OVERVIEW STATEMENT
PRINCIPLE B:
EFFECTIVE AUDIT AND RISK MANAGEMENT
I. Audit Committee
The Audit Committee takes on the role of assisting the Board
in the discharge of its fiduciary duties, the responsibility of
overseeing the financial reporting process and ensuring that
the results of the Company’s operations are fairly presented
in its financial statements.
In effectively discharging its oversight roles on governance
and internal controls, the Audit Committee is assisted by the
Head of Internal Audit and the Chief Integrity Officer who
leads the Group’s in-house internal audit (assurance) and
integrity and governance functions, respectively.
The composition of the Audit Committee is in line with
Practice 9.1 of the MCCG which requires that the Audit
Committee Chairman and the Board Chairman to be held by
different Independent Director of the Company.
A full Audit Committee Report is set out on page 117 of this
Integrated Report.
The effectiveness, performance and independence of the
external auditors i.e. Ernst & Young PLT (“EY”) is reviewed
annually by the Audit Committee. If it becomes necessary to
replace the external auditors for performance or independence
reasons, the responsibility for the selection, appointment and
removal of the external auditors has been delegated to the
Audit Committee by the Board pursuant to the External Auditor
Policy which was approved by the Board on 28 September
2017. The said policy was revised twice by the Audit Committee
on 23 September 2020 and 16 June 2022. The revision made
on 16 June 2022 was to streamline the policy with the MCCG.
The External Auditor Policy is available for reference on
Gamuda’s corporate website at www.gamuda.com.my.
EY has provided the required confirmation of their independence
to the Audit Committee that they are and have been
independent throughout the conduct of the audit engagement
during the FY2022 in accordance with:
• By-Laws (on Professional Ethics, Conduct and Practice)
of the Malaysian Institute of Accountants); and
II. Risk Management and Internal Control Framework
• the International Code of Ethics for Professional Accountants
(including International Independence Standards).
The Audit Committee has on 16 June 2022 and 22 September
2022, reviewed the suitability and independence of EY and
is satisfied that EY has met the relevant criteria prescribed
under Paragraph 15.21 of the Listing Requirements of Bursa
Securities. Thus, the Audit Committee has recommended that
the Board endorses EY’s re-appointment for the ensuing
financial year and recommends that the shareholders of the
Company approves EY’s re-appointment at the 46th AGM.
110 6 Governance
EY has attended two out of the four Audit Committee Meetings
of the Company held to discuss their audit plan, audit findings
and the financial statements. EY would highlight to the Board
through the Audit Committee matters that require the Audit
Committee’s or the Board’s attention together with the
recommended corrective actions thereof. The Management
of the Company is held responsible for ensuring that all these
corrective actions are undertaken within an appropriate time
frame.
The Audit Committee also meets EY without the presence
of the Executive Directors and Management as this allows
for free and honest exchange of views and opinions on
matters related to external auditors’ audit and their findings.
For this purpose, the Audit Committee and EY met twice
(September 2021 and June 2022) during the financial year
under review.
The Audit Committee has considered the provision of the
non-audit services by EY during the financial year under
review and concluded that the provision of these services
did not compromise their independence and objectivity.
The total amount of audit fees paid/payable to the external
auditors is RM2,111,000/- (2021: RM1,690,000/-).
The non-audit fees incurred for services rendered to the
Group by the external auditors and its affiliates for FY2022
was RM643,000/- (2021: RM655,000/-). The non-audit fees
are mainly in relation to the provision of the following
services:-
• Company taxation services and tax advisory;
• Sustainability reporting services.
Significant related party transactions of the Group for the
financial year are disclosed in Note 41 of the Financial
Statements section in this Integrated Report. Except for those
disclosed in the Financial Statements, there were no material
contracts of the Group involving Directors’ and major
shareholders’ interest during the period.
The Audit Committee has reviewed the related party transactions
that arose within the Group to ensure that the transactions
were fair and reasonable, not detrimental to the minority
shareholders and were in the best interests of the Company.
The Board is satisfied that risk management policies and
procedures designed and implemented by the Management
of the Company through the Risk Management Committee
is prudent in ensuring that an effective internal control and
risk management systems are in place to enable risk to be
assessed and managed.
The Risk Management Committee’s focus is on the Group’s
key operational risks and policy issues that could have an
impact on the Group’s viability and sustainability. The work
of this Committee forms an important part of the Group’s
control function. Significant risks faced by the business are
identified and evaluated based on the likelihood and potential
impact of each risk and where necessary, actions to mitigate
the risks were also identified. The Risk Management Committee
Report is set out on pages 115 to 116 of this Integrated Report.
The Board also takes into consideration advice from the Audit
Committee and the Risk Management Committee, reports
received from the external auditors and any other related
matters which have come to its attention.
The Statement on Risk Management and Internal Control of
the Group which provides an overview of the state of internal
control within the Group, is set out on pages 113 to 114 of
this Integrated Report.
III. Integrity and Governance Unit (“IGU”)
In line with the Strategic Plan of Integrity and Governance
Unit (IGU) 2019 – 2021 designed by the Malaysian Anti-
Corruption Commission (MACC), the establishment of IGU
was approved by the Board on 13 December 2019 to showcase
its strong commitment towards upholding integrity.
The Statement by IGU enumerating its activities during the
financial year under review are set out on page 121 of this
Integrated Report.
The following two policies have been adopted by the Group,
namely:-
• The Anti-Bribery and Corruption Policy; and
• The Whistleblowing Policy and Procedures (supersedes
the whistleblowing policy adopted by the Group in 2011).
The aforesaid policies are available for reference on Gamuda’s
corporate website at www.gamuda.com.my.
Following the adoption of the above two policies, the IGU has
implemented Integrity Pledges for Directors and the Company
employees in financial year 2021. The pledge sets a clear
leadership tone that there is no compromise on the issue of
corruption and reinforces the will and corruption-free stand
of the Board and the Management of Gamuda as well as the
Group. It also demonstrates Gamuda long-standing commitment
to promote integrity and good governance amongst its
personnel and further reaffirms the Group’s stand in ensuring
that there are no corrupt practices or elements of corruption
throughout the Group and that any abuse of power will not
be tolerated.
PRINCIPLE C:
INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL
RELATIONSHIP WITH STAKEHOLDERS
I. Communication with Shareholders and Investors
The Company strives to maintain an open transparent channel
of communication with its shareholders, institutional investors,
analysts and the public at large with the objective of providing
as clear and complete picture of the Group’s performance
INTEGRATED REPORT 2022
and financial position as possible. Communication with
shareholders and investors is of considerable importance to
the Company.
As part of its corporate governance initiatives, the Company
has set up a full-time Investor Relations (“IR”) unit which
primary role is to implement effective IR policies and
programmes. A comprehensive IR report enumerating its
policy, practices and programmes, during the financial year
under review is as set out on pages 78 to 80 of this Integrated
Report.
II. Conduct of General Meetings
Gamuda AGM provides a useful platform for direct
communication between the Board and shareholders and a
key medium used to disclose information to shareholders
and stakeholders. Material information such as financial reports
and audits are discussed at the AGM, giving shareholders and
stakeholders a chance to get more credible information so
that they can make informed decision.
To ensure effective participation of and engagement with
shareholders at the Forty-fifth (“45th”) AGM of Gamuda held
on 8 December 2021, all members of the Board were present
at the 45th AGM. The 45th AGM was conducted virtually via
video conferencing.
The Chairman of the Board chaired the 45th AGM in an orderly
manner and allowed the shareholders or proxies to raise
questions at the 45th AGM. The Deputy Group Managing
Director presented the Company’s responses to the questions
raised by the Minority Shareholder Watch Group and the
Group’s operation review and business outlook of the core
businesses to the shareholders. The Group Chief Financial
Officer and the Heads of Business Units i.e. Gamuda Engineering
and Gamuda Land together with the Company external
Auditors, EY, were also present to respond to any enquiries
from the shareholders and/or proxies.
In line with good corporate governance practice, more than
21 days’ notice has always been given for AGMs every year.
For this year’s 46th AGM scheduled for 8 December 2022,
the Notice is issued on 9 November 2022. The notification
of the publication of the Integrated Report 2022 and the
Notice of 46th AGM are published on the Company’s website
and on Bursa Malaysia’s website respectively.
Commencing from the Fortieth AGM of the Company in
2016, poll voting using electronic voting system was conducted.
In view of the COVID-19 pandemic which has yet to be
eradicated for the Company to convene a face-to-face
meeting, the forthcoming 46th AGM of the Company will
continue to be conducted virtually i.e. through live streaming
and using Remote Participation and Voting Facilities to give
shareholders and/or proxies opportunity to follow and
participate in the AGM effectively.
This Corporate Governance Overview Statement was approved by
the Board of Gamuda on 29 September 2022.
6 Governance 111
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

DIRECTORS’ TRAINING STATEMENT ON RISK MANAGEMENT AND

INTERNAL CONTROL
For the financial year ended 31 July 2022, all Directors have attended the following training programmes:- BOARD’S RESPONSIBILITY During the year, the significant risks of business units were
presented to the Risk Management Committee for their deliberation.
Director Topic The Board of Gamuda Berhad (the Group and the Company)
affirms the overall responsibility for maintaining a sound system
Dato’ Mohammed • Takaful Malaysia MFRS 17 of risk management and internal control so as to safeguard
Hussein • BNM-FIDE FORUM Dialogue: Risk-Based Capital Framework for Insurers and Takaful Operators KEY RISK MANAGEMENT AND INTERNAL CONTROL
shareholders’ interests and the Group’s assets. The system of risk
• BURSA-FIDE FORUM Dialogue on Sustainability FEATURES
• FIDE FORUM Dialogue on The 2050 Net Zero Carbon Emissions Target: Finance’s Role management and internal control is designed to manage but may
• 33rd ACSIC 2021 Conference Secretariat not totally eliminate the risk of failure to achieve business objectives. The Group’s risk management and internal control systems comprise
• Sustainability Challenge Accelerator: Understanding the Rise of Sustainability Fintech Accordingly, such systems can only provide reasonable and not the following key processes:
• Anti-Money Laundering/Counter Financing of Terrorism (AMLA/CFT) absolute assurance against material error, misstatement or losses.
• BNM-FIDE Dialogue with Tan Sri Nor Shamsiah Binti Mohd Yunus, Governor of Bank Negara Malaysia • Clearly defined operating structure, lines of responsibilities and
• Malaysia’s Corporate Taxes and Incentives Updates delegated authority. Various Board and Management Committees
• KPMG Board Leadership Center Exclusive: Insights into Task Force on Climate-related Financial Disclosures The Board confirms that there is an ongoing process of identifying,
have been established to assist the Board in discharging its
(“TCFD”) and Sustainable Finance evaluating and managing all significant risks faced by the Group
duties. The committees are:
• Global Information Security (GIS) that has been in place for the year and up to the date of approval
• MFRS17 Refresher Course of this Statement for inclusion in the Integrated Report. The process
• TechTalks by GET – Digital Businesses in the Next Decade
is regularly reviewed by the Board and is in accordance with the Board Committees
• SC’ Audit Oversight Board Conversation with Audit Committees
• TechTalks by GET – Inside the World’s Largest Tidal Energy Project Statement on Risk Management and Internal Control: Guidance
for Directors of Listed Issuers (SRMICG) and the Group’s Risk 01 Audit Committee
Dato’ Lin Yun Ling • TechTalks by GET – Digital Businesses in the Next Decade Management Policies and Procedures.
• TechTalks by GET – Inside the World’s Largest Tidal Energy Project 02 Nomination Committee
Dato’ Ir Ha Tiing Tai • TechTalks by GET – Inside the World’s Largest Tidal Energy Project
RISK MANAGEMENT 03 Remuneration Committee
Raja Dato’ Seri Eleena • TechTalks by GET – Digital Businesses in the Next Decade
binti Almarhum Sultan The risk management framework, which is embedded in the
Azlan Muhibbuddin Shah management systems of the Group, clearly defines the authority 04 ESOS Committee
Al-Maghfur-lah and accountability in implementing the risk management process
and internal control system. The Management assists the Board
Tan Sri Dato’ Setia Haji • TechTalks by GET – Digital Businesses in the Next Decade
Ambrin bin Buang in implementing the process of identifying, evaluating and managing Management Committees
significant risks applicable to their respective areas of business
Nazli binti Mohd Khir • 2021 MFRS Updates Seminar
Johari • SC’ Audit Oversight Board Conversation with Audit Committees
and in formulating suitable internal controls to mitigate and control 01 Risk Management Committee*
these risks.
Chan Wai Yen • TCFD Climate Disclosure Training Program 02 Budget Committee
• Governance in Groups The business development team is responsible for assessing and
• Creating a Resilient Organisation: Crisis & Incident Readiness evaluating the feasibility and risk impact that prospective investments
• The Malaysian Code on Corporate Governance 2021 & the Securities Commission Guidelines on Directors’ would have on the Group. For ongoing business operations, risk
03 Group Personnel Committee
Conduct – Implications to the Board of Directors and Management
assessment and evaluation are an integral part of the annual
• Audit Oversight Board Conversation with Audit Committees
business planning and budgeting process.
04 Information Technology Steering Committee
• Plan Your ESG Journey: Lesson for the Boardroom
• Why Investors Care About ESG
• Sustainability & Its Impact on Organisations – What Directors Need To Know The Management of each business unit, in establishing its business 05 COVID-19 Steering Committee
• PowerTalk ESG Series #4 – ESG Disclosure at a Glance: Key Developments and Future Trends objectives, is required to identify and document all possible risks
• TechTalks by GET – Inside the World’s Largest Tidal Energy Project
that can affect their achievement, taking into consideration the * Note:
Mohammed Rashdan bin • TechTalks by GET – Digital Businesses in the Next Decade effectiveness of controls that are capable of mitigating such risks. with Board representation
Mohd Yusof • Virtual Invest Malaysia 2021 Series 1, “Economic Reform”
(Alternate to • RAM Investor Conference/Credit Summit Operational Managers or Heads of Departments are responsible
Dato’ Lin Yun Ling) • MARC360: Sustainable Infra 2021 Virtual Conference • Feasibility study, risk impact and assessment of new investments/
• PNB Knowledge Forum 2022 – Sustainable Investing ESG at the Forefront
for identifying risks that may have an impact on meeting their
projects are evaluated by the business development team for
unit’s business objectives. Risks identified are evaluated in
Justin Chin Jing Ho • Mandatory Accreditation Programme the Board’s deliberation.
accordance with the likelihood of occurrence and significance.
(Alternate to • TechTalks by GET – Digital Businesses in the Next Decade Thereafter, risks are ranked according to the impact on the Business • Internal control activities have been established in all business
Dato’ Ir Ha Tiing Tai) • TechTalks by GET – Inside the World’s Largest Tidal Energy Project
• TechTalks by GET – A Look into Google’s Innovation Culture Unit, and control measures are formulated to mitigate these risks. units with clearly defined lines of responsibilities, authority limits
• Work Health and Safety Due Diligence in Australia Identified risks and control measures are reviewed by the Head for major capital expenditure, contract awards and other
• Cities of the Future and Sustainability of the respective Business Unit. Each business unit’s identified risks significant transactions, segregation of duties, performance
• Contractual Structures of Power Purchase Agreements and the controls and processes for managing them are tabulated monitoring and safeguarding of assets.
• TechTalks by GET – The Challenges of Building a Digital-First Business in a risk assessment report.
• TechTalks by GET – Digitisation vs Digitalisation – Know the Difference!

112 6 Governance 6 Governance 113

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL RISK MANAGEMENT COMMITTEE REPORT

• Systematically documented Policies and Procedures, Standard
Operating Procedures are in place to guide employees in their
day-to-day work. These Policies and Procedures are reviewed
regularly and updated when necessary.
• As part of managing the day-to-day business operations, the
Group uses a budgetary control system whereby all business
units prepare business plans, budgets and control measures to
mitigate identified risks. These business plans and budgets are
reviewed and approved by the Budget Committee, which is
chaired by the Group Managing Director and subsequently
presented to the Board.
• A comprehensive reporting system comprising budgets, key
business indicators and performance results on operations are
made available to the Senior Management. This flow of information
is for the Senior Management to review the business unit’s
performance against budgets and performance indicators on a
monthly basis.
• An Integrated Management System incorporating ISO 9001:2015,
ISO 14001:2015, ISO 45001:2018 requirements have been
established and implemented to enable high-quality, cost-
effective, reliable, safe and environmentally friendly products
and services.
• A performance management system with clearly defined business
objectives and targets set for relevant employees. Employees’
performances are monitored, appraised and rewarded according
to the achievement of targets set.
• Training and development programmes are identified and MEMBERSHIP
scheduled for employees to acquire the necessary knowledge
The Risk Management Committee (RMC) is chaired by the Group Managing Director and comprises not less than five members. The
and competency to meet their performance and job expectations.
members of the RMC are Executive Directors, Heads of Business Divisions and an Independent Director.
• An adequately resourced Internal Audit Department, which reports
directly to the Audit Committee, conducts regular reviews on
the integrity and effectiveness of the Group’s system of internal 01 YBHG DATO’ LIN YUN LING 07 MR. JUSTIN CHIN JING HO
controls. Chairman/Group Managing Director Member/Managing Director, Gamuda Engineering
(Appointed on 30 June 2022)
• The Board of our associated companies include our representatives.
Information on the financial performance of these associated 02 YBHG DATO’ IR HA TIING TAI 08 YBHG DATO’ GOON HENG WAH
companies is provided regularly to the Management and Board Member/Deputy Group Managing Director Member/Group Executive Director
(Retired on 31 December 2021)
of the Company via regular management reports and presentations
at Board meetings.
03 YBHG DATO’ HAJI AZMI BIN MAT NOR 09 MR. SAW WAH THENG
Member/Executive Director Member/Group Executive Director
• In respect of joint ventures entered into by the Group, the (Retired on 30 June 2022)
Management of the joint ventures, which consist of representations
from the Group and other joint venture partners, are responsible 04 PUAN NAZLI BINTI MOHD KHIR JOHARI 10 YBHG DATO’ UBULL DIN OM
to oversee the administration, operation and performance of Member/Independent Non-Executive Director Member/Executive Director
(Appointed on 30 June 2022) (Retired on 30 June 2022)
the joint venture. Financial and operational reports of these joint
ventures are provided regularly to the Management of the
Company.
05 MR. SOO KOK WONG 11 YBHG DATO’ IR CHOW CHEE WAH
Member/Group Chief Financial Officer Member/Technical Director
(Appointed on 30 June 2022) (Retired on 30 June 2022)
The Group Managing Director and the Group Chief Financial
Officer have provided the Board with the assurance that the Group 06 MR. NGAN CHEE MENG 12 YM TUNKU AFWIDA BINTI TUNKU A.MALEK
Member/Chief Executive Officer, Gamuda Land Member/Independent Non-Executive Director
risk management and internal control system is operating adequately (Appointed on 30 June 2022) (Retired on 08 December 2021)
and effectively. All internal control weaknesses identified during
the period under review have been or are being addressed. There
were no major internal control weaknesses that required disclosure
TERMS OF REFERENCE
in the Integrated Report. The Management continues to review
and take measures to strengthen the risk management and control The RMC shall meet at least once a year or at any time deemed appropriate by the RMC Chairman to discharge its duties. The quorum
environment. for any meeting of the RMC shall not be less than half of its composition.

The principal duties and responsibilities of the RMC are as follows:

REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS
The External Auditors have performed limited assurance procedures on the Statement in accordance with the Malaysian Approved • Identify current and potential business, • Provide oversight, direction and guidance on
Standard on Assurance Engagements, ISAE 3000 (Revised), ‘Assurance Engagements Other than Audits or Reviews of Historical Financial operational and sustainability risks that have the Group’s risk management structure,
Information’ and AAPG 3, ‘Guidance for Auditors on Engagements to Report on the Statement on Risk Management and Internal a major impact on the Group’s projects and process and support system.
Control included in the Integrated Report’. They have reported to the Board that nothing has come to their attention that causes businesses, which prevent it from achieving
them to believe the Statement intended to be included in the Integrated Report is not prepared, in all material respects, in accordance its goals and objectives.
with the disclosures required by Paragraphs 41 and 42 of SRMICG, nor is the Statement factually inaccurate. • Review and assess the adequacy of risk
management policies and framework for
This Statement is made in accordance with the resolution of the Board dated 29 September 2022. • Advise the Board on risk-related issues and identifying, measuring, monitoring and
recommend strategies to mitigate critical risks. controlling risks.

114 6 Governance 6 Governance 115

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

RISK MANAGEMENT COMMITTEE REPORT AUDIT COMMITTEE REPORT

MANAGING OPERATIONAL RISK
Risk Management Framework
Risk Management activities are guided by the Group’s Risk
Management Policies and Procedures. The risk universe covers a
range of activities that determine the risk profile inherent in the
nature of the business, which would compromise the business
objectives and sustainability if it is not properly addressed.
Risk factors of Business Units and Projects are associated with
the environment faced and the Management’s operating style and
can be broadly classified into five main categories:
Strategic Risk
Regulatory/Compliance Risk
Financial Risk
Reputational Risk
Operational Risk
Risk Mitigation Measures
Identified risks and risk mitigation measures are reviewed and finalised by the Heads of Business Units and Projects before being
presented to the RMC and the Board.
For more details on the Key Risks and Mitigation, kindly refer to pages 61 to 66.
Risk Reporting and Monitoring
Each Business Unit’s and Project’s identified risks, the controls and processes for managing them are tabulated in a risk assessment
report. Significant risks of Business Units and Projects are presented to the RMC for their deliberation.
Risk monitoring is an ongoing process. The RMC and the Board are monitoring the Group’s business risks as part of their annual
assessment for proper disclosure in the Integrated Report.
Risk Identification, Evaluation and Ranking
The Management of each Business Unit and Project, in establishing
its business objectives, is required to identify and document all
possible risks that can affect their achievement, taking into
consideration the effectiveness of controls that are capable of
mitigating such risks.
Operational Managers or Heads of Departments are responsible
to identify risks that may have an impact on meeting their unit’s
business objectives.
The risk identification process shall also take into consideration
the:
Risk specific to the achievement of business objectives
Risk with potential impact on the success and
continuity of the business
Thereafter, identified risks are evaluated as follows:
Probability or likelihood of occurrence
Significance of the risk
MEMBERSHIP
The current composition of the Audit Committee is as follows:
1. TAN SRI DATO’ SETIA HAJI AMBRIN BIN BUANG
Chairperson/Independent Non-Executive Director
(Appointed on 08 December 2021)
2. YBHG DATO’ MOHAMMED HUSSEIN
Member/Independent Non-Executive Director
3. PUAN NAZLI BINTI MOHD KHIR JOHARI
Member/Independent Non-Executive Director
4. YM TUNKU AFWIDA BINTI TUNKU A.MALEK
Independent Non-Executive Director
(Retired on 08 December 2021)
ATTENDANCE OF MEETINGS
During the financial year ended 31 July 2022, the Audit Committee
met four times. The attendance of the Committee members is as
follows:
Name of Directors Attendance
Tan Sri Dato’ Setia Haji Ambrin bin Buang 3/3
YBhg Dato’ Mohammed Hussein 4/4
Puan Nazli binti Mohd Khir Johari 4/4
YM Tunku Afwida binti Tunku A.Malek 1/1
TERMS OF REFERENCE
The information on the terms of reference of the Audit Committee
is available on the Company’s website.
SUMMARY OF AUDIT COMMITTEE’S ACTIVITIES
During the financial year, the Audit Committee met four times.
Activities carried out by the Audit Committee included the
deliberation and review of:
i. the Group’s quarterly and year-end financial results prior to
submission to the Board for consideration and approval,
focusing particularly on matters relating to changes in major
accounting policies, significant and unusual events, compliance
with accounting standards and other disclosure requirements;
ii. the audit planning memorandum of the External Auditors in
a meeting to discuss their audit strategy, audit focus and
resources prior to commencement of their annual audit;
iii. matters arising from the audit of the Group in a meeting with
the External Auditors without the presence of any executive
officer of the Group;
iv. the performance of the External Auditors and the
recommendations to the Board on their reappointment and
remuneration;
v. the Audit Committee Report and its recommendation to the
Board for inclusion in the Integrated Report;
vi. the Statement of Corporate Governance, Statement on Risk
Management and Internal Control and its recommendation
to the Board for inclusion in the Integrated Report;
vii. the risk-based annual audit plan and resource requirement
proposed by the Internal Auditors for the Group;
viii. the audit reports presented by the Internal Auditors on major
findings, recommendations and Management’s responses
thereto;
ix. the results of follow-up audits conducted by the Internal
Auditors on the Management’s implementation of audit
recommendations;
x. related party transactions as required under the Listing
Requirements to ascertain that the transactions are conducted
at arm’s length prior to submission for the Board’s consideration
and, where appropriate, shareholders’ approval;
xi. share option allocations pursuant to the ESOS of the Company
during the financial year under review that was verified by
the Internal Auditors in respect of compliance with the criteria
set out in the ESOS by-laws and by the ESOS Committee;
xii. reports submitted to the Malaysian Anti-Corruption Commission
(MACC) by the Integrity and Governance Unit (IGU).

116 6 Governance 6 Governance 117

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

STATEMENT ON INTERNAL AUDIT ADDITIONAL COMPLIANCE INFORMATION

1. MEETING RECORDS OF DIRECTORS FOR FINANCIAL YEAR (“FY”) 2022

Board Committee
The Internal Audit function of the Company is performed by the in-house Internal
Risk
Audit Department (IAD). IAD reports directly to the Audit Committee and maintains its Board of Audit Nomination Remuneration Management
impartiality, proficiency and due professional care. The Internal Audit Charter defines Name of Director Directors NED⌘ Committee# Committee Committee Committee

the authority, duties and responsibilities of IAD. Dato’ Mohammed Hussein 8/8 1/1 4/4 2/2 Nil

Dato’ Lin Yun Ling 8/8 Nil 1/1

Dato’ Ir Ha Tiing Tai 8/8 1/1

The principal roles of IAD are to evaluate and improve the The relevant audit reports were presented to the Audit Committee
effectiveness of internal control, governance and risk management for deliberation and forwarded to the Management for the necessary Raja Dato’ Seri Eleena Almarhum 8/8 1/1 Nil
processes. Furthermore, IAD provides independent and objective corrective actions to be taken. Sultan Azlan Muhibbuddin Shah
assurance to the Board and Management on the adequacy and Al-Maghfur-lah
integrity of the Company’s internal control systems. The Internal Audit activities during the financial period are Tan Sri Dato’ Setia Haji 8/8 1/1 3/4 1/2
summarised below: Ambrin Buang
IAD adopts a risk-based audit approach when preparing its annual
i. prepared annual audit plan for deliberation and approval by Nazli Mohd Khir Johari 8/8 1/1 4/4 2/2 1/1
audit plan. The main factors to be taken into consideration are
the Audit Committee;
Risk Assessment, Budget and Business Plan, Senior Management’s Chan Wai Yen, Millie¹ 3/8 1/1
input and results of previous audits. The annual audit plan covers ii. performed operational audits on business units and projects
the business units and projects of the Group and is approved by of the Group to ascertain the adequacy and integrity of their Tunku Afwida Tunku A.Malek² 4/8 1/4 1/2
the Audit Committee. system of internal controls, governance and risk management;
Total number of meetings for 8 1 4 2 Nil 1
iii. performed statutory compliance audits, including related party FY2022
transactions;
PRACTICES AND FRAMEWORK
iv. made recommendations for improvement where weaknesses Chairman
IAD is guided by the internal policies and procedures as well as Member
and/or non-compliances were found;
the Professional Practices Framework and the Internal Control Non-Member
Framework of the Committee of Sponsoring Organisation of the v. conducted follow-up reviews to determine the adequacy, Appointed as Chairman of Audit Committee & member of Nomination Committee on 8 December 2021
Treadway Commission (COSO) in assessing and reporting on the effectiveness and timeliness of actions taken by the Management Appointed as a member of Risk Management Committee on 30 June 2022
adequacy and effectiveness of the internal control, governance on audit recommendations and provided updates on their Ceased as Chairperson of Audit Committee & member of Nomination Committee & Risk Management Committee following
and risk management processes. status to the Audit Committee. retirement as an Independent Director on 8 December 2021

SCOPE AND COVERAGE
During the year, IAD has undertaken independent audit assignments
on business units and projects of the Group in accordance with
RESOURCES AND CONTINUOUS DEVELOPMENT
IAD is led by Mr. Wong Siew Ping, a Chartered Accountant and
a Certified Member of the Institute of Internal Auditors. There are
Notes:-
1 Appointed as an Independent Director on 1 January 2022.
2 Retired as an Independent Director at the conclusion of the 45th Annual General Meeting held on 8 December 2021.
⌘ One Non-Executive Directors’ session was held on 18 April 2022.
# Two private sessions were held between the Audit Committee and the external auditors, Ernst & Young PLT i.e. on 22 September 2021 and 16 June 2022.

the approved annual audit plan. Among the scope of coverage are: 13 Internal Auditors in the Group and the total cost incurred during
the year was RM1,972,760 (This includes six auditors based at
i. Marketing and Sales; 2. AUDIT AND NON-AUDIT FEES
business units and projects. Cost incurred: RM580,450).
ii. Collection and Credit Control;
iii. Customer Service; The amount of the external audit fees and non-audit fees incurred for the FY2022 were as follows:
A majority of the staff have relevant qualifications and all staff are
iv. Public Relations and Communications;
encouraged to continuously enhance their knowledge, skills and Company Group
v. Contracts Management;
competencies through relevant professional courses, webinars, Type of Services (RM’000) (RM’000)
vi. Procurement Management;
training courses and on-the-job training.
vii. Project Management; Audit services 732 2,111
viii. Production Management; Non-audit services 229 643
ix. Human Resource Management;
x. Office Administration; Total 961 2,754
xi. Management of Assets;
xii. Environmental, Social and Governance; The non-audit services rendered relate mainly to (i) company taxation services and tax advisory and (ii) sustainability reporting
xiii. Statutory Compliance. services.

118 6 Governance 6 Governance 119

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

ADDITIONAL COMPLIANCE INFORMATION STATEMENT ON INTEGRITY AND GOVERNANCE

3. MATERIAL CONTRACTS INVOLVING DIRECTORS’/CHIEF EXECUTIVES’/MAJOR SHAREHOLDERS’ INTERESTS

Save as disclosed under Note 41 of the Financial Statements in this Integrated Report, there were no material contracts entered
into by the Company or its subsidiaries involving the interest of its Directors, Chief Executive who is not a Director or major The Group’s commitment to an ethical business environment, strong governance and
shareholders still subsisting at the end of the FY2022.
prudent management that builds resilience to the threats of corruption, abuse of power
and malpractices is sighted by the Integrity and Governance Unit (IGU).
4. UTILISATION OF PROCEEDS
The Company completed the disposal of all the securities in the following concession companies on 13 October 2022:-
(a) Kesas Sdn Bhd by Kesas Holdings Berhad, a 70.0 percent owned subsidiary of Gamuda; FRAMEWORK AND FOCUS During the financial period, IGU in collaboration with the business
heads/entities, undertook the following initiatives:
(b) Sistem Penyuraian Trafik KL Barat Sdn Bhd by Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd, a 51.3 percent associate The IGU, led by a certified Chief Integrity and Governance Officer
company of Gamuda; (CIGO) and assisted by two Integrity and Governance Officers • Operational efficiency and transparency enhancement
(c) Lingkaran Trans Kota Sdn Bhd by Lingkaran Trans Kota Holdings Berhad, a 42.7 percent associate company of Gamuda; and (IGO), reports directly to the Audit Committee. IGU maintains The activities undertaken include reviewing and improving the
(d) Syarikat Mengurus Air Banjir & Terowong Sdn Bhd by Projek SMART Holdings Sdn Bhd, a 50.0 percent joint venture company impartiality in performing its core functions, guided by the Malaysian policies, work procedures and processes, and verifying the
of Gamuda; Anti-Corruption Agency (MACC) Act 2009, Government directives, initiatives done for effective internal control. The current
and the Group’s relevant policies, procedures and controls to operational efficiency is enhanced through effective systemic
(collectively referred to as the “Disposals” and each as the “Disposal”).
circumvent the risks of corruption, fraud, malpractices and unethical review, monitoring and enforcement measures. These activities
The proceeds from each Disposal will be distributed to the shareholders of each respective holding company of the above conduct within the Organisation. were also reinforced by virtual awareness training/webinar and
concession companies in its entirety whereby Gamuda’s share of the proceeds amounted to approximately RM2,354 million. The established communication with employees, business associates
Company has not received the proceeds from the Disposals as at 31 July 2022. The four IGU core functions are: and relevant external personnel.

01 Complaints Management • Gamuda (OACP) 2021-2024

The proposed utilisation of proceeds raised from the Disposals as at 31 July 2022 are as follows:
The Organizational Anti-Corruption Plan focuses on the priority
Proposed Utilisation of Proceeds 02 Detection and Verification areas/activities identified in the CRA Report. The OACP describes
Estimated timeframe from an integrated anti-corruption framework, combining governance
RM’million % completion date 03 Integrity Strengthening
and integrity strengthening and anti-corruption initiatives, implemented
Dividend distribution 1,000.0 42.5 Within 12 months 04 Governance as corruption prevention efforts/solutions in these priority areas.
Repayment of borrowings 900.0 38.2 Within 12 months • Engagement with MACC
General corporate and working capital 445.6 18.9 Within 24 months IGU’s role is to regulate the Group’s continuous efforts in promoting IGU’s commitments to Anti-Bribery and Corruption measures
Estimated expenses for the Disposals 8.4 0.4 Within 3 months high-level integrity culture, good governance, operational efficiency are shown in its biannual reporting to MACC as a compliance
and transparency. These initiatives shall be strengthened by stance. The engagement between IGU and MACC best be
Total 2,354.0 100.0
continual training and communication programmes to instil described as “beyond compliance” as there is continual
awareness and prevent the elements of corruption and malpractices engagement between MACC and IGU.
amongst Gamudians and stakeholders when conducting business.
5. EMPLOYEES’ SHARE OPTION SCHEME
The Employees’ Share Option Scheme (2021/2027) of the Company (“ESOS”) was implemented on 8 December 2021 and is
effective from 8 December 2021 to 31 January 2027.
No. FY2022 Milestones Remarks
The total number of share options granted, exercised and outstanding under the ESOS, are set out in the table below:-
1 The signing of Directors and Employee Integrity Pledge Kickstarted on 16 September 2021,
Number of Share Options
(since commencement of ESOS to 31 July 2022) renewable once a year
2 Completion and endorsement of Gamuda Organisational Anti-Corruption Plan Endorsed on 25 October 2021
Description Grand Total Directors (OACP) 2021-2024
(a) Granted 191,150,000 50,850,000 3 Implementation of Group-wide Conflict of Interest Declaration 17 January 2022
(b) Exercised – – 4 Roll-out Anti-Bribery and Corruption Policy, Whistleblowing Policy and Procedure, 24 February, 17 and 25 May 2022,
(c) Outstanding 191,150,000 50,850,000 Employee Integrity Pledge and Code of Business Ethics to Gamuda Australia, respectively
Gamuda Singapore, Gamuda Vietnam and Gamuda Taiwan
Percentages of share options applicable to Directors and Senior Management under the ESOS:- 5 Certified Integrity and Governance Officer (CeIO) Training programme 22 February Attended by CIGO and one IGO
– 17 March 2022
During the Since Commencement
Directors and Senior Management financial year 2022 up to 31 July 2022 6 Mandatory Bi-annual Report to Malaysian Anti-Corruption Commission (MACC) Submissions 2 January 2022 and
18 July 2022
(a) Aggregate maximum allocation 50% 50%
7 Seminars attended by CIGO and IGOs 7
(b) Actual granted 27% 27%
8 In-house Awareness and Communication programmes for employees/stakeholders 33
The Company did not grant any share options over ordinary shares pursuant to the ESOS to the Non-Executive Directors of the Company.

120 6 Governance 6 Governance 121

 SUSTAINABILITY
REPORT
Gamuda’s Alignment to
Global Aspirations:

We are committed to:

Chapter 1:
Sustainability Integration

Chapter 2:
Our Governance and Value
We are an official supporter of:
to Economy

Chapter 3:
Investing in Our People and
We are members of: Communities

Chapter 4:
Our Decarbonisation
Our programmes support:
Pathway

Chapter 5:
Our Global Alignment

Advance tree planting programme (part of Gamuda #1MillionTrees)

– Bandar Gamuda Cove, Selangor, Malaysia
GAMUDA BERHAD 197601003632 (29579-T)
SUSTAINABILITY REPORT
SUSTAINABILITY INTEGRATION VIA OUR MANAGEMENT LENS
AB&C – Anti-Bribery and Corruption
SHORT-TERM: ACTUATION AND DELIVERING Policy Policy
A-TBM – Autonomous Tunnel Boring
At every level of our business decision-making, we are committed to carrying out our operations in a manner that is socially
Machine
and environmentally responsible. Led by our ambitious governance, we strive to make a meaningful impact on communities
BIM – Building Information
and the environment where we operate. Our Gamuda Green Plan 2025 was launched in FY2021, which sets out very clear Modelling
carbon emissions targets while strengthening our social stewardship. We have also aligned our reporting to the Task Force
CDP – Carbon Disclosure Project
on Climate-related Financial Disclosures (TCFD), Sustainability Accounting Standards Board (SASB) and Carbon Disclosure Project
CIDB – Construction Industry
(CDP).
Development Board
CIVac – Construction Industry
This year, we furthered our commitment to the Science Based Targets initiative (SBTi). Adopting a science-based approach,
Vaccination Programme
we have begun conducting scenario analyses of global temperature increases of 1.5 degrees Celsius and beyond, ensuring we
CLQs – Centralised Labour Quarters
incorporate relevant climate adaptation measures into our project planning and design. This is ongoing in Gamuda Cove,
CO₂e – carbon dioxide equivalent
Gamuda Gardens and Penang South Islands. We are also using the Low Carbon Cities Framework as a guideline to build smart,
sustainable and low-carbon townships. CREST – Crisis Relief Services and
Training
CQQs – Centralised Quarantine
MEDIUM-TERM: DRIVING DECARBONISATION TOWARDS NET ZERO Quarters
CTU – Construction Training Unit
Under the Gamuda Green Plan 2025, we have set ourselves the target of reducing our carbon emissions intensity by 45
DJSI – Dow Jones Sustainability
percent compared to the baseline year of 2022 by the year 2030.
Indices
DOE – Department of Environment
To achieve this, we are intensifying our investments in the renewable energy (RE) space, specifically solar and hydropower.
We aim to grow our RE asset portfolio to a capacity exceeding 800MW, which would position us as Malaysia’s largest private EA – Enabling Academy
RE producer. EIA – Environmental Impact
Assessment
This is in addition to the green financing programmes that we are involved in, including nature-based and technology-based ESG – Environmental, Social and
Governance
carbon reduction projects such as the sustainability-linked loan with Sustainability Performance Targets (SPTs) relating to our
emissions reduction targets. We are also building our carbon credits through tree planting. To date, we have planted and nurtured ETP – Employment Transition
Programme
more than 600,000 trees and saplings across our developments. Our goal is to plant one million trees and saplings by 2023.
FRIM – Forest Research Institute
Malaysia
FTSE – Financial Times Stock
Exchange
LONG-TERM: BUILDING PERFORMANCE THROUGH LEADERSHIP AND GOVERNANCE
GBC – Green Building Council
By 2050, we seek to be a net zero carbon organisation contributing to a low-carbon, climate-resilient environment. We are (Malaysia)
enhancing our Scope 1, 2 and 3 emissions monitoring and reporting with an Internet of Things (IoT) system implemented in GBI – Green Building Index
2022. This improves the integrity of our data mining and also allows for a clear auditable trail (reflecting good governance).
GET – Green Electricity Tariff
GGP 2025 – Gamuda Green Plan 2025
As part of our continuous efforts in Scope 3 traceability, we have started monitoring and disclosing our construction emissions.
GHG – Greenhouse gases
We hope to further expand our traceability efforts to our supply chain. To manage these emissions, we have set targets from
2026 onwards. We have embarked on ESG training for our over 3,000 supply chain partners comprising financiers, government GHG – GHG Protocol Corporate
Protocol Accounting and Reporting
agencies and regulators, builders, suppliers and consultants. We have also obtained pledges from our suppliers on their Standard
commitment to enhancing sustainability in their operations.
GIA – Gamuda Inspiration Award
GLC – Gamuda Learning Centre
Within our internal community, we continue to make great strides in providing competitive wages, better working conditions
and ensuring freedom of association. GPOS – Gamuda Plant Operator
School
Externally, we continue to invest in the development of sustainable cities and communities – guided by partnerships with the GQUAS – Gamuda Land Quality Unit
Assessment System
United Nations Development Programme (UNDP), CEO Action Network (CAN), Malaysian Green Technology and Climate Change
GRI – Global Reporting Initiative
Corporation (MGTC), Infrastructure Sustainability Council (ISC) and trade associations. We are also intensifying our programmes
Standards
to empower marginalised communities via Yayasan Gamuda. Through our foundation, we have been training individuals with
GS – Green Star certification rating
autism in preparation for employment, providing scholarships for deserving students, and engaging with the Orang Asli to by Green Building Council of
enhance their income generation. Australia
124 7 Sustainability Report
ABBREVIATIONS
GWEN – Gamuda Women
Empowerment Network
IBS – Industrialised Building
Systems
GIBS – Gamuda Industrialised
Building System
IGU – Integrity and Governance
Unit
IIRC – International Integrated
Reporting Council
ILO – International Labour
Organisation
IMS – Integrated Management
System
IUCN – International Union for
Conservation of Nature
ISAE 3000 – International Standard on
Assurance Engagements
ISC – Infrastructure Sustainability
Council (Australia)
ISO – International Organization for
Standardization
KVMRT – Klang Valley Mass Rapid
Transit
LCCF – Low Carbon Cities
Framework
LTI – Lost Time Injury
LTIFR – Lost Time Injury Frequency
Rate
MCCG – Malaysian Code on Corporate
Governance
MGTC – Malaysian Green Technology
and Climate Change
Corporation
MyCREST – Malaysian Carbon Reduction
and Environmental
Sustainability Tool
NatHERS – Nationwide House Energy
Rating Scheme
NEM – Net Energy Metering Malaysia
NIOSH – National Institute for
Occupational Safety and
Health
OSH – Occupational Safety and
Health
OHSAS – Occupational Health and
Safety Assessment Series
PDA – Project Differently-Abled
PCMD – Project Construction
Management Department
PMS – Performance Management
System
PPSN – Pusat Perkhidmatan Setempat
Nelayan
INTEGRATED REPORT 2022
PSI – Penang South Islands
QLASSIC – Quality Assessment System
for Building Construction
Works
QSHE – Quality, Safety, Health and
Environment
RAP – Reconciliation Action Plan
(Gamuda Australia)
RE – Renewable Energy
RMC – Risk Management Committee
SASB – Sustainability Accounting
Standards Board
SBTi – Science Based Targets
initiative
SC – Securities Commission
SDGs – Sustainability Development
Goals
SGHA – Star Golden Hearts Award
SHASSIC – Safety and Health Assessment
System in Construction
SHE – Safety, Health and
Environment
SIMP – Social Impact Management
Plan
SIRIM – Standard and Industrial
Research Institute of Malaysia
SLL – Sustainability-Linked Loan
SMART – Stormwater Management and
Road Tunnel
SME – Subject Matter Experts
SPTs – Sustainability Performance
Targets
SMP – Sustainable Management Plan
SSC – Sustainability Steering
Committee
SUSTAINABLE – Sustainable Infrastructure
INFRASTAR Rating Tool
SWC – Sustainability Working Council
TBM – Tunnel Boring Machine
TCFD – Task Force on Climate-
related Financial Disclosures
TTA – Tunnelling Training Academy
UN SDGs – United Nations Sustainability
Development Goals
VD TBM – Variable Density Tunnel
Boring Machine
WIM – Wetlands International
Malaysia
YSD – Youth Skills Development
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SUSTAINABILITY REPORT

INTEGRATING THE UN SDGs

GAMUDA GREEN PLAN 2025
At Gamuda, we have strategically aligned our Group Sustainability Framework “Build Right. For Life” journey towards the following
Sustainable Development Goals.

Our Governance and Value to Economy
Goal 4
Ensure inclusive and equitable quality education and promote lifelong
learning opportunities for all
4.4. and 4.5 Promote equality for both women and men, regardless
of age to have technical skills for preparation before
any employment or entrepreneurship
Goal 5
Achieve gender equality and empower all women and girls
5.5 Promoting the participation of women for all levels at Gamuda
Gamuda Green Plan 2025 is our strategic roadmap towards driving ESG within the Group.
It empowers the Group to strategically address ESG risks and opportunities with the
ultimate objective of delivering positive impact and value.
Goal 8
Promote sustained, inclusive and sustainable economic growth, full and Gamuda Green Plan 2025 comprises four pillars: Sustainable Planning and Design for
productive employment and decent work for all
Construction, Our Community is Our Business, Environmental and Biodiversity Conservation
8.2 The economic growth for the Group fuels socio-economic multiplier
effect resulting in job creation, entrepreneurial opportunities, repayment and Enhancing Sustainability via Digitalisation.
to financiers, increased tax revenues for the government and support
local supply chain development
Goal 17
Strengthen the means of implementation and revitalise the global partnership
for sustainable development PILLAR PILLAR PILLAR PILLAR

1 2 3 4
17.14 Development of the Gamuda Group ESG Policy to provide a clear
framework for the incorporation of ESG principles into key practices

Investing in Our People and Communities SUSTAINABLE

ENVIRONMENTAL ENHANCING
Goal 3 8.7 and 8.8 Recognises and respect the rights of all employees
PLANNING AND OUR
AND SUSTAINABILITY
Ensure healthy lives and promote well-being for all at all ages including migrant workers by committing to eradicate DESIGN FOR COMMUNITY IS
3.8 Ensuring the employee’s health is taken into account for by forced labour, modern slavery, human trafficking, child BIODIVERSITY VIA
including health (especially during a COVID-19 wave) as one of labour, discrimination, harassment, bullying and retaliation CONSTRUCTION OUR BUSINESS
the benefits of being employed with Gamuda
CONSERVATION DIGITALISATION
Goal 16
Goal 8 Promote peaceful and inclusive societies for sustainable development,
Promote sustained, inclusive and sustainable economic growth, full and provide access to justice for all and build effective, accountable and
productive employment and decent work for all inclusive institutions at all levels
To facilitate sustainable To equip ourselves with To drive impactful efforts By leveraging on
8.5 Prepare differently-abled people to adapt and thrive in working 16.2 Committed to human rights and ethical recruitment practices by
environment refraining from hiring and deploying child labour in all business masterplanning featuring the right ESG knowledge, in nature conservation technology and data
operations climate-responsive become SMEs in our and biodiversity management that will
16.3 Abide to all relevant law, regulations and best practices that the design, integrated respective domains and stewardship in our enhance and enable
Group operate in to ensure everyone is treated in humanely manner
transport and Super Low cultivate good developments. Group-wide efforts in
Energy (SLE) buildings governance in ESG. sustainable development.
with smart features.
Our Decarbonisation Pathway
Goal 7 Goal 13
Ensure access to affordable, reliable, sustainable and modern energy for all Take urgent action to combat climate change and its impacts
7.1 and 7.2 The adoption of renewable energy and low-carbon 13.1 Implementation of SMART tunnel as flood mitigation for the city
alternatives (green mobility) to increase energy efficiency
of the whole Group including in townships and developments 13.2 Promote national carbon reduction targets and policies through
towards carbon net zero in 2050 various technological and implementation and initiatives such as
conservation and carbon offset programme
Goal 9
Build resilient infrastructure, promote inclusive and sustainable Goal 14
industrialisation and foster innovation Conserve and sustainably use the oceans, seas and marine resources These four pillars were agreed upon after taking into account Gamuda’s business model, the geographic location of our operations,
for sustainable development emerging ESG issues, ongoing trends and the interests of our diverse stakeholders. Beyond high-level macro strategic direction and
9.4 Adoption of energy-efficient technology to be utilised in all
buildings (offices, properties etc) 14.7 Development of PSI Project aligning to the ESG commitment of objectives, the Gamuda Green Plan 2025 also provides specific targets and goals over the next four years, with an extended view to
the Group 2030 and beyond.
Goal 11
Make cities and human settlements inclusive, safe, resilient and sustainable Goal 15
Protect, restore and promote sustainable use of terrestrial ecosystems, The plan commits the entire Group to circular construction with specific steps to reduce direct and indirect corporate greenhouse
11.1 and 11.3 Ensuring sustainable and best management practices is sustainably manage forests, combat desertification, and halt and reverse gas emission intensity by 30 percent in 2025, and by 45 percent in 2030.
implemented in any development and project pertaining land degradation and halt biodiversity loss
to inclusive urbanisation
15.1 and 15.2 Committed to continue and ensure conservation of flora
Goal 12 and fauna is carried out by promoting and educating
communities on the importance of environment For more information, please scan
Ensure sustainable consumption and production patterns this QR code to visit Gamuda Green
conservation
12.2, 12.3, 12.4 and 12.5 Reporting of the Group’s direct and indirect GHG Plan webpage.
emissions, water management and waste 15.9 Integrate systems such as wetlands into local planning and
management which also includes the food-to- development processes
waste programmes

126 7 Sustainability Report 7 Sustainability Report 127


About This Report
REPORTING PERIOD
Our Sustainability Report (SR) is published annually. This year’s
report covers information on our sustainability performance for
the period from 1 August 2021 to 31 July 2022 (FY2022).
Our previous Sustainability Report was published on 9 November
2021.
STATEMENT OF USE
The Board of Directors (Board) of Gamuda, which is the Group’s
highest decision-making body, acknowledges the responsibility for
the following statement of use: The information reported by
Gamuda for FY2022 has been prepared in reference to the Global
Reporting Initiative (GRI) Standards and <IR> Framework.
REPORTING SCOPE AND BOUNDARIES
SR2022 is scoped to the business operations and activities of the
holding Company and all major Group subsidiaries in Malaysia only,
for which Gamuda has direct managerial control, unless otherwise
specified. Accordingly, the following entities have been excluded:
Our joint ventures and associate companies;
Our water concession, Gamuda Water Sdn Bhd; and
Our expressway concessions, KESAS Sdn Bhd, Syarikat
Mengurus Air Banjir dan Terowong Sdn Bhd, Sistem Penyuraian
Trafik KL Barat Sdn Bhd and Lingkaran Trans Kota Holdings
Sdn Bhd.
128 7 Sustainability Report
REPORT QUALITY AND DATA INTEGRITY
In deciding on the content for this report, we have been guided
by the Global Reporting Initiative (GRI) and International Integrated
Reporting Framework (IIRF) principles. The report also includes
extensive carbon reporting using GHG Protocol methodology and
elements of Task Force on Climate-related Financial Disclosures
(TCFD). In addition, the report is aligned with the expectations of
the Carbon Disclosure Project (CDP) and the Sustainability
Accounting Standards Board (SASB).
All data contained within this report has been sourced internally,
verified and validated by the respective business units. We continue
to enhance our data collection and analysis processes towards
improving data accuracy and quality and to strengthening disclosures
going forward.
The reporting principles covered in this report include:
Stakeholder Inclusiveness:
capturing our stakeholder’s expectations and concerns;
Sustainability Context:
presenting our performance in the wider
context of sustainability;
OUR SUSTAINABILITY REPORT 2022 (SR2022) COVERS ASPECTS THAT ARE MATERIAL TO GAMUDA AND THAT
COULD HAVE A SIGNIFICANT IMPACT ON STAKEHOLDERS FROM AN ESG PERSPECTIVE. IT ALSO HIGHLIGHTS
INITIATIVES UNDERTAKEN TO MANAGE THESE MATERIAL MATTERS IN A MANNER THAT CREATES VALUE FOR ALL
STAKEHOLDERS.
FOR A MORE COMPREHENSIVE ACCOUNT OF GAMUDA’S BUSINESS AND OPERATIONAL PERFORMANCE, READERS
ARE ENCOURAGED TO READ THE SR2022 TOGETHER WITH THE REST OF THIS INTEGRATED REPORT.
Materiality: FORWARD-LOOKING STATEMENTS
identifying and prioritising the key sustainability
issues that our Group encounters;
This report contains forward-looking statements such as targets,
prospects, plans and reasonable expectations made in terms of
Completeness: expected performance. Such forward-looking information has been
reporting all sustainability topics that are relevant to our made based on presently available data and information as well
Group, and those that influence our stakeholders. as current operating environment conditions. These could possibly
change in line with a wide range of developments that are beyond

The full GRI Standards Content Index is provided on pages 208 to Gamuda’s control.
212 of this report.
Readers are advised not to place undue reliance on such statements
Other referenced frameworks and guidelines include:
as our business is subject to risks and uncertainties beyond our
• Bursa Malaysia Securities Berhad (Bursa Malaysia)’s Sustainability
control. Actual results may differ from those indicated.
Reporting Guide (2nd and 3rd Edition)
• SASB Sector Specific Disclosures
• Task Force on Climate-related Financial Disclosures (TCFD)
REFERENCES
• United Nations Sustainable Development Goals (UN SDGs)
• GRI Standard and International Integrated Reporting Framework
All references to ‘Gamuda’, ‘the Company’, ‘the Organisation’, ‘the
(IIRF)
• International Federations of Accounts for ISAE 3000 Group’, ‘we’ and ‘our’ refer to Gamuda Berhad.
ASSURANCE REPORT AVAILABILITY AND FEEDBACK
We recognise the value of independent verification to ensure the This SR2022 can be downloaded by scanning the
accuracy and integrity of our sustainability disclosures. We have QR code here. We welcome feedback from our
sought third-party assurance from PricewaterhouseCoopers PLT, stakeholders to continually improve our sustainability
reporting and practices.
Malaysia (“PwC”) for our sustainability disclosures this reporting year.
The exercise was conducted in accordance with the International   ESG@gamuda.com.my   +603 7491 8288
Standard on Assurance Engagements (ISAE) 3000 Revised, assurance
engagement other than audits or review of historical financial
information, over selected key performance indicators (KPIs).
Kindly refer to pages 220 to 223 for the Independent Limited Assurance Report.
7 Sustainability Report 129
GAMUDA BERHAD 197601003632 (29579-T)
SUSTAINABILITY REPORT
KEY SUSTAINABILITY HIGHLIGHTS
For the 4th consecutive year, Gamuda is
voluntarily assessed by the Dow Jones
Sustainability Indices (DJSI)
The Group’s S&P Global ESG
Score is 41, while the global
construction and engineering
industry average score is 21
Amongst the first companies in
Malaysia in the construction and
engineering sector to be
committed to Net Zero by 2050
via SBTi, and an official supporter
of TCFD
Zero NCR
from SIRIM ISO audit recorded for
the last 13 years
Five Star Occupational Health
and Safety Audit (Five Stars),
British Safety Council ratings for
four consecutive years, three with Sword of
Honour
130 7 Sustainability Report
Women in Workforce
36% (Overall) and
43% (Board)
Won the UN Women WEPs
Award 2022 for Gender Inclusive
Workplace (Malaysia) and ACES
Awards for Top Workplaces in Asia
Invested RM 13 million
on 58 international and local
scholarships for year 2022
60% of progress to meeting our
one million trees and
saplings planting commitment
by 2023
ESG KPI is now part of all
employees’ performance
appraisal, which includes senior
management
99%
spending on local suppliers
Expanded on Scope 3
traceability efforts by providing
ESG awareness training to over
3,000 suppliers via
a series of complimentary sessions
INTEGRATED REPORT 2022
Increased minimum wage to
RM1,600 for foreign workers,
RM1,800 for local workers
RM3,200-RM3,500 for fresh graduates
The Group continues its long-standing
provide complimentary
policy to
accommodation to foreign workers
at purpose-built centralised labour
quarters (CLQs)
Completed Scope 1 and Scope 2
carbon accounting, with the
recorded intensity of
6 tonnes CO₂e per
million revenue with about
~1,700kWp solar PV installed
7 Sustainability Report 131
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SUSTAINABILITY REPORT

OUR ESG AND NET ZERO JOURNEY

Established our Sustainability
Governance structure Published Gamuda’s first Sustainability Report
Sustainability Statement in in reference to GRI
Initiated stakeholder engagement activities our Annual Report Guidelines
and ESG materiality assessment
Assessed voluntarily by Bursa Malaysia’s FTSE4Good
Yayasan Gamuda
ESG Enabling Academy (EA) Foundation arm that focuses
ESG alignment with
UN SDGs
Index, Dow Jones Sustainability Indices and MSCI ESG
Index
Journey Malaysia’s first Employment Transition primarily on educational aid, Established Group
Programme (ETP) that trains and places empowering social enterprises Formalised Group- Sustainability Sustainability Report in reference to GRI Standards
individuals with autism for gainful and and individuals for community wide sustainability- Framework – “Build
sustainable employment improvement related policies Right. For Life.” Independent Limited Assurance by third party assurer

1994-
2001 2002 2016 2017 2018 2019 2020 2021 2022

Stormwater Gamuda Digital IBS Climate Action has Gamuda Parks was Carbon emission Launched the Gamuda Green Plan 2025 Gamuda Group ESG Policy that
Management and • The future of been included as formed data disclosed • Target to reduce Scope 1 and Scope 2 included carbon reduction plans
Road Tunnel (SMART) one of our Material via CDP emissions intensity by 30 percent by 2025
construction with • Ensure biodiversity
Net Zero • A climate mitigation digital design tools and Matters and communal space
and 45 percent by 2030 Official supporter of TCFD

Journey innovation – robotic construction is integrated Carbon traceability using cloud-based ESG Committed to SBTi
flood prevention • Safer and more • Part of our carbon software
and emissions sustainable sequestration efforts External assurance on Scope 1
reduction from construction method Sustainability report aligns to TCFD and Scope 2 emissions
traffic with minimal wastage
Commenced Scope 3 emissions
External assurance on Scope 2 emissions
traceability

Boost construction efficiency through innovation and
sustainable solutions
 A Memorandum of Understanding (MoU) with Schneider
Electric Malaysia introduced the EcoStructure Asset Advisor for
better maintenance of TBMs
Green Electricity Tariff (GET) programme
 Gamuda is one of the first nine companies in Malaysia to
commit to the Green Electricity Tariff (GET) programme,
launched by the Ministry of Energy and Natural Resources
(KeTSA).
Vendors partnership programme Biodiversity R&D
 Providing Gamuda Digital IBS services to UEM Sunrise Berhad to  Collaborating with Universiti Malaya, Universiti Kebangsaan
better manage material utilisation and indirectly contain rising Malaysia and Universiti Kuala Lumpur on wetlands
cost of buildings conservation and waste management

132 7 Sustainability Report 7 Sustainability Report 133

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

SUSTAINABILITY REPORT

Sustainability Achievements Sustainability Attainments

ACES Awards 2022 FIABCI Malaysia Property Awards 2021 Committed to SBTi Business Ambition for Official supporter of TCFD
• Top Workplaces in Asia • Environmental 1.5°C Campaign Member
Gamuda Berhad Gamuda Land – Gamuda Gardens Central Park
• Batu Patong Eco Village, Resort Category
UN Women WEPs Award 2022
• Gender Inclusive Workplace – Malaysia (Winner)
Gamuda Berhad
The Edge Billion Ringgit Club Corporate
Awards 2021
Public Construction Golden Safety Award 2022 • Best CR Initiatives (Below RM10B Market Capitalisation)
• Excellent Honour Gamuda Berhad
Gamuda-Dong Pi JV
The Edge Property Excellence Awards 2021
CIDB Malaysia SHEQ Day 2022 • The Edge Top Property Developers Awards (Joint Rank No 3) Latest rating Previous rating
• SHASSIC (Package PMW.INFRA.05 and Belfield Tunnel) Gamuda Land
Gamuda Berhad • Property Development Excellence Award 2021
• Sustainable Infrastar (MRT Putrajaya Line – Design and Gamuda Gardens Total value score of 41 (2022) Total value score of 38 (2021)
Construction Stage)
MMC Gamuda KVMRT (PDP SSP) Sdn Bhd International Tunnelling Association
(ITA) Awards 2021
National Occupational Health and Safety Awards • Major Project of the Year
2020/2021 MRT Putrajaya Line
• Top Honours – Construction Category (Engineering) ESG Rating of Public Listed Companies Assessed ESG Rating of Public Listed Companies Assessed
New Civil Engineer Tunnelling Festival 2021 by FTSE Russell (3 out of 4 Stars) (2022) by FTSE Russell (3 out of 4 Stars) (2021)
MMC Gamuda KVMRT (PDP SSP) Sdn Bhd
• Tunnelling Project of the Year
Malaysia Green Building Council (Malaysia GBC) MRT Putrajaya Line
2022
• Best New Green & Sustainable Township Singapore’s Workplace Safety and
(Leadership in Sustainable Design & Performance) Health Council 2021 BB rating (2022) BB rating (2021)
Gamuda Gardens • bizSAFE
Gamuda Singapore
FIABCI World Prix D’Excellence Awards 2022
• Batu Patong Eco Village (World Silver Winner), Ground Engineering Awards 2021
Resort Category
• International Project of the Year D (2021) F (2020)
• Gamuda Gardens (Environmental Restoration) MRT Putrajaya Line
Gamuda Land
BSI (British Standard Institution) Kitemark™
Malaysia Technology Excellence Awards 2022 • Design, Construction and Commissioning Scores for MSCI: AAA, AA, A, BBB, BB, B, CCC (highest to lowest)
• Digital Engineering Scores for CDP: A, A- B, B-, C, C-, D, D-, F (highest to lowest)
Gamuda Engineering
Gamuda Engineering
StarProperty.my Awards 2021
• Digital Industrial Construction
• The Landscape Award (Township) (Excellence)
Gamuda Engineering
Gamuda Gardens
• Information Management – Heavy Civil Construction International Certifications received:
• The Full Circle Award (Excellence)
MMC Gamuda
twentyfive.7
ISO 14001:2015 ISO 45001:2018
Malaysian Green Technology and • The Business Estate Awards (Honours) ISO 9001:2015
Climate Change Centre (MGTC) 2022 Environmental Management Occupational Health and
Townsquare, Gamuda Cove Quality Management Systems
Systems Safety Management Systems
• Low Carbon City 2030 Challenge with 5-Diamond Recognition • All-Stars Award
Gamuda Cove Gamuda Land

134 7 Sustainability Report 7 Sustainability Report 135

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SUSTAINABILITY REPORT

STAKEHOLDER ENGAGEMENT CLIMATE-RELATED RISKS AND OPPORTUNITIES

As our stakeholders are important to us, we have been engaging them to better understand their expectations of Gamuda and how
we can best serve their needs. Insights from several engagement platforms are used in determining the Group’s material ESG topics,
helping us to stay ahead of global developments.
In order to continue maintaining strong relationships with our stakeholders especially at our project sites, we have formalised
comprehensive stakeholder management as outlined in our Public Relations and Stakeholder Management Policy.
Gamuda recognises that ESG topics present both risks (if they are not properly managed) as well as opportunities. We have therefore
incorporated our ESG risks into our corporate risk register, and continuously monitor the related risks while leveraging various
opportunities to create greater value for our stakeholders. This is reflected in our ESG Framework – “Build Right. For Life.” - and the
Gamuda Green Plan 2025.
For a full list of Risks and Opportunities, please refer to pages 50 to 53 of our Integrated Report.

In FY2022, due to COVID-19 restrictions, most of our stakeholder engagements were carried out via e-engagements that included CLIMATE-RELATED RISKS
online video conferences, calls and emails. We continue to grow our stakeholders as we expand our businesses across the region. A
good example, we are continuously in conversation with various NGOs in our community and environmental initiatives. In FY2022,
POLICY AND LEGAL TECHNOLOGY
we have engaged more than 50 NGOs, on aspects such as climate technology, indigenous peoples, environment, human rights, water,
waste, women empowerment and differently-abled people.
• Increased pricing of GHG emissions • Substitution of existing products and services with lower
For more information on our stakeholder engagement, please refer to pages 46 to 49 of this Integrated Report. • Enhanced emissions reporting requirements emission options
• Regulatory requirements on existing products and services • Cost to transition to lower emissions technology
• Exposure to litigation
MATERIALITY
Potential Financial Impacts Potential Financial Impacts
In FY2022, our management reviewed the material matters that guided our sustainability efforts in the previous year and determined
that all 17 topics continued to remain relevant. • Increase in operating costs • Write-offs and early retirement of existing assets
• Write-offs, asset impairment, and early retirement of • Reduced financial demand for products and services
existing assets due to policy changes • Capital investments in technology development

1 2 3
• Increased costs and/or reduced demand for products • Costs to adopt/deploy new practices and processes
Climate Action Biodiversity Safety and Health and activities such as increasing cost for waste
Environmental Environmental Social segregation and disposal due to latest requirements

MARKET REPUTATION

4 5
Economic
Innovation • Customer changing behaviour • Shifts in customer preference
Performance
Economic • Increased cost of materials • Stigmatisation of sector
Economic
• Increased stakeholders’ concerns

Potential Financial Impacts

The Group’s top five material topics have also remained unchanged, namely: Climate Action, Biodiversity, Safety and Health, Innovation,
• Reduced demand for goods and services due to shift
and Economic Performance. In this sustainability report, we provide comprehensive disclosure on all 17 topics, which have been Potential Financial Impacts
in consumer preferences
classified under the three Environmental, Social and Governance/Economic (ESG) categories. In our disclosure, we describe the actual
• Increased production costs due to changing input • Reduced revenue from decreased production demand
and potential implications of these topics on the Group, while outlining our management’s approach to managing the issues and how
prices and output requirements for goods/activities
well we have performed in addressing them. Other than that, we have indicated our plans going forward where relevant.
• Abrupt and unexpected shifts in energy costs • Reduced revenue from decreased production capacity
Also, we continued to refer to our Materiality Matrix to determine our ESG risks and opportunities. • Change in revenue mix and sources, resulting in • Reduced revenue from negative impacts on workforce
decreased revenues management and planning
For further information on Materiality, kindly refer to page 59.
• Re-pricing of assets • Reduction in capital availability
• Rising energy prices due to high demand in high
temperature climate

136 7 Sustainability Report 7 Sustainability Report 137

GAMUDA BERHAD 197601003632 (29579-T)
SUSTAINABILITY REPORT
CLIMATE CONDITION
• Increased severity of extreme weather such as floods, water
pollution and drought can cause disruptions to the entire
business operation
Potential Financial Impacts
• Reduced revenue from deceased production capacity
• Reduced revenue and higher costs from negative impacts on workforce
• Write-offs and early retirement of existing assets
• Increased operating and capital costs
• Reduced revenues from lower sales/output
• Increased insurance premiums and potential for reduced availability of insurance on assets in ‘high-risk’ locations
CLIMATE-RELATED OPPORTUNITIES
RESOURCE EFFICIENCY
• Use of more efficient production and distribution processes
• Use of recycling method and food waste composting on-
site
• Reduce natural resources consumption by recycling rainwater
harvested for other activities
Potential Financial Benefits
• Optimise operating costs with Gamuda Digital IBS
• Increased production capacity, resulting in increased
revenues
• Increased value of fixed assets
138 7 Sustainability Report
• Changes in precipitation patterns and extreme variability
in weather patterns
• Rising ambient temperatures
• Rising sea levels
ENERGY SOURCE
• Use of low emissions sources of energy with renewable
energy
• Use of supportive policy incentives
• Use of new technologies
• Participation in carbon market e.g. Bursa Malaysia Voluntary
Carbon Market
• Shift toward decentralised energy source and transitioning
to low emissions technology such as solar panels
Potential Financial Benefits
• Reduced operational costs
• Reduced exposure to future price increase in natural
resources
• Reduced exposure to GHG emissions and therefore
less sensitivity to changes in cost of carbon
• Returns on investment of low emissions technologies
• Increased capital availability and increased demand for
goods/services due to positive reputation
INTEGRATED REPORT 2022
MARKET PRODUCTS AND SERVICES
• Access to new markets • Development and/or expansion of low emissions products
• Use of public sector incentives and activities
• Development of climate adaptation and mitigation plans
• Access to new assets and locations needing insurance
coverage • Ability to diversify business activities
• Shifting consumer preferences to robust products and
services
Potential Financial Benefits Potential Financial Benefits
• Increased revenues through access to new and • Increased revenue through demand for low emissions
emerging market products and services
• Increased diversification of financial assets such as • Increased revenue through new solutions to adaptation
green bonds from financial institutions/investors needs
• Better competitive position to reflect shifting consumer
preferences, resulting in increased revenues
RESILIENCE
• Participation in renewable energy programmes and adoption of energy efficiency measures
• Resource substitutes/diversification
Potential Financial Benefits
• Increased market valuation through resilience planning
• Increased reliability on supply chain and ability to operate under various conditions
• Increased revenue through new products and services related to ensuring resiliency
7 Sustainability Report 139
 CHAPTER 2 CHAPTER HIGHLIGHTS

OUR
PAGE 143 PAGE 147

Board Oversight Governing Policies

The Board plays a role in ensuring sustainability matters Gamuda established a number of robust ESG-related

GOVERNANCE
are integrated into the Group’s strategic direction and adherence to local legislation and global
expectations

PAGE 149 PAGE 150

AND VALUE TO
Economic Value Supply Chain Management
In FY2022, the sustained economic performance for 99.41 percent total procurement in FY2022 was from
the Group is RM1,635 million generated and local suppliers
distributed

ECONOMY
PAGE 153

Gamuda Digital IBS

Digital IBS is implemented 100 percent in Gamuda
Land developments, and is extended to external
markets for both residential and commercial buildings

“Sustainable development is the pathway to the future

we want for all. It offers a framework to generate
economic growth, achieve social justice, exercise
environmental stewardship and strengthen governance.”

Horizon Hills, Iskandar Puteri, Johor, Malaysia Ban Ki-Moon, Former Secretary-
General of The United Nations
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

SUSTAINABILITY REPORT

SUSTAINABILITY GOVERNANCE AND FRAMEWORK

GAMUDA SUSTAINABILITY GOVERNANCE STRUCTURE

Board of Directors

Risk Management Committee

Group Chief Sustainability

Sustainability Steering Committee
Officer

Subject Matter Experts

For further information on our corporate governance and risk management, kindly refer to:
• Corporate Governance Overview Statement – pages 102 to 111.
• Integrity and Governance Unit – page 121.
• Risk Management – pages 113 to 116.

BOARD OVERSIGHT OF ESG TOPICS

Based on our commitment to sustainability, ESG matters are overseen by the highest level of authority at Gamuda, namely our Board
of Directors (Board). In line with the latest updates to the Malaysian Code on Corporate Governance (MCCG), the Board has direct
oversight of ESG matters, related risks and opportunities over the short, medium and long-term.

In carrying out its responsibility, the Board ensures that sustainability matters such as climate change, biodiversity, human rights and
supply chain management are integrated into the Group’s strategic direction. It also links ESG targets with the performance evaluation
and remuneration of all our management and employees. The Board is supported in its sustainability governance by various individuals
and committees, including the Risk Management Committee (RMC), Group Chief Sustainability Officer (GCSO), Sustainability Steering
Committee (SSC) and Subject Matter Experts (SMEs). Their roles and responsibilities are outlined below:

ROLE RESPONSIBILITIES
Board of Directors • 
Has overall responsibility for the Group’s sustainability strategy and direction, sets sustainability goals and
(Board) objectives, and regularly reviews the progress that has been made

Risk Management • Incorporates ESG matters in Gamuda’s risk register, and ensures effective risk mitigation response
Committee (RMC) • Approves all disclosures relating to the management of the Group’s ESG matters
REMUNERATION INCORPORATES CLIMATE CHANGE PERFORMANCE
Good governance underlines sustainability. Through good governance, Gamuda is able to stay the course with our sustainability strategy • Oversees stakeholder engagement and the materiality assessment in order to identify Gamuda’s material matters,
and achieve the environmental, social and economic goals that we have set. In the process, we establish our accountability and Group Chief and collaborates with the RMC, SSC and SMEs to determine the risks and opportunities related to these material
strengthen our relations with our stakeholders. Sustainability matters
Officer (GCSO) • Ensures processes and controls are in place across the Group for the successful implementation of sustainability
Given its critical role, we continuously seek to strengthen our sustainability governance. In FY2021, ESG KPIs were introduced for all strategies, and reports on the Group’s ESG performance
levels of employees including our senior management. These KPIs include the reduction of Gamuda’s energy intensity, diverting waste
from landfills, water conservation, safety performance, and compulsory annual training on mandatory policies. Linking ESG KPIs to
• Comprises Business Unit Heads who work closely with project units to implement ESG plans, ensuring robustness
performance has been made possible by the digitalisation of our ESG platforms as we have started to use a cloud-based ESG software Sustainability of systems and processes in sustainability management
to track and archive all ESG data across the Group. Steering • Approves targets and ESG disclosures
Committee (SSC) • Monitors economic, environmental and social (EES) risks related to our business operations and strategy
• Meets on a quarterly basis with the GCSO to monitor progress on sustainability performance

Subject Matter • Provide the SSC with technical knowledge to help deliver the Gamuda Green Plan 2025
Experts (SMEs) • Explore new market opportunities for sustainable growth

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Gamuda Group ESG Framework

BUILD RIGHT. FOR LIFE.
VISION
We lead the region in innovative
breakthrough solutions for large
scale public infrastructure and
property developments.
Pillar 1
Sustainable Planning
and Design for
Construction
Economic
• Economic Performance
• Innovation
• Supply Chain Management
• Governance
• Indirect Economic Impacts
• Marketing and Labelling
MISSION
We reliably deliver innovative
infrastructure solutions and premier
townships for our stakeholders
through our core businesses in
engineering and construction,
property developments and
infrastructure concessions.
GAMUDA GREEN PLAN 2025
Pillar 2 Pillar 3
Our Community is Environmental and
Our Business Biodiversity
Conservation
OUR FOCUS
GOVERNANCE
Environmental
• Climate Action
• Biodiversity
• Effluents and Waste
• Water Management
• Materials
• Land Remediation,
Contamination or Degradation
OUR GLOBAL ALIGNMENT
STRATEGY
To achieve sustainable growth
through our 3C’s approach
– Capacity, Capability and
Competitiveness.
Pillar 4
Enhancing Sustainability
via Digitalisation
Social
• Safety and Health
• Employee Management
• Customer Satisfaction
• Stakeholder and Community
Relations
• Customer Privacy
GOVERNANCE THROUGH ROBUST POLICIES AND
ADHERENCE TO LOCAL LEGISLATION
Gamuda strives to uphold the highest standards of ethical behaviour
at all times in all aspects of our business. We abide by all of the
relevant laws, regulations and industry best practices in the
jurisdictions that we operate in.
The Group’s corporate governance practices are guided by the
MCCG. Corporate governance is also instilled through an extensive
monitoring system, policies, standard processes, training and
effective communication.
This is reflected in practices and procedures across all of our
business operations and activities as well as dealings with
stakeholders. The Group ensures alignment with the local
governance expectations of the different countries where we have
a business presence.
CODE OF BUSINESS ETHICS
This Code of Business Ethics has been developed to guide and
support Gamuda Group’s business operations and governance
policies which include the General Administration Policy and
Procedures, Group Human Resources Policy and Procedures,
Anti-Bribery and Corruption Policy and Whistleblowing Policy and
Procedures.
This Code builds on the Group’s five core values – Take Personal
Ownership, Walk the Talk, Adopt Open and Honest Communication,
Demonstrate Real Teamwork and Develop Our People to ensure
that all of our operations and dealings are conducted ethically.
This Code applies to all Employees of Gamuda.
Gamuda requires its contractors, sub-contractors, consultants,
agents, representatives and others performing work or services
for or on behalf of the Gamuda Group of companies to observe
the relevant parts of this Code.
GROUP ESG POLICY STATEMENT
In FY2021, Gamuda developed Gamuda Group ESG Policy Statement
which provides a clear framework for the incorporation of ESG
principles into key practices.
GOVERNANCE THROUGH STRONG ANTI-CORRUPTION
PRACTICES
The Board and Management of Gamuda are fully committed to
ensuring a conducive work environment in which we uphold
strong ethical values and good corporate governance, free from
corruption, as embodied in our Managing Director’s Anti-Bribery
and Corruption Policy Statement. The Board’s commitment to
ethics and integrity in our dealings with all stakeholders was
manifested when each Board member signed the Director’s Integrity
Pledge.
On 25 October 2021, Gamuda established own Organisational
Anti-Corruption Plan (OACP) which was a requirement by the
National Anti-Corruption Plan headed by the Prime Minister’s
Office. The timeline for this plan is three years and shall be
renewed every three years.
The OACP represents Gamuda’s proactive commitment to ensure
resilience to the threat of corruption, aligned with Initiative 6.2.1
under strategy 6 of the National Anti-Corruption Plan (NACP). The
Board, management and employees of Gamuda are fully committed
to ensuring a conducive working environment free from corruption
as embodied in the Gamuda OACP and the signing of the Director’s
Integrity Pledge and the Employee Integrity Pledge.
The Integrity and Governance Unit (IGU), approved by the Board
on 13 December 2019, is responsible for championing the Board
and Senior Management’s anti-corruption agenda all across
Gamuda. IGU is headed by our Chief Integrity and Governance
Officer (CIGO), who is responsible for promoting and sustaining
an ethical work culture while averting any form of bribery,
corruption or other malpractice.
We also required suppliers to provide their written commitment
to abide by the Group’s AB&C Policy using the Group’s SAP Ariba-
based digital supplier platform. In effect, these suppliers have
agreed to conduct business in a fair and ethical manner and to
uphold good corporate integrity and accountability in their dealings
with Gamuda and others.
The Group continues to educate our suppliers on our zero tolerance
with regard to bribery and corruption, stressing the criticality of
embedding corporate integrity into their business culture, operations,
and strategies.

OUR APPROACH
GAMUDA VALUES
Adopt Open
Take Personal Demonstrate Real Develop Our
Walk the Talk and Honest
Ownership Teamwork People
Communication

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The total number of employees communicated on anti-bribery
and anti-corruption matters is as shown below. The five percent
difference is due to employee movement.
GIFTS AND BENEFIT POLICY
Gamuda practises No Gift Policy across all our businesses and
operations. Our Gifts and Benefits Policy provides guidance on how
to recognise and deal with the different forms of gifts and benefits
which may lead to bribery and corruption issues.
WHISTLEBLOWING MECHANISM
Gamuda’s Whistleblower Policy and mechanism are available for the are advised to provide in-depth details of the incident, such as the
reporting of irregularities within the Group’s operations. It encourages parties involved, in addition to their own details and the reason(s)
and facilitates employees and members of the public to disclose why they are particularly concerned about the matter.

95%*
genuine concerns of improper conduct within the Group, whilst
It aims to protect those involved by clarifying what forms of gifting protecting the person making such disclosures from any reprisal. At the same time, all reports and the identity of the whistleblower
of Gamuda
are permissible and what are not, to avoid any conflict of interest will be kept confidential unless otherwise required by law. More
employees were briefed on
with individuals and organisations with whom we come into contact Whistleblowing reports are directed to the Chief Integrity and importantly, the whistleblower should not attempt to personally
anti-bribery and corruption matters or conduct business with. Governance Officer (CIGO) via e-mail at admin.igu@gamuda.com.my. conduct any investigation, interview, or interrogation related to the
Upon receiving a report, the CIGO will review and evaluate the matter being disclosed. An independent investigating team will be
disclosure and decide on the next course of action. Whistleblowers formed to investigate the case.

3,698* employees HUMAN RIGHTS POLICY

briefed out of 3,895
* The number and percentage of employees communicated on anti-bribery and
anti-corruption matters have been independently assured. Refer to independent
limited assurance report on pages 220 to 223.
Gamuda believes that everyone has the right to be treated with
fairness, respect and dignity at the workplace. As an equal-opportunity
employer, we are committed to protecting and promoting labour
1 3 5
rights in running our business, which is covered by our Human Rights
2 4
Policy detailed in Chapter 3.

Submit report
DIVERSITY AND INCLUSION POLICY via e-mail to Review report for Action (includes
admin.igu@gamuda.com.my next course disciplinary process
In Gamuda, we have a Diversity and Inclusion Policy in place to ensure that: Report received of action Investigation or reporting to
from whistleblower authorities)

We employ a diverse workforce,

tapping into a wide talent pool with
different backgrounds and expertise,
thereby generating creative solutions KEY POLICIES IN GAMUDA
We promote diversity and ensuring that the Gamuda
and an inclusive culture maintains its competitiveness in Remuneration Policy
Code of Conduct for Directors and Key Gifts and
in the workplace the ever-challenging of Directors Benefits Policy
Senior Management
premised on mutual and globalised
trust and respect. business environment. Public Relations Quality, Safety,
Anti-Bribery and
and Stakeholder Health, and
Corruption Policy Management Policy Environment Policy

We avoid practices and policies that discriminate against one’s Corporate Directors’ Fit and Whistleblower
Disclosure Policy Proper Policy Policy
gender, marital status, race, nationality, ethnicity or age. The
overall guiding principles are to promulgate basic human and
labour rights and values to achieve organisational Enabling Code of Gamuda Parks
goals and maintain sustainable growth through a Academy Policy Business Ethics Policy
healthy, harmonious and professional workplace.

Gamuda Group Diversity and External Auditor

Procurement Policy Inclusion Policy Policy

The Policy applies to all employees including Directors of the Group.

Investor Gamuda ESG Human Rights
Relations Policy Policy Statement Policy

The detailed policies are available

at our website

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GOVERNANCE THROUGH COLLABORATION AND MEMBERSHIP OF ASSOCIATIONS
Gamuda’s approach to governance is further strengthened via membership in industry bodies and associations. As an active member
of these bodies, we abide by their codes and regulations, which promotes good business conduct and ESG practices in various forms.
Gamuda also seeks to actively promote sustainability via our links with fellow industry players. By creating a greater awareness of
pertinent issues, we hope to affect a stronger sense of responsibility towards prioritising sustainability industry-wide.
ECONOMIC VALUE GENERATED AND DISTRIBUTED
Gamuda’s financial performance is essential for our business sustainability and is our catalyst to drive the Group’s ESG agenda. Our
revenue and earnings enable us to create economic value for a wide range of stakeholders, mainly our shareholders, investors,
employees, social enterprises and non-governmental organisations (NGOs). Through financial growth, we are able to create jobs and
entrepreneurial opportunities, increase our tax contribution to the government, support the local supply chain, and meet our obligations
to financiers.

Gamuda continues to create discussion platforms with various trade associations and other stakeholders on trending aspects to further
enhance policies with the business, industry and country.

MEMBERSHIPS AND PARTNERSHIPS 17%

24%
American Malaysian Infrastructure Sustainability Roads Australia (RA)
Chamber of Commerce Council (ISC) FY2022 FY2022
(AMCHAM) Total Value Total Value 11%
TAFE NSW
Generated 46% Distributed
International Society for Soil
Australian Industry Group Mechanics and Geotechnical 12%
RM1,635 RM1,635
MILLION 64% MILLION
Engineering (ISSMGE)
Taiwan Regional Engineering
Contractors Association 26%
CEO Action Network (CAN)
Kuala Lumpur Business
Club (KLBC)
The Australian Airports
Civil Contractors Association (AAA)
Federation (CCF) Malaysian Investment Net Operating Income   Other Income To Employees   To Government   To Providers of Capital
Development Authority
The Singapore Contractors Share of Profits of Associated Companies and Joint Ventures Retained for Future Reinvestment and Growth
Committee for Economic (MIDA)
Association Limited (SCAL)
Development of Australia
(CEDA) Master Builders Association
Tunnelling and Underground Value Generated Value Distributed
Malaysia (MBAM)
Construction Society
GOANNA Services Singapore (TUCSS)
RM1,039 million
National Association of
RM281 million RM431 million
Women in Construction Net Operating Income
Women in Rail (WIR) Malaysia To Employees To Providers of Capital (dividends
Health & Safety Advisory (NAWIC) (salaries and other to owners and non-controlling
Service P/L
employee costs) interest, finance cost)
RM199 million
Real Estate and Housing Women’s Other Income
Infrastructure Partnerships Developers’ Association Empowerment
Australia (IPA) (REHDA) Principles RM180 million RM743 million
RM397 million To Governments Retained for Future Reinvestment
Share of Profits of (taxation) and Growth (depreciation and
Associated Companies and amortisation, retained profits)
Joint Ventures
DATA PRIVACY
Our direct economic value distributed to stakeholders in FY2022.
We continue to ensure the confidentiality of our stakeholders’ personal information, in line with the Personal Data Protection Act
(PDPA 2010).
Further information on our economic performance can be found in:
• Statement from Group Managing Director on pages 22 to 27.
The Group has invested in optimum data protection systems, which are enabled by a robust firewall and other information technology • Group Five Years Financial Highlights on pages 72 to 73.
(IT) systems. • Group Segmental Performance on page 74.
• Statement of Value Added and Distribution on page 77.
• Financial Statement on pages 226 to 260.

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SUPPLY CHAIN MANAGEMENT ENABLING SUSTAINABLE CONSTRUCTION VIA DIGITALISATION

Companies not only outsource production, services and business processes but also responsibilities, risks and opportunities. While IMPROVING BUILD QUALITY
outsourcing generally increases a company’s flexibility, there are certain downsides: supply chain risks might become less apparent;
new dependencies may arise; and the identification, monitoring and management of risks and opportunities may become more difficult. Gamuda Land continues to build upon the high scores we have QGA is currently conducted for all of our Klang Valley, Horizon
been receiving under the Quality Assessment System in Construction Hills, Bukit Bantayan as well as our projects in Vietnam. The
At Gamuda, we integrate ESG objectives into our supply chain to ensure its sustainability. All of our suppliers are required to abide (QLASSIC) system, as stipulated by the Construction Industry objective is to measure completed and in-progress construction
by the Gamuda Code of Conduct and related policies including our Human Rights Policy, and Quality, Safety & Health, and Environmental Development Board (CIDB). As our projects are still ongoing works against set GQUAS workmanship standard, safety,
Policy. To manage our risks, we review our critical suppliers (based on monetary value, volume, unique deliverables and impact on progress, no QLASSIC assessment was conducted in FY2021 and environmental, and digitisation compliance and other specification,
Gamuda) every year. We also focus on the following sustainability KPIs: FY2022. For the year 2022, all our projects underwent the Gamuda identify issues, and provide solutions to promote continuous
Land Quality Unit Assessment System (GQUAS) evaluations and improvement.
Quality Gate Assessments (QGA).
Prioritisation of local Ensure suppliers have good
100% adoption of
suppliers – targeting at track record, for example 2022 Horizon Hills, Woodlands Average GQUAS Score of
e-procurement system
least 95% of local with ISO certification GQUAS Assessment Score Gamuda Land Projects
for transparency
suppliers every year 83.9%
Number of
80.4% 80.3% 80.3% 81%
76% Developments
79.3%
73% 75% QGA sessions

PROCUREMENT Gamuda Cove 5

Guided by the Group’s Procurement Policy and Procurement, Having adopted the e-procurement systems (e.g. SAP Ariba and Gamuda Gardens 5
Auction and Supplier Management Procedure, we support local BuildSpace), our procurement practices are fair and objective, with
suppliers and conduct our procurement procedures in an ethical tenders awarded to the most competitive bidders. As part of the twentyfive.7 5
and transparent manner. We also make a conscious effort to selection process, potential suppliers are required to provide the Jade Hills 9
empower women and underrepresented groups to create equitable Group with their policies, company code of conduct and sustainability
and sustainable supply chains. certificate, where applicable. In FY2022, we introduced ESG evaluation Horizon Hills 5
in our procurement to drive sustainability awareness across all of Celadon City 2
By supporting local suppliers, we are not only contributing to the our supply chains while developing strong alliances among vendors.
FY2022 FY2021 FY2020 FY2019
development of the local economy but also lessen our carbon Horizon Hills Horizon Hills Horizon Hills Horizon Hills Horizon Hills
Phase 7B Phase 7G Phase 7C Phase 7D Phase 7E
footprint as transport needs are greatly reduced. Gamuda itself stands Through e-procurement systems, we have also obtained written
to benefit from various factors through local procurement, including: commitments from our suppliers to adhere to our AB&C Policy.
Further underlining the sustainability of our supply chain, our
• quicker delivery compared to overseas shipments
Internal Audit Department conducts annual audits on our suppliers
BIM ENABLES INTELLIGENT PROJECT PLANNING AND PROGRAMMING
• greater quality control by assessing criteria that are aligned to ISO 45001 Occupational Gamuda is a leader in designing and using the latest technology
Health and Safety Management Systems. and tools across all of our infrastructure and development projects.
• better budget forecasting and risk mitigation from reduced
currency exchange fluctuations, tax implications, shipping and This technology includes our digital industrialised building system
(IBS) and 4D Building Information Modelling (BIM) systems.
fuel surcharges, as well as knowledge of local market conditions In FY2022, no less than
• ability to forge strong relationships with our suppliers, and
ensure their practices are aligned with local and international
regulations and standards
99.41%* of our total
procurement spending was on local suppliers,
BIM is an intelligent process that gives architecture, engineering,
and construction professionals the insight and tools to collaboratively
plan, design, construct, and manage buildings and infrastructure.
exceeding our target of 95 percent. It combines technology with a set of work processes that involve
designing a building or piece of infrastructure collaboratively using
* The proportion of procurement spending on local suppliers of Gamuda within
Malaysia (excluding joint ventures) have been independently assured. Local suppliers one coherent system of virtual models rather than as separate
are defined as companies registered in Malaysia. Refer to independent limited 3D Laser Scan-BIM Method
sets of drawings.
assurance report on pages 220 to 223.
In furthering BIM innovation, we revolutionised construction
This leads to cost savings, increased productivity, and allows for checking through a holistic strategy combining the 3D Terrestrial
EXPANDING SCOPE 3 TRACEABILITY WITH SUSTAINABLE SUPPLY CHAIN TRAINING AWARENESS Laser Scanning and Building Information Modelling (BIM-TLS
better collaboration, communication, and risk mitigation.
method) technologies. A first in Southeast Asia of such
It is important that our suppliers have similar ESG aspirations as Gamuda in order for us to deliver a more meaningful impact
Gamuda is the first main contractor in Malaysia to receive the interdisciplinary fields, the technique led to a significant reduction
to both the environment and society. As part of the Group’s climate action strategy (Gamuda Green Plan 2025) and net zero
commitment via SBTi, Scope 3 traceability effort is important. in the legwork, human error, and safety concerns by unlocking
prestigious BSI (British Standard Institution) Kitemark™ certificate
the three-dimensional visualisation of project information which
for Design, Construction, and Commissioning. The Certification
In 2022, we have started to provide complimentary ESG training sessions to our active suppliers. We are targeting more than was previously unattainable.
3,000 suppliers to participate in this programme. This is part of our process towards supply chain readiness in embracing ESG recognises our milestone in digital construction and demonstrates
as part of their business processes, especially working together towards an integrated carbon reduction programme. We have our high compliance with ISO 19650. Committed to transforming rail construction with digital solutions,
taken the opportunity to share the Gamuda Green Plan 2025 and carbon reduction commitments with our supply chain while we envision that the BIM-TLS method will be a turning point for
having them pledge to support said commitments. We strive to guide our supply chain to ensure that they are also a part of many of the industry’s age-old problems, such as an over-reliance
a bigger change. on manual labour and low project visualisations.

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Building Information Modelling Augmented Reality (BIMAR)
Continuing our efforts to enhance sustainability via digital construction towards a resilient future, we have developed our own augmented
reality platform, called BIMAR, in which we can overlay virtual design and construction elements with real-time worksite images. The BIMAR
app also allows us to undertake a site visit with clients before construction even begins, which allows us to identify and rectify any issues
early and efficiently.
Tunnelling Via ESG Lens
Gamuda is making a name for itself as a pioneer in cutting-edge tunnelling technology. We introduced the world’s first variable density tunnel
boring machines (VD TBMs) to manage risks associated with tunnelling, especially in challenging geological formations. The first of its kind in
the industry, the VD TBM continues to be optimised and updated, resetting the boundaries of underground construction.
Further building on this successful platform, our team of young engineers developed the Autonomous Tunnel Boring Machine (A-TBM), another
industry first. This has created unprecedented capabilities for a TBM to drive itself with minimal human input. This results in greater quality
and accuracy for our tunnelling drives.

Our multiple award-winning A-TBM has not only enabled Gamuda to complete our projects faster, safer and at lower costs, it has also opened
doors for us overseas. In FY2022, we introduced this technology in Australia. Meanwhile, we are investing in further building our tunnelling
expertise through the acquisition of Australia-based Tunnelling Solutions.

GAMUDA DIGITAL IBS

Sustainable digital 30% reduction in

construction model construction period

Solar energy Employment opportunities

for local skilled and
powered factory tech-savvy workforce

30% increase in MALAYSIA’S 65% reduction on

foreign worker
productivity FIRST DIGITAL reliance

IBS
<1% construction >5,500 houses built
wastage and still counting

Luxurious landed
Controlled
homes, affordable
environment factory
homes

Gamuda Digital IBS is an end-to-end digital IBS solutions provider,
pioneering digital IBS adoption in Malaysia with the country’s first digital
IBS facility in Sepang. Leveraging on today’s digital design tools and
robotic construction, digital IBS means flexibility in design, fast
construction and superior quality finish.
Digital IBS is able to easily build a wide range of products, from
affordable homes, luxurious landed homes, high-rise buildings and even
BIMAR is a first-generation augmented reality application for buildings, public facilities like schools and hospitals. Every component is produced
construction sites and infrastructure projects. Along with various cloud- in our controlled factory environment and fully tested, which means
enabled functions which allow direct reporting from the field, BIMAR is that the quality of the components is assured through this safer and
scalable and customisable to facilitate seamless, large-scale roll-out across more sustainable construction method with minimal wastage.
mega infrastructure projects in a short amount of time in line with IR 4.0
trends. Digital IBS is a powerful production system to deliver end products
that are error-free with high precision and quality. This enables designs
to be completed online amidst a shared platform, thus eliminating
errors and enhancing efficiency throughout the construction process.
State-of-the-art robotics and a high degree of automation are also
significant aspects of Digital IBS. These enable the manufacturing of
high-quality end products that meet stringent tolerance levels. The
system also enables the use of a wide range of precast products
towards accommodating a variety of building applications including
precast bathroom pods.
Our high quality control standard is already seeing Digital IBS rapidly
expanding into several Gamuda Land projects, including Amber Residence
at twentyfive.7, Gaia Residences at Gamuda Gardens and Maya Bay
Residences at Gamuda Cove.
As the future demand for Digital IBS increases with expected government
incentives and increasing emphasis on ESG for green certified projects,
this has led to an improvement in the Gamuda Digital IBS FY2023 order
book. This is due to the recent supply and installation of precast panels
for a government project in Negeri Sembilan and an increase in-house
Gamuda Land projects.

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Our Digital IBS track record are as follows:

GEMS Residences, Putrajaya Gamuda Gardens, Gia Residence

Expected year of completion: 2023 Completed

RSKU Gamuda Gardens, Danau Ria RSKU Cybervalley (PKNS), Idaman Residensi
Completed Completed

RSKU Jade Hills, Gapura Bayu RSKU Kota Kemuning, Pangsapuri Aranda
Completed Completed
HIGH-RISE
RSKU Kundang Estates, Laman Adonis RSKU Puncak Bestari, Seri Seraya
Completed Completed

twentyfive.7, The Amber Residence

Completed

Gamuda Cove, Palma Sands Gamuda Gardens, llaria Hilltop

Expected year of completion: 2023 Expected year of completion: 2023
LANDED
Inside view of Gamuda Digital IBS factory at Banting

Tun Razak Exchange (TRX) Central

MRT Line 2 (Underground) Escape Shaft 3
Plant Room Walls
Completed
INFRASTRUCTURE Completed

CERTIFICATES RECEIVED BY GAMUDA DIGITAL IBS

Overview of Gamuda Digital IBS factory Example of completed high-rise project using Gamuda Digital IBS
components

CUSTOMER SATISFACTION
OUR GREEN BUILDING INDEX CERTIFICATION
Our customers are very important to us, and we strive to meet their expectations through our projects. Customer surveys are
The practice of sustainable design at Gamuda starts within the masterplan and building architecture considering the viability of a building conducted annually as a means of determining any gaps in our products as well as services.
that can provide energy savings, water savings, better connectivity to public transport, and others.
In the previous survey, carried out at the end of 2021, our customer satisfaction score dipped to 56 percent from 85 percent
Received Certification Ongoing Certification in FY2021. This was due to certain issues related to newly handed over residential units in the first phases of Gamuda Gardens
Landed: 1. Gamuda Cove Herons (Provisional GBI Certified) Landed: 1. Gamuda Garden Monarc (pending approval)
2. Gamuda Cove Waterlily (Provisional GBI Certified) 2. Gamuda Garden Illaria (pending approval) and twenty-five.7. Residents in Gamuda Gardens experienced water contamination and a water cut which lasted approximately
a month, while Lucent Residence in twentyfive.7 faced water leaks. In addition to immediate rectification when the issues surfaced,
High-rise: 1. The Robertson (GBI Gold) Commercial Gamuda Cove office building (Submitting for
our Customer Experience team worked with the respective project general managers and Township Management to conduct
2. HighPark Suites (GBI Gold) building: platinum standard)
thorough reviews of the underlying problems and put in place measures to prevent their recurrence. We also conducted SOPs
The Group has set a target that all future residential and commercial projects will be at least GBI Certified and Silver rated respectively. refresher courses for our township teams to ensure our ability to respond to complaints in a timely manner. Each project general
manager is responsible for monitoring initiatives undertaken to safeguard our customers’ comfort level and overall satisfaction.

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INVESTING IN
PAGE 159 PAGE 161 PAGE 168

Safety and Health Training and Development COVID-19 Management

Zero NCR for 13 consecutive year
th
The average training hours per employee In FY2022, a total of 914,601 tests had

OUR PEOPLE AND

for FY2022 was 14.2 hours been conducted and 99 percent of the
Group’s employees had received the
booster shots

PAGE 170 PAGE 171 PAGE 173

COMMUNITIES
Gamuda Scholarship
RM13 million in scholarships had been
awarded to 58 students pursuing a variety
of tertiary education programmes in 2022
Enabling Academy Orang Asli
82 percent of EA graduates had secured To date, 37 Orang Asli have been
jobs in various industries employed to be a part of our workforce

“The greatness of a community is most accurately

measured by the compassionate actions of its members.”
Coretta Scott King,
Gamuda works with various indigenous communities around the region. author, activist and civil rights leader
The generic picture showcasing Orang Asli was taken in Malaysia.
GAMUDA BERHAD 197601003632 (29579-T)
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OCCUPATIONAL SAFETY AND HEALTH
Providing a safe working environment and paying extra attention to
the welfare of our workforce are vital in ensuring sustainable business
operations. In Gamuda, this is accomplished by having a comprehensive
and systematic approach towards managing occupational safety and
health (OSH).
Health and Safety Policy and Commitment
Gamuda’s Integrated Management System (IMS) which includes OSH
Management System forms the foundation for this systematic approach.
This framework conforms to the international standards of ISO 45001
Occupational Health and Safety Management Systems. Gamuda has
migrated to ISO 45001 from OHSAS 18001 since December 2018 as the
latter is no longer recognised internationally from March 2021. This
commitment is reflected in our Gamuda Quality, Safety, Health and
Environment (QSHE) Policy, and it is monitored for continuous improvement.
KPI-linked Safety Performance and Risk Assessment
The OSH Objectives are based on measurable Key Performance Indexes
(KPIs) consisting of leading and lagging indicators. These form the
foundation for the OSH Objectives whereby individuals at all levels
within Gamuda are responsible towards the achievement of these
KPIs at their respective business units. The effective implementation
of the ISO 45001 Occupational Health and Safety Management Systems
across the Group including potential new operations/projects are
monitored and guided by a dedicated team of competent personnel.
Our people are our most important asset, and we seek to bring out their best by providing a conducive work environment that
encourages productivity and safety. The KPIs (may include striving towards annual zero LTI, zero NCR, to
achieve more than 85 percent of internally set QSHE Objectives and
As an equal opportunity employer, we embrace diversity. Women in Gamuda have access to the Gamuda Women Empowerment Targets and compliance with regulator requirements) are monitored
Network (GWEN), and are further empowered by extended maternity leave as well as flexible work arrangements. They have many and reported on monthly basis by the respective projects. The overall
OSH performance analysis is presented at Management Review Meetings.
role models within the Group, from the Heads of Group Human Resources and Administration, Group Corporate Communications
Continual improvement and innovations such as the incorporation of
and Sustainability, Legal and Company Secretarial, and the Integrity and Governance Unit (IGU) to the Executive Directors of Gamuda
technological advancement into Gamuda’s businesses towards OSH
Engineering and Gamuda Land – all of whom are women. We also provide training to individuals on the autism spectrum to gain implementation are part of the outcomes of these review meetings.
full-time employment.
The OSH performances are also benchmarked against
best practices in Malaysia, Singapore, Taiwan and
Other than to prepare the differently-abled for employment, we involve the Orang Asli in our projects and provide other forms of
Australia. As Gamuda is committed towards zero injuries,
support to the underprivileged or marginalised in order to create greater social equity. any incidences reported within Gamuda are shared
across the Group with the aim of preventing recurrences.
We are a keen advocate of human rights and in FY2022, launched our own Human Rights Policy, defining the Group’s commitment
in relation to diversity and inclusion, child labour, modern slavery (forced or compulsory labour), safety and health, workplace security, Our annual and quarterly SHE committee meetings are conducted
freedom of association, human trafficking, rights of the community and rights of indigenous peoples. The policy is aligned with the with representatives from Board or executive directors to ensure
International Labour Organisation (ILO) Core Conventions on Labour Standards. the performances and direction are discussed at all levels. In
addition, management discussions are regularly held on health
and safety with worker representatives.
158 7 Sustainability Report
INTEGRATED REPORT 2022
Key Aspects of OSH Management
We have a structured framework for OSH monitoring and evaluation,
as indicated below:
i) Daily, weekly and monthly inspection by Safety, Health and
Environment personnel at project sites
ii) Safety and Health Committee inspections
iii) Internal audits by project team to subcontractors
iv) Internal audits by HQ QSHE team on project teams
v) External audits by certification bodies such as SIRIM
vi) Third-party inspections
vii) Safety and Health Assessment System in Construction (SHASSIC)
Safety and Health Highlights for
Gamuda Engineering
Zero NCR since 2009, marking our 13th
year of such an achievement
Four ‘opportunities for improvement’ (OFI)
in audit findings by SIRIM for Integrated
Management System (IMS), lowest ever
since 2008
Five Star Occupational Health and Safety
Audit (Five Stars), British Safety Council
rating for four consecutive years, three
with Sword of Honour
Incidents Reporting
We encourage all employees/workers to report any incidents that
occurred without the fear of repercussions for reporting. A structured
incident reporting line had been established to cascade information
up to the top management levels based on the severity and magnitude
of the incident.
Safety Training
Developed together with Construction Industry Development Board
(CIDB) and National Institute for Occupational Safety and Health
(NIOSH), the KVMRT Safety Training Centre continues to distinguish
itself as a pioneering institution towards elevating safety and health
performance in Malaysian construction sites.
The centre provides competency and safety training for specific high-
risk jobs and electrified rail infrastructure construction. Working at
height, electrical safety, and crane operation are among the specific
high-risk job training offers. Gamuda provides safety training to both
our employees and contractors. In FY2022, a total of 1,598 participants
have attended various safety training courses at the KVMRT Safety
Training Centre.
In addition, a total of 528 and 3,533 participants from Gamuda
Engineering and Gamuda Land respectively were given various
on-site safety trainings.
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SUSTAINABILITY REPORT

LTIFR 3-YEAR DATA Gamuda also offers specialised developed programmes at these
SAFETY AND HEALTH PERFORMANCE dedicated training centres:
GB GL GE

Menara Gamuda FY2022 0 0 0 Gamuda Plant

KVMRT Safety
FY2021 0 0 2.18 Operator
Menara Gamuda Training Centre
Taiwan Public Construction Golden Safety Award School (GPOS)
FY2020¹ 1.27 – –
Total Hours Worked 1,477,584
Guantang Marine Bridge – a joint venture project between
¹ The data disclosed in FY2020 was combined across all business operations and
Number of Fatalities 0 Gamuda and Dong-Pi Construction Co. Ltd received one Tunnelling
project sites, and reported under Gamuda Berhad (GB). Gamuda Parks
of Taiwan’s most acclaimed safety awards. The 16th Public Training
Number of Reportable Injuries 0 Construction Golden Safety Award ceremony is conferred Academy
GB – Gamuda Berhad, GL – Gamuda Land and GE – Gamuda Engineering Academy (TTA)
Number of Days Lost 0 by the Taiwan’s Ministry of Labour.

Rate of Fatalities 0 The award serves to recognise companies who are doing
well in safety practices in areas such as safety risk TRAINING AND DEVELOPMENT Construction English Language
Rate of Injuries 0 Unit (ELU)
management, use of technology, capability in safety Recognising that we are only as good as our people, we seek to hire Training Unit
Rate of Lost Days 0 planning, amongst others. Gamuda is also the first and the best talent and enable all our employees to realise their true (CTU)
only Malaysian company to have won this award.
Lost Time Injury Frequency Rate (LTIFR*) 0* potential through continuous training and development. In addition
to management and leadership training, we invest significantly into
enhancing the technical skills of our workforce to be able to undertake Collaboration with LinkedIn Learning
Gamuda Land our infrastructure and property development projects at optimal
efficiency and safety. In FY2022, the Group collaborated with LinkedIn to offer our employees
Bukit Vietnam – Vietnam –
Gamuda Gamuda Horizon Bantayan Celadon Gamuda free subscription to LinkedIn Learning. Through the LinkedIn Learning
Cove Gardens twentyfive.7 Jade Hills Hills Residences City City Clubhouses Training not only enhances our organisational competencies which app, our employees are able to acquire new skills and knowledge at
better enables us to achieve our business goals, it also serves to their own pace. There are more than 18,000 courses available, ranging
Total Hours Worked 233,376 219,648 192,192 112,112 167,024 48,048 617,760 283,712 368,368 from leadership management, engineering, accounting, climate
increase employee satisfaction – providing them career growth
Number of Fatalities 0 0 0 0 0 0 0 0 0 opportunities while also engendering a sense of belonging and of modelling, and communication, among others. Our training expenditure
being valued by the Company. and number of training hours achieved are monitored monthly, and
Number of Reportable
a Learning and Development (L&D) report is circulated among Business
Injuries 0 0 0 0 0 0 0 0 0
Our Talent Management and Organisation Development team under Unit Heads every year.
Number of Days Lost 0 0 0 0 0 0 0 0 0
the Group Human Resources Department is responsible for determining
Rate of Fatalities 0 0 0 0 0 0 0 0 0 critical competencies required by the Group in order to fulfil our To determine the effectiveness of trainings conducted, evaluations
corporate strategies. It also identifies any skill gaps and delivers relevant are carried out at the end of every programme. We have developed
Rate of Injuries 0 0 0 0 0 0 0 0 0
trainings through its training arm Gamuda Learning Centre (GLC). an in-house e-form to gather feedback on various aspects of the
Rate of Lost Days 0 0 0 0 0 0 0 0 0 training, e.g. effectiveness of the trainer, relevance of training, course
Training is conducted either at GLC’s premise or at a third-party
Lost Time Injury centre. and mode of delivery.
Frequency Rate (LTIFR) 0* 0* 0* 0 0 0 0 0 0
An annual training calendar is shared with employees, while monthly Gamuda Parks Academy
Gamuda Engineering updates are disseminated via email and Workplace. Management’s Gamuda Parks Academy aims at educating and inspiring children
commitment to training is reflected in increasing budgets for in-house between 5-12 years old on environmental conservation and protection.
Gamuda Digital Gems
and external programmes, as well as the continual introduction of Some of the ranger types that junior can register for are GParks
IBS – Banting Belfield¹ Residences¹ Look@118¹
new channels of learning. Rangers, Junior Peatland Forest Rangers and GParks Youth (open for
Total Hours Worked 392,226 96,592 194,930 27,416 university students). All memberships are complimentary, an initiative
Gamuda Learning Centre by Gamuda Parks, which is a part of the Gamuda Group.
Number of Fatalities 0 0 0 0
Gamuda strives to have GLC is our centralised learning centre. It offers reading resources,
Number of Reportable Injuries 0 0 0 0

0 LTIFR
training rooms, computers and other training facilities. In FY2022, GLC
Number of Days Lost 0 0 0 0 organised various trainings on the following areas:
Rate of Fatalities 0 0 0 0
We are on track to have Leadership Technical
Rate of Injuries 0 0 0 0 zero accidents or incidents Competencies Competencies*
Rate of Lost Days 0 0 0 0 leading to injuries or and Soft Skills*
fatalities.
Lost Time Injury Frequency Rate (LTIFR) 0 0 0 0

Note: Data and ESG-related

* The lost-time injury frequency rate (LTIFR) for Menara Gamuda, twentyfive.7, Gamuda Cove, Gamuda Gardens has been independently assured. Refer to independent Digital Skills* Trainings*
limited assurance report on pages 220 to 223.
¹ Belfield is owned by Sunway Berhad; Gems Residences is owned by IOI Properties Group Berhad; Look@118 is owned by Permodalan Nasional Berhad (PNB).
Rates of Fatalities, Injuries, and Lost Days were calculated based on Global Reporting Initiative (GRI) recommendation of per 200,000 hours worked. LTIFR were calculated
based on Construction Industry Standard of Australia (per 1,000,000 hours worked). * The type and scope of programmes implemented by GLC have been independently
The safety and health data was calculated based on all Gamuda’s employees at sites and offices, excluding third-party contractors hours. assured. Refer to independent limited assurance report on pages 220 to 223.

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BY AGE BY ETHNICITY
DIVERSITY AND EQUAL OPPORTUNITIES 13% 13% 12%

Average Learning Hours Diversity in the workforce enriches the Group by broadening our
perspective and enhancing our decision-making. We strive to bring
per Employee together a good mix of talents representing different age groups and

14.2
63% 61% 55%
ethnic races while striking a good balance between the genders. 21%
Bumiputera
Our quest for diversity is supported by our approach of being an equal <30
No. of Chinese
opportunity employer; we recruit based on individual merit as opposed 5%
46%
to religion, race, gender or background. Subsequently, career progression 30-50 Employees
Indian
Average Learning Hours
and promotions are based on performance and the leadership potential >50 3,895
demonstrated by individual employees. Gamuda’s meritocracy is reflected 24% 26% Others
33%
by Gender in the racial composition of recipients of our scholarship programme. 28%
Gamuda did not employ any temporary employees in FY2022.
FY2022 FY2021 FY2020
FY2020
FY2022
Male 13.1 Further enriching our workplace, we seek to empower differently-abled No. of employees
persons through our Enabling Academy, which prepares them for 3,895 3,615 4,284
employment. Not only does this contribute towards their financial
Female 16.0 self-sufficiency and therefore heightened confidence as well as self-
esteem, but it also nurtures an inclusive culture in Gamuda, where GENDER DIVERSITY BY EMPLOYEE LEVEL
everyone respects everyone else despite their differences, and where
there is no tolerance for any form of discrimination. MANAGEMENT EXECUTIVE NON-EXECUTIVE
Average Learning Hours
As per our spirit of inclusivity, we have in place a grievance channel for 31% 30% 30% 48% 45% 39% 32% 32% 28%
by Employee Level anyone to report being bullied or harassed. Alternatively, employees who
are harassed can speak to their immediate superior or to a member of
HR. All cases of harassment are dealt with by our HR department.
Management 17.9 69% 70% 70%
61%
68% 68%
72%

52% 55%
Male
Executive 21.5 The detailed policy is available at our website
Female

Non-Executive 6.9
FY2022 FY2021 FY2020 FY2022 FY2021 FY2020 FY2022 FY2021 FY2020
No. of employees No. of employees No. of employees
GROUP EMPLOYEE DATA
1,251 1,045 1,207 1,026 930 1,153 1,618 1,640 1,924
Total Investment in Employee Learning BY GENDER
and Development:
AGE DIVERSITY BY EMPLOYEE LEVEL

RM1.85
36% 35% 31%
MANAGEMENT EXECUTIVE NON-EXECUTIVE

million
6% 6% 6% 9% 10% 8%
22% 24% 26%

64% 65% 69%

75% 75% 72%
Target Total Training Hours for FY2023 61% 57% 57% 56% 54% 47%

(average per employee) 3,895

Total number of

43%
employees in

16 FY2022

FY2022 FY2021 FY2020

3% 1%

FY2022 FY2021 FY2020

2%
33% 37% 37%

FY2022 FY2021 FY2020

35% 36%

FY2022 FY2021 FY2020

45%
Gamuda Board
women
No. of employees
Male Female 3,615 4,284 No. of employees No. of employees No. of employees representation
1,251 1,045 1,207 1,026 930 1,153 1,618 1,640 1,924

The numbers presented refer to permanent and contract employees from all our <30 30-50 >50
companies local and overseas excluding joint ventures and associates, except for
Australia.

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SUSTAINABILITY REPORT

New Employees Hires and Turnover Employee Compensation and Benefits

In FY2022, the Group welcomed 1,044 new employees and recorded average turnover and hiring rates at 16 percent* and 27 percent*, Gamuda is constantly reviewing its compensation and benefits to ensure employee well-being is looked after and their needs are met.
respectively.

Benefits in Gamuda Number of Employees who Utilised

Parental and Family Care Leaves
RATE OF NEW HIRES BY AGE RATE OF TURNOVER BY AGE LEAVES
Annual Leave, No Pay Leave, Sick or Hospitalisation Leave, Marriage Leave, Paternity Leave, Paternity Leave
Maternity Leave, Family Care Leave, Examination Leave, Compassionate Leave, Prolonged 87 86
Illness Leave, Replacement Leave and COVID-19 Vaccination Leave
14% 67

12% ALLOWANCE AND SUBSIDY FLEXI-WELLNESS

<30
Professional Membership Subsidy, Childcare Outpatient, Additional Pre- and Postnatal
30-50 Subsidy, Business Travel Reimbursement Expenses, Annual Medical Check-up, Wellness
8% 8%
>50 (BTR) Membership, Optical, Dental, Vaccination

FLEXI-WORK ARRANGEMENT INSURANCE

FY2022 FY2021 FY2020
1% Staggered Working Hours, Flexi-Time, Group Term Life Insurance, Hospitalisation
1%
Seasonal Flexi-Time, Flexi Place, Flexi Lunch and Surgical Insurance, Personal Accident
Hours, Replacement Hours, Work from Insurance
<30 30-50 >50 <30 30-50 >50 Maternity Leave
Home (WFH)
84

OTHERS 69
RATE OF NEW HIRES RATE OF TURNOVER 61
BY GENDER BY GENDER Car Park Facility, Retirement Benefits, Bona Fide Benefits, Employee Education Assistance

16%
MINIMUM WAGE

Considering the nature of Gamuda’s business, the Group decided to increase the minimum wages
11% for foreign and local workers, and fresh graduates to align with the rates stipulated by the
10% government. Aside from that, with higher wages, foreign and local workers, and fresh graduates FY2022 FY2021 FY2020
Male
are better able to navigate through the incessant increase in costs of living.
Female
The increase in wages also enables the foreign workers to take home a higher rate of wages
6%
as compared to those who are represented by agents where a percentage of their salary will Family Care Leave
be deducted for processing or service fees.
885
In May 2022, Gamuda increased the minimum wage for foreign workers from RM1,200 to
RM1,600 per month and for local workers from RM1,200 to RM1,800 per month, exceeding
the revised minimum of RM1,500 set by the government.
Male Female 551
Male Female We also raised the entry level salary for fresh graduates joining the Company from RM3,300
to RM3,500 for engineers and from RM3,000 to RM3,200 for non-engineering graduates. We 397
have reviewed our entry level salary packages to be competitive and within the top quartile
of our industry. This is important to attract the necessary talent for our business growth, as
Note: The rates presented refer to permanent and contract employees from all our companies local and overseas excluding joint ventures and associates, except for Australia. well as to help our employees to cope with the ever-rising costs of living.
* The total and rate of new hires/turnover by age group and gender for Gamuda Group have been independently assured. Refer to the independent limited assurance Along with the minimum wage and graduate entry level salary hikes, the Group’s entire baseline
report on pages 220 to 223. pay has increased, with all employees in salary bands up to RM5,000 also enjoying higher
incomes, adjusted for internal equity. FY2022 FY2021 FY2020

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SUSTAINABILITY REPORT

HUMAN RIGHTS AND LABOUR PRACTICES

Group Human Rights Policy

In Gamuda, we are committed to upholding and respecting human
rights across all of our business operations. We do not tolerate
any form of discrimination and treat all employees the same
regardless of nationality, race, or gender.
As our contractors rely heavily on foreign labour, Gamuda has
taken it upon ourselves to ensure that these workers are treated
with respect and dignity. Not only does this contribute to better
quality work and higher productivity, but it is simply the right thing
to do.
We are guided in this regard by labour laws and regulations in
the different countries where we operate. In Malaysia, these include
the Employment Act (which protects employees’ rights and prohibits
child labour), the Factories and Machinery Act (which sets a
minimum age of 21 years for the operation of machinery at work
sites), and Act 446 of the Minimum Standards of Housing and
Amenities (Amendment) Act 2019 in Malaysia.
It is the responsibility of our project managers, business heads
and HR to ensure responsible labour practices among our
Among the key components of best labour practices are: Gamuda believes that everyone has the right to be treated with fairness, respect, and dignity in the workplace where their knowledge, skills
1) to provide workers with decent salaries; and abilities are critical factors determining their success. It is our aim to avoid contributing to adverse human rights impacts and mitigate
any such impacts when they occur. We see human rights matters as a concern and responsibility of all. Employees of the Group have the
2) to provide them with comfortable accommodation that meet responsibility to treat everyone with dignity, courtesy and to respect their human rights. The Board and management are responsible to walk
their needs; and the talk by modelling appropriate standards of behaviour to further educate and promote awareness of this policy to the employees. Any
3) to ensure that workers are sufficiently trained to carry out breach of this policy/inappropriate behaviour reported will be taken into account and resolved in a timely manner.
their work safely and efficiently.
To ensure we respect the rights of all our employees and workers, the Group introduced our Human Rights Policy in FY2022. The policy
In terms of salary, we have always adhered to local minimum covers the Group’s alignment on key human rights matters including:
salary recommendations. We have also been a pioneer in providing
workers with quality centralised labour quarters (CLQs). As for
training, this is provided at our GLC, ELU, TTA, GPOS and CTU. Diversity and Equal Opportunity Community and Business Conducive Work Environment
Aside from that, project-specific training is also organised by site Principles
HR teams, wardens and supervisors. Freedom of Association
Safety and Health
Housing and Amenities
In order to ensure that all of our employees are treated fairly and
with dignity, we have communicated with them about our grievance Rights of Community and
Workplace Security Rights of Indigenous Peoples
handling process and Whistleblowing Policy. Modern Slavery /
Forced Labour /
Child Labour Compulsory Labour Human Trafficking / Exploitation
Gamuda targets to have

ZERO
subsidiaries, subcontractors and third-party contractors.
CHILD LABOUR
As a measure of our commitment to upholding human rights in
the workplace, and to ensure that Gamuda’s practices go beyond socio-economic The detailed policy is
regulatory requirements, we are currently reviewing our existing available at our website Committed to human rights and ethical recruitment practices, Gamuda takes a strong
policies for alignment with amendments to the Employment
non-compliance stance against child labour. The Group shall refrain from hiring and deploying child
(Amendment) Act 2022. incidents labour in all of our business operations. The minimum age for employment shall be
guided by the Children and Young Persons (Employment) (Amendment) Act 2010.

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CONTROL OF A GLOBAL HEALTH ISSUE

RT-PCR Testing and CIVac
The frequency of screening supplemented by stringent SOPs played an
imperative role to prevent the rise of new COVID-19 clusters. The authorities
acknowledged the effort taken by Gamuda despite having the nationwide
lockdown in force and the construction was listed as essential service, allowing
Gamuda to continue work.

In 2021, Gamuda collaborated with CIDB on the Construction Industry

Vaccination Programme (CIVac) to elevate the vaccination rate amongst workers
and employees to minimise the work stoppage perpetrated by the pandemic.

GAMUDA’S COVID-19 PREVENTION APPROACH

01 02 03 04 05 06

Gamuda attributed the success of bringing the total number of positive cases to a dip First Private
Malaysia
State-of-the-art
PCR testing
Collaborated
with CIDB’s
Centralised
Quarantine
Procedures and
work instructions
Invested
RM8 million towards
company to start machines with CIVac for early Quarters (CQQs) were developed in the establishment
following the set-up of a privately owned RT-PCR testing laboratory to carry out twice its own RT-PCR RT-PCR testing
frequency increased
vaccination of established at every accordance to
COVID-19 SOPs
of the RT-PCR
Laboratory, Gamuda
testing construction Centralised Labour
from fortnightly to Clinics and Triage
a week screenings of 20,000 workforce which comprises all levels of employees that laboratory
weekly for over
workers Quarters (CLQs)
Centre
20,000 employees

includes site workers staying at our CLQs. and workers

COVID-19 Management
A key development in FY2022 was the gradual winding down of
social and movement restrictions imposed to manage COVID-19
as the country transitioned from treating the outbreak as a pandemic
to being endemic. Even so, Gamuda continued to place the well-
being of our employees as a top priority and maintained various
initiatives that we had embarked on when COVID-19 first unravelled
in the country.
This was especially important as all of our employees returned to
the workplace as of May 2022, with the exception of those under
quarantine, or who had specific medical or safety reasons such as
being in close contact with a patient or being asymptomatic carriers.
Guided by the Steering Committee, we have continued to observe
SOPs such as social distancing, frequent use of hand sanitisers/
hand washing, workplace sanitation, wearing face masks and
COVID-19 testing under the new “norm” in Gamuda.
During the year, our in-house reverse transcription polymerase
chain reaction (RT-PCR) laboratory, managed by Gamuda Healthcare,
conducted 914,601 tests, recording a total of 9,155 positive cases
among our workforce. The frequency of tests was increased from
fortnightly to weekly, and in certain units to twice a week, based Partnering with ProtectHealth, booster vaccination booths
on COVID-19 risk assessment and feedback from other COVID-19 were set up at project sites and Gamuda offices to allow
monitoring mechanisms within the Group. Gamuda remains the employees to walk in for free shots. ProtectHealth has been
first and only private company in Malaysia to have in-house RT- tasked by the Ministry of Health to organise booster vaccinations
PCR testing laboratories. under the national COVID-19 vaccination programme. As a
result of this partnership, more than 99 percent of our
Centralised Quarantine Quarters and Triage Centre employees received boosters, with the remaining one percent
opting out due to health reasons, as per advice by doctors.
As per the previous year, we also continued to operate Centralised
Quarantine Quarters (CQQs) at our CLQs for COVID-19 positive
Making good on plans reported in the previous year, we set
employees. A total of 647 admissions were recorded at our CQQs.
up two Gamuda Clinics in FY2022 to provide various outpatient
These employees also received support from our medical team
medical services, including vaccinations. The objective has
stationed at the Gamuda Triage Centres set up in the CLQs. The
been to help reduce the strain on our public healthcare system.
local authorities recognised these facilities as a “gold standard” that
was covered by local media for other players to follow in ensuring
Our investments into the provision of testing, quarantining
the welfare of the workers is always taken care of.
and care for our employees have led to a significant drop in
the number of COVID-19 cases Group-wide, preventing the
In addition, the medical team conducted daily teleconsultation with
formation of any work clusters and enabling business continuity,
employees under home quarantine. If any employee was found to
thus increasing the Group’s productivity.
require close monitoring, the medical team would recommend
that he/she be admitted to the Gamuda Triage Care Centre. During
Gamuda does not monitor other global health issues such
the year, a total of 14 patients were admitted to the Triage Care
as HIV/AIDS, Tuberculosis, and Malaria. This is because these
Centre, including three employees’ family members.
health issues are less prevalent in countries where we operate.

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YAYASAN GAMUDA
Enabling Academy
Gamuda broke new ground in Malaysia by becoming the first organisation to train young adults on the autism
spectrum in order to help them gain sustainable employment. This is achieved through the Employment
Transition Programme (ETP) offered at our Enabling Academy (EA), which was set up in 2017.

Benefits and impacts from Enabling Academy towards different stakeholders:

EA PARENTS OF
EMPLOYERS GOVERNMENT
GRADUATES EA GRADUATES

Gained employment, Relieved that their child

Increased access to a Reduced
increased income has a career that leads to
wider pool of talents healthcare
independent living
Developed life and and untapped potential expenses
Yayasan Gamuda was established in 2016 to continuously enhance the Group’s community social skills Reduced financial burden
investments, which are focused on educational aid and empowering social enterprises in Improved diversity, Reduced expenditure
Better and Reduced anxiety equality and inclusion in welfare payment
line with our ESG commitment, particularly Pillar 2. Having successfully grown our three healthier lifestyle at the workplace
flagship programmes, namely our Enabling Academy, Gamuda Scholarship and Star Golden Better lifestyle and
Better social acceptance living standards Improved
Hearts Award, we are committed to scaling up our community outreach efforts through our Improved employment rate of
Gained independence Improved family productivity persons with
foundation. This year we have added a special focus on indigenous people as our fourth from family relationship disabilities
and creativity
programme.

Gamuda Scholarship
The Gamuda Scholarship was established in 1996 to
provide financial support to outstanding Malaysian
students, thus enabling them to pursue tertiary studies
in fields related to Gamuda’s needs. In the year 2022,
we have disbursed a total of 58 scholarships – 43
local and 15 international – valued at a total of
RM13 million, a substantial increase from RM3.9 million
from the previous year. The scholarships were granted
to students pursuing programmes in Engineering (Civil,
Electrical, Mechanical, Mechatronics, Software),
Environmental Science and Sustainability, Quantity
Surveying, Property and Real Estate Management,
Finance/Accounting, Business, Architecture, Data
Science and Psychology. In comparison to FY2021, we
have awarded more scholarships to students from the
B40 families. The scholarships awarded were inclusive
of tuition fees, living expenses, accommodation, book
and laptop allowances, airfare, and arrival fees for
foreign students.
To date, EA has trained 76 candidates, 82 percent of whom were
The Group has a commitment to set offered a job in property and construction, banking, IT, manufacturing,
aside 2% of the Group’s profits legal, retail and hospitality industries. Among the main reasons for
towards Yayasan Gamuda (YG). non-employment of the remaining 18 percent are: pursuing further
YG has invested
studies, health issues, not being sufficiently ready, waiting for more
suitable job opportunities, or exploring the option of self-
RM6.6 million for FY2022. employment. As of 31 July 2022, Gamuda has 21 employees who
are on the autism spectrum, under Project Differently-Abled. Eight
of these employees were graduates of EA.
In 2022 (FY2023), RM13 million was awarded to 58 students.
The Gamuda Scholarship investment will increase to RM20 In FY2022, each of our EA graduates is estimated to have spent
million for 2023 (FY2024). an average of 390 hours over their three month-long programme.
At EA, we undertake comprehensive assessments of different
The Gamuda Scholarship is normally presented in September
partner companies before placing EA graduates to ensure a good
annually, which the investment amount is recorded in the
fit of the culture and working environment with the candidates.
current financial year. Gamuda’s financial year ends on
To date, 4,636 copies of our EA ETP Trainer’s manual have been
31  July every year.
distributed in order to equip more organisations nationwide to
implement their own ETP.

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National ETP Outreach:
Train the Trainers
To rope in more organisations to train
the trainers with the aim of replicating
more quality and effective Employment
Transition Programmes (ETP)
nationwide, which will equip more
youths with disabilities for sustainable
employment.
EA New Model: Other
Industries training
To explore more job options for EA
trainees in industries that best match
their interests and aptitudes by
collaborating with different industries
such as hospitality, retail and
manufacturing.
Social Well-being
Programme for Project
Differently-Abled (PDA)
Colleagues and EA Graduates
To provide a platform for PDA
colleagues and EA graduates to socialise,
build friendships and develop better
social well-being.
Orang Asli Employment
Gamuda is committed to uplifting the lives of Orang Asli communities
through education and employment. To date, we have included 37
Orang Asli within our workforce.
As part of our commitment to indigenous communities, we are
collaborating with Asli Co and Binturong Alam Ventures to upskill
local Orang Asli communities while also providing them with sustainable
income for the benefit of their families and communities. This initiative
provides them with the opportunity to venture into entrepreneurship
businesses that they are most comfortable with (back to nature).
experience in teaching children with Down Syndrome, cerebral palsy,
attention deficit hyperactivity disorder (ADHD), dyslexia and autism. In
addition, the teachers provided tuition classes to help students to catch
up with missed schoolwork. ACE Education will regularly assess the
students to gauge the effectiveness of its programme. Another three
tablets were donated to a struggling father who made a call to a local
radio station. The aim was to ensure that the students were able to
attend online classes without depending on their parents’ devices.
Eventually, we seek to expand the educational programme to include
personal enrichment skills such as singing, arts and crafts, and public
speaking, as these will help enhance the student’s quality of life.

With Binturong Alam Ventures, for example, we launched the Wild

In FY2022, 96 participants attended the workshops that were conducted
by EA with the Department of Social Welfare, Department of Polytechnic
GIA 2022 WINNER – ISKUL SAMA DILAUT OMADAL Tree Seed Bank Project through which we purchase wild tree seedlings
from the Orang Asli and use their expertise to nurture these seedlings
and Community College Education, and Youth Skills Development Iskul is a community run in a nursery before the trees are replanted elsewhere. In other words,
Division of the Ministry of Youth and Sports. project initiated in 2015 to this project enables the Orang Asli to earn an income by putting their
provide basic literacy for intimate knowledge of the forest to good use (i.e. protecting biodiversity).
With the successful outreach, the Department of Social Welfare has stateless children at Omadal
invited EA to conduct training for their Community-Based Rehabilitation Island. They give the
Centres nationwide to equip trainers and job coaches to run ETP in opportunity of education to
their respective centres. children and youth whose
Gamuda targets to create at least

200 employment
stateless status denies them
access to public schools.
82% of the EA graduates
were offered a job in various opportunities at the arboretum
industries
3,214 local
Scan this QR code for a full list of current and
past winners and nurseries for Orang Asli
communities reached –
188 private and public sectors
As of August 2022, this project benefitted 21 Orang Asli families. It
companies engaged
Batu Patong Eco Village
Orang Asli and Indigenous Peoples of Australia has since been expanded to six more villages encompassing 39 families.
At the moment, we have collected a total of 2,300 saplings of 69 In line with the Gamuda Green Plan 2025, Pillar 2 states that
Gamuda is committed to establishing and maintaining respectful and local tree species.
Star Golden Hearts Award Our Community is Our Business whereby Gamuda will include
meaningful relationships with the communities of indigenous peoples in
any community surrounding the Group’s operations for
The Star Golden Hearts Award is a collaboration between Yayasan which we have a business presence. The Group aligns with the principle
development and social investments.
Gamuda and The Star Foundation by Star Media Group to acknowledge of Free, Prior, and Informed Consent (FPIC) where the indigenous
individuals and groups that have made exceptional contributions to communities have the right to self-determine, consult and make decisions
The Batu Patong Eco Village is located in the pristine jungle of
society. The Star is Malaysia’s English daily with the highest readership regarding their economic, socio-cultural, and political aspects. We are
the Bario Highlands in Sarawak. This project was jointly developed
in the country. The award targets community projects related to upholding our commitment to respecting and acknowledging the rights
as a social effort between Gamuda and the local Batu Patong
environmental, economic and social enhancement, in line with the of indigenous peoples by empowering them via employment and education
Kelabit community. The eco-village was built by incorporating
Group’s ESG commitment. opportunities. The Group also ensure that the indigenous peoples are
a boutique scale eco-resort and a community homestay without
included in the Group’s nature conservation initiatives.
impacting the unspoilt condition of Bario’s green environment.
The 2022 award had attracted 776 nominations nationwide, about
71  percent more than the 453 nominations received in 2021. Ten Subsequently, the global and local support of instruments or frameworks
The entire resort is owned and managed by the villagers who
accolades will be presented in November 2022 to three individual referred to by the Group is the United Nations Declaration on the Rights
are in charge of the housekeeping, meals preparation, logistics
winners and seven social enterprise winners who contributed meaningfully of Indigenous Peoples (UNDRIP), United Nations Permanent Forum on
and transport arrangement, jungle guides for trekking and
to society. The Star and Yayasan Gamuda are awarding a total of Indigenous Issues (UNPFII), UN Special Rapporteur on the Rights of
exploration around Batu Patong in order to share the culture
RM249,000 in cash to support the good work of the award winners: Indigenous Peoples (UNSR), ILO Indigenous and Tribal Peoples Convention,
Orang Asli Education and lifestyle of the Kelabit community with visitors.
Malaysia: Aboriginal Peoples Act 1954 and Australia: Australia’s Indigenous
Peoples and International Law: Validity of the Native Title Amendment According to UNICEF, over five million children in Malaysia were unable In 2022, the Batu Patong Eco Village was accorded the Silver
Gamuda Inspiration Award (GIA) winner: Act 1988 (CTH). Malaysia is a signatory to the UNDRIP to respect, protect to attend school during the COVID-19 pandemic. This has led to a winner in the Resort category at the FIABCI World Prix
RM120,000 and fulfil the human rights of indigenous peoples, including the rights to
free, prior and informed consent before actions are taken that will affect
lack of motivation and interest in studies. The situation was worse for D’Excellence Awards and in 2021 it was the winner of FIABCI’s
(only one winner) students with poor or no internet access, especially Orang Asli children. Malaysian Property Awards (MPA). These awards show that
their lands and their rights to freedom of expression and assembly. In response, 165 tablets were donated via the GL Cares programme. Gamuda and the Kelabit community have realised the vision of
Individual SGHA winner: Organisation SGHA winner: In addition, the Group’s collaboration with ACE Education had provided working with nature and ‘listening to what the land has to tell
As outlined in our Gamuda Green Plan 2025, under Pillar 2 i.e. ‘Our tuition for 136 students from Sekolah Kebangsaan (Asli) Bukit Cheding
RM24,000 RM105,000 Community is Our Business’, we complemented the environmental and Sekolah Kebangsaan Asli Bukit Kemandol. Of the total, 34 of them
us’ in ensuring sustainability will always be incorporated in every
planned endeavour.
in total value to three in total value to seven and biodiversity conservation aspects by ensuring that the native are students with special needs. These teachers brought with them
selected winners selected winners communities are able to actively participate in our conservation processes.

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RECONCILIATION ACTION PLAN AND

INDIGENOUS PEOPLES IN AUSTRALIA
Titled ‘Together, Weaving Our Future’ the artwork represents Gamuda’s pledge to build and maintain
strong connections, as well as the business’s long-term commitment to Australia.
Gamuda is committed to having respectful
and meaningful relationships with the
Aboriginal and Torres Strait Islanders,
Australia’s First Nations Peoples.
Through building our business in Australia,
we are contributing to the local
infrastructure landscape with the aim of
leaving a positive social legacy in the
communities in which we operate. This
includes ensuring our offices and worksites
are culturally safe and welcoming places
for the Aboriginal and Torres Strait Islander
peoples and businesses. Developing a
deeper understanding of reconciliation
and supporting positive engagement with
the Aboriginal and Torres Strait Islander
peoples and communities are fundamental
to achieving this.
Before our first major project win, and to
proactively start on our journey towards
reconciliation, Gamuda Australia developed
and launched our first Reconciliation
Action Plan (RAP). The RAP framework,
including review and accreditation, is
governed by Reconciliation Australia, the
lead non-for-profit body for reconciliation
in Australia. Reconciliation Australia’s
RAP Framework provides organisations
with a structured approach to advance
reconciliation utilising four types of RAPs
depending on where that organisation is in their reconciliation
journey. The four RAP types are– Reflect, Innovate, Stretch and
Elevate.
Gamuda Australia is currently in the first stage of our reconciliation
journey – Reflect. Our Reflect RAP was accredited by Reconciliation
Australia in Q4 2021 and provides our vision for reconciliation,
determines our sphere of influence, and establishes the systems and
processes we need to establish meaningful partnerships with the
Aboriginal and Torres Strait Islander peoples to increase economic
equity. Based on our core business values of relationships, respect,
and opportunities, our Reflect RAP guides us as we start on our
journey to facilitate First Nations self-determination in Australia.
As part of our RAP development, Gamuda Australia joined hands
with Indigenous creative agency Gilimbaa and Wakka Wakka man,
David Williams, to produce our reconciliation artwork. The artwork
titled “Together, Weaving Our Future” represents our collective
commitment to work together as a culturally diverse organisation
for a collaborative, respectful and inclusive future in the Australian
construction industry.
As a foundation of our Reflect RAP commitments, we focused on
improving the understanding of Aboriginal and Torres Strait Islander
histories, cultures, and knowledge across our operations. We have
partnered with Aboriginal businesses such as Mirri Mirri and Tribal
Warrior to facilitate Aboriginal cultural heritage training in all of
our projects including in our head office. We have engaged with
local Aboriginal and Torres Strait Islander organisations and
businesses during the tender and delivery process with the objective
of facilitating equitable opportunities and access to employment
across all disciplines and down our supply chain. We have also
partnered with the indigenous design house Balarinji to co-design
our urban design and landscape strategy for the Coffs Harbour
Bypass bid, which was ultimately successful. Balarinji will now play
a key role in the delivery of this major project by partnering with
the local Gumbaynggirr people to contribute to the artistic themes,
strategy, and vision for all significant elements of urban design.
The next stage for Gamuda Australia is to drive accountability in
our business through the Innovate RAP. The Innovate RAP will
outline our formal actions and objectives to achieve our visions
for reconciliation. The Innovate RAP will come into effect in early
2023 and will run for two years. The Innovate RAP will include
formal reporting against our objectives and targets, including
Aboriginal and Torres Strait Islander peoples’ employment and
business engagement.
The RAP framework entails a structured approach to reconciliation
by the Group, while at the same time supporting Australia’s national
reconciliation movement. There are four types of RAP that will
be implemented by Gamuda Australia which were tailored to suit
the Group’s business objectives.
The RAP Working Group (RWG) was established to drive positive
initiatives across the business supporting the objectives of the
plan, while ensuring accountability and transparency in reporting
and governance.

The Group acknowledges that the reconciliation journey in Australia

is a new initiative to be implemented. We took the first step in
working together with Reconciliation Australia to further develop
and identify the key elements to be implemented under the Reflect
RAP. To ensure that our business objectives and reconciliation
REFLECT INNOVATE STRETCH ELEVATE commitments are aligned, we will continue to engage with numerous
representatives of the Aboriginal and Torres Strait Islander
(Scoping Reconciliation) (Implementing Reconciliation) (Embedding Reconciliation) (Leadership in Reconciliation)
organisations to further inculcate the idea of cultural awareness in
This is the first step of This RAP details out the This RAP is best suited to This RAP is suitable for an organisation that has
our people.
the RAP that allows an workplan to achieve the organisation with developed a proven track record of having successful
organisation to organisation’s vision for strategies and has a strong implementation of RAP initiatives through the
determine the scoping reconciliation. approach in terms of advance Stretch RAPs and are ready for the next step of
taking a leadership position in progressively
parameter. reconciliation, internally and For more information on the Reconciliation
advancing towards national reconciliation. Action Plan, please scan the QR code
where they operate.

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GIVING BACK VIA GL CARES

GL Cares (COVID-19 assistance)
During the pandemic, food aid stations were established in Gamuda
Gardens, Kundang Estates, twentyfive.7, Horizon Hills and Jade Hills.
Working with suppliers such as 99 Speedmart, we stocked these food
aid stations with essentials such as rice, cooking oil, face masks, sanitisers
and diapers, which could be picked up for free by those in need.

In addition, bags filled with essentials were personally packed and

delivered to villagers and Centralised Labour Quarters (CLQs) by Gamuda
Land employees. Through our food aid programme, we delivered food
to over 1,700 workers in our CLQs, providing them with critical support
in a time of need.

Science Lab Refurbishment for Orang Asli

To provide a more conducive learning environment, GL
Cares refurbished an old building in Sekolah Kebangsaan
(Asli) Bukit Cheding into a science lab. We pooled volunteers
from the various project teams who took the time off to
clean, build and do manual labour for the sake of the
In addition to the programmes supported by Yayasan Gamuda, we also carry out various indigenous students.

corporate social responsibility (CSR) projects under the Gamuda Land (GL) Cares banner. What was once an abandoned building, it now has newly
painted walls, windows and flooring that is fully furnished
GL Cares was established in July 2021 primarily to provide food and necessities to those with lab equipment for the students to conduct experiments
severely impacted by the COVID-19 pandemic. As the pandemic has abated, its focus in a safe manner. The students were delighted to finally
experience the practical aspect of science lessons.
has changed to other, equally meaningful initiatives.

GL Cares (Flood Relief)

Towards the end of 2021, key personnel from Gamuda Cove, twentyfive.7
and Bandar Botanic partnered with the 2021 Gamuda Inspiration Award (GIA)
award winner, Crisis Relief Services and Training (CREST), to extend much-
needed support to victims of the floods in Dengkil and Hulu Langat.

No less than 6,000 meals were distributed across four locations within the
span of seven days. Apart from meals, zipped wardrobes were donated to
80 Orang Asli families and 80 volunteers from Gamuda Cove got together
to clean up 30 homes.

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CASE STUDY: DELIVERING BEYOND A

PROJECT – MRT PUTRAJAYA LINE
INNOVATIVE APPROACHES
The MRT Putrajaya Line had recently been named project of the year by multiple Novel applications of Building
In-house innovation and Use of augmented reality
prestigious associations. Below are key attributes that contributed to the project’s application of the world’s first technology with BIM for
Information Modelling (BIM)
Level 2 systems, Geospatial
autonomous TBM construction validation
accolades. Information Systems and drone surveying

GEOTECHNICAL CAPABILITIES
Completed refurbishment of MRT1 TBMs
Tunnelled smoothly across four highly variable for deployment on MRT2 with RM400mil
geological conditions (abrasive granite, Kenny Development of cost savings versus purchasing new TBMS
Hill formation, alluvium and Class 5 extreme bespoke deep
karstic Kuala Lumpur limestone) excavation designs 125 Reduction of Created over
set in high-traffic and densely and ground workers 12,000 17,000 jobs
populated urban areas
treatment schemes upskilled and tonnes for locals on
trained of CO₂ emissions MRT1 and MRT2

SAFETY AND HEALTH

EFFECTIVE MANAGEMENT OF A LARGE-SCALE, COMPLEX PROJECT
17 construction sites,
13.5km twin tunnels,
12 Tunnel Boring
Machines (TBM)
deployed
Work scope includes
comprehensive building
protection, ground treatment,
traffic diversion, utilities
relocation and demolition
of 12 major structures
Other unique works:
cross passages, box
jacked underpass,
integration works (connecting two
newly constructed tunnels to the
Tun Razak Exchange Station)
Lost time injury (LTI)
frequency rate of 1.1
and 1.0 for 2019 and
2020, respectively
The COVID-19
‘new normal’ was
Five Star Occupational
enforced on the
Health and Safety Audit
20,000 workforce,
(Five Stars), British Safety
enabling the project to
Council rating for four consecutive
stay on track
years, three with Sword of Honour
First adopters of Provide UK-syllabus instructors’ training for high-risk work
the Construction such as Lifting Supervisors, Appointed Persons for Lift
Skills Certification Planning, Mobile Elevated Working Platform (MEWP)
Scheme operators and third-party thorough testing and examination
Continuously offered intensive Establishment of an internationally
specialist courses like sinkhole accredited laboratory with 40
emergency drills and flashover technologists conducting over
instructors’ courses to local 90,000 RT-PCR tests on a
agencies monthly basis

CLIMATE ADAPTATION Judges in the New Civil Engineer INFRASTAR: MRT PUTRAJAYA LINE
INITIATIVES BEYOND DELIVERABLES
INITIATIVES award attributed the win to
various factors including: At a more public level, we are involved as the project initiator and manager of the Klang Valley
Pioneering institutions include: Rainwater Harvesting Mass Rapid Transit (KVMRT) system, which represents a greener, more affordable and accessible
Local TBM
Harvest (1,600 litres tank) mode of transport which will lead to less congestion on roads and a reduced carbon footprint
refurbishment Tunnel Training Virtual 360 degrees
the range of delivery for commuting Malaysians.
resulted in significant Academy site tours opened to the
approaches adopted The MRT Putrajaya Line, the second line of the extensive urban rail project, has been recognised
monetary and environmental > 1,000 graduates public post-pandemic
gains Green Air-con by Malaysia’s Construction Industry Development Board (CIDB) with a Five-Star Sustainable
landscaping Timers INFRASTAR certification for prioritising sustainability practices. It was awarded a Five-Star Sustainable
BIM academy
Adoption of IBS in a INFRASTAR certification for its design in January 2021, followed by the same certification for
Use of material- >5,000 efficient methodology
permanent structure of Solar Inverter both design and construction in December 2021.
efficient steel fibre employees such as training, testing
shafts over 40m high
reinforced concrete upskilled Energy appliances and safety initiatives Moving forward, we will seek to attain the Sustainable INFRASTAR certification for all applicable
for tunnel lining infrastructure projects, including the PSI project.
Energy Saving Lighting (LED) INFRASTAR assessment is undertaken at two stages in a project: its design (provisional rating)
MRT Information
Centre hosted KVMRT Safety - Replacement of fluorescent use of predictive and construction. Projects that score above 40 percent are given one star, with five stars being
50% of total water >4,000 visitors Training Centre light tubes reduced usage technology and data the highest score.
demand met by using since 2017 >50,000 workers from 40W to 5W management technology
treated construction effluent trained

178 7 Sustainability Report 7 Sustainability Report 179

 CHAPTER 4 CHAPTER HIGHLIGHTS

OUR
PAGE 184 PAGE 186 PAGE 188

GHG Emissions Green Mobility Biodiversity Conservation

Gamuda's FY2022 Emissions Intensity is Up to 80km network of pedestrian and As per biodiversity audits conducted in

DECARBONISATION
6 tonnes CO₂e per million revenue bicycle lanes completed to date across our FY2022, there were 8,000 trees, 33
five major developments percent of which are high-risk species

PAGE 191 PAGE 193 PAGE 195

PATHWAY IUCN Red List

Based on the biodiversity audits conducted
at Gamuda Gardens, a total of 16 percent
increase in the number of bird species was
noted as compared to FY2021
Water Management
Water harvesting is implemented at
KPGCC for landscape irrigation to reduce
water wastage
Waste Management
In FY2022, an increment of 65.4 percent
compost were collected and used for
Gamuda Developments

PAGE 198 PAGE 200 PAGE 202

Energy Efficiency Protecting Our Wetlands 272 Normanby

– Renewable Energy
Completed solar PV panels installation at
five facilities with a generation capacity of
over 1,700kWp
In the process of obtaining Zero Net Achieved 7-7.5 NatHERS rating for energy
Carbon Pledge certification by EDGE efficiency
Buildings for the Arboretum
PAGE 206

Penang South Islands

Highlights as of July 2022 in terms of
CSR, employment opportunities, education
and training and business opportunities

“The greatest threat to our planet

is the belief that someone else will save it.”

Solar PV installed on the rooftop of Menara Gamuda, Damansara Perdana, Selangor, Malaysia Robert Swan,
the first person to walk to both poles
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SUSTAINABILITY REPORT

COMMITMENT ON CLIMATE CHANGE

SUPPORTER OF TCFD AND COMMITMENT VIA SBTi

Emissions
Targets intensity
Near Term Net Zero target reduction
Gamuda Berhad 
Malaysia, Asia
Committed Committed
30%
Sector by 2025 and

45%
Construction and Engineering Business Ambition for 1.5°C campaign member

by 2030 compared
to 2022 baseline

As an extension of our continuous efforts to disclose our climate-related

risks and opportunities, we have officially registered as a supporter of TCFD
in FY2022 with recognising the TCFD Disclosures and its recommendations.

The total electricity consumption for Menara Gamuda, Managed Infrastructures, Construction Sites and Operating Plants in FY2022
was 30,864,882 kWh.

RECOGNITION OF CLIMATE CHANGE

EMISSIONS REDUCTION IN OUR PROJECTS
One of the most pertinent global sustainability issues today is climate change, which
threatens to cause extreme climate events if the world does not reduce its carbon To cap the rise in global temperature to 1.5 degrees Celsius by 2050,
emissions. The threat is so pervasive and imminent, that it requires the joint efforts of all We are in the midst of exploring it is imperative for all organisations to take positive steps towards
individuals, organisations and governments to mitigate. To play our part, in 2022, Gamuda to introduce internal carbon reducing their carbon footprint. Gamuda’s stance in this regard is
committed to being a net zero carbon organisation by the year 2050, in line with the pricing that will be finalised reflected in the Gamuda Green Plan 2025, which commits us to
Science Based Targets initiative (SBTi). after careful discussions with reducing our emissions intensity by 45 percent by 2030 as compared
stakeholders and understanding to the year 2022.
Our commitment necessitates not only a comprehensive decarbonisation action plan but the local readiness. The pricing will be
also the ability to measure and monitor our emissions. Towards the former, we have in The year 2022 was chosen as our baseline as 2020 and 2021 were
set after Bursa Malaysia’s carbon market
place short and medium-term commitments under the Gamuda Green Plan 2025 to pandemic years during which most employees worked from home,
detailed framework is announced.
reduce our greenhouse gas emissions intensity by 30 percent in 2025, and by 45 percent and our activities were not consistent, hence the data would not
in 2030. In order to monitor our emissions, we have invested in an integrated cloud-based have been reflective of Gamuda’s business-as-usual energy utilisation.
ESG software to manage, archive, monitor and report our ESG data.
In FY2022, we captured and audited our Scope 1 and Scope 2
We take our monitoring processes seriously by introducing Scope 1 and Scope 2 audits by both internal and external auditors. We have emissions data using a newly acquired cloud software. The software
also adopted global reporting standards such as TCFD and CDP in addition to SBTi. This year, Gamuda became one of the first 16 enables us to monitor our emissions data including water
companies in Malaysia to be committed to SBTi, effectively making us an official member of the Business Ambition for 1.5°C campaign. consumption, waste management, and safety and health performance.
This will enable us to trace all of our sustainability data, as well as
We also ensure that climate change aspects, especially risks and opportunities are considered for all business approaches including design, manage and monitor the data using multiple platforms, anywhere.
construction and demolition. For example, in one of our recent projects in Malaysia, we evaluated the 2 degrees and 4 degrees scenario- Over the last few years, we have invested increasingly more into
based Representative Concentration Pathway (RCP). This modelling approach was used to predict the future sea level rising probabilities innovative solutions to reduce our carbon footprint, with a clear
and risks. The results were used in the decision-making process in terms of deciding the project elevation and design modifications. focus on two areas: 1) our construction activities and the finished
products; 2) consumption at our managed premises. While our
In addition to mitigating climate change, we are placing increasing emphasis on sustainable water and waste management, and are main objective is to contribute towards the transition to a low-
focused on preserving natural habitats, particularly wetlands, in order to help protect the country’s rich biodiversity. carbon economy, we also stand to benefit from the economic
benefits of reduced electricity and fuel costs.
With regard to construction, we put much thought into our
masterplans to ensure the design of developments are optimally
sustainable so as to reduce the carbon index of the project’s
lifecycle, from the materials and technologies used to the performance
of the finished buildings, indeed the entire developments.
BOARD OVERSIGHT OF CLIMATE CHANGE
The Board has an overall responsibility for the Group’s sustainability
strategy and direction that includes matters relating to climate
change, especially on decision making, risk and opportunity and
high level related policies progress oversight. Key personnel are
responsible for managing energy consumption and emissions in
their respective projects. The Product Management Unit incorporates
low-energy cooling elements in the design of developments while
the Project Construction Management Department (PCMD) ensures
that the construction materials procured for each project meet the
requirements for low-energy design. The budgets for all projects
take into account the premium that green elements carry throughout
the value chain, from procurement to the engagement of architects
and contractors with the skills and ability to deliver products that
meet IS Rating Scheme (Australia), Sustainable INFRASTAR, MyCREST,
and GBI before LCCF.

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Addressing climate change through adaptation in FY2022 MENARA GAMUDA EMISSIONS (TONNES CO₂e) OPERATING PLANTS GHG EMISSIONS (TONNES CO₂e)

Installation of solar Budgeting for #OneMillionTrees Establishment of IS Rating SCOPE 1 SCOPE 2

panels on the installation of planting Scheme (Australia), Sustainable Scope 1
rooftops of Quayside energy-saving lights initiatives INFRASTAR, MyCREST, and 1,690
5,069*
1,574*
Mall and Quayside for facilities/buildings in all of our GBI before LCCF criteria as Scope 2
Sales Gallery under our care and developments we aim for all upcoming
1,257
maintenance projects to be GBI-certified
44*

All ESG initiatives are currently being incorporated into Gamuda Land Policy and Procedures (GLPP) and the ISO 14001 Environmental
Management Systems, which includes internal and external audits, reviews and continual improvement programmes. All of our relevant
environmental data are uploaded onto digital platforms on a monthly basis to facilitate monitoring and evaluation. To ensure sufficient
competency to carry out their functions, Gamuda employees are required to attend ESG training sessions.
904*
872*
3
<1
56*
EMISSIONS REDUCTION AT MENARA GAMUDA
FY2022 FY2021 FY2020 FY2022 FY2021 FY2020 GB Kuari Gamuda
Within our headquarters, we have appointed persons-in-charge (PICs) from facilities management and the QSHE department to Digital IBS
monitor our fuel and electricity consumption. These PICs are also responsible for the implementation of carbon reduction initiatives
such as optimising the temperature of our centralised air-conditioner system at 24 degrees Celsius, use of energy-saving lights,
and regular maintenance of our centralised air-conditioner system. * The Scope 1 and Scope 2 emissions for Menara Gamuda have been independently * The Scope 1 and Scope 2 emissions for GB Kuari and Gamuda Digital IBS have
assured. Refer to the independent limited assurance report on pages 220 to 223. been independently assured. Refer to the independent limited assurance report
on pages 220 to 223.

GHG EMISSIONS INTENSITY

MANAGED INFRASTRUCTURES GHG EMISSIONS (TONNES CO₂e)
In FY2022, the Group Emission Intensity was 6 tonnes CO₂e per million revenue.

Total GHG emissions for FY2022 in tonnes CO₂e Scope 1: 8,428, Scope 2: 18,147 and Scope 3: 5,709
Scope 1
4,481
EMISSIONS (TONNES CO₂e) Scope 2
3,840
3,318
FY2022 FY2021
SCOPE 1: 8,428 SCOPE 2: 18,147 SCOPE 1: 2,998 SCOPE 2: 14,845 2,632 2,710

7,155
16,342 1,574

1,740 5,181 322

5,124 210 92 281 78
<1 13 0 45 44 0 0 0 40
Mall Sales Gallery Clubs PSI Site Office Menara Gamuda Others CLQ Leisure Show Houses

1,251
* Scope 1 and 2 for the following location: Quayside Mall (Scope 1: 0.03* tCO₂e; Scope 2: 3,215* tCO₂e), KPGCC (Scope 1: 114 tCO₂e; Scope 2: 1,142 tCO₂e), Gamuda
3,298
Garden Sales Gallery (Scope 1: –*; Scope 2: 207* tCO₂e), PSI – PPSNs (Scope 1: –*; Scope 2: 10* tCO₂e) & PSI – Site office (Scope 1: 13* tCO₂e; Scope 2: 72* tCO₂e),
have been independently assured. Refer to the independent limited assurance report on pages 220 to 223.
1,252
1,776 Mall: Gamuda Walk Mall, Quayside Mall; Sales Gallery: Gamuda Cove, Gamuda Gardens, HighPark Suites, Jade Hills, twentyfive.7; Clubs: Horizon Hills Golf and Country
Club, KPGCC, Jade Hills (club), Garden Wellness Club, Botanic Resort; PSI: PPSN Gertak Sanggul, PPSN Permatang Damar Laut, PPSN Sungai Batu, Batu Maung Store Yard;
6 29 4 Site Offices: Gamuda Engineering Office (Batu Maung), Ideal Office, Bukit Bantayan, Finance Office + Gamuda Learning Center, Project Construction Management Department
Managed Construction Operating Managed Construction Operating Managed Construction Operating Managed Construction Operating Office (PCMD Office + TMD Office + Corporate Office), High Park Suite, Project Management Department Office, Masterpave, Megah Sewa, TMD Office, Quayside Tower,
Infrastructures Sites Plants Infrastructures Sites Plants Infrastructures Sites Plants Infrastructures Sites Plants Valencia Office; MG: Menara Gamuda; Leisure: Discovery + Central Park, BB Splash; CLQs; Others: Street Lights, Water Fountains, Guard Houses, Entry Statement, Landscape,
MTR Panel; Show Houses.

In FY2022, we have expanded our GHG emissions traceability to all business in Malaysia. This is an increase about 86 percent in the
number of sites monitored and disclosed compared to FY2021. The construction sites data shows a significant drop due to completion
of MRT Putrajaya Line and few phases of our development.

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Continuing our Momentum on Climate Action
We have started to provide our supply chain complimentary
ESG training sessions focused on the Gamuda Green
Plan 2025. In addition to collating emissions data from
our suppliers, we are enhancing our Scope 3 emissions
management by collecting data from employee
commuting, business travel, transportation and distribution,
volume of materials used and waste produced as well
as purchased goods. This forms part of our plan to ensure
full Group-wide carbon traceability. In FY2022, we have
started reporting Scope 3 data from construction sites.
We will continue to expand the reporting sources as
mentioned above. Our Scope 3 emissions will be disclosed
in our sustainability report for FY2023.
Note: The Emission Factor sources are The World Resource Institute (2015), GHG Protocol tool for mobile combustion version 2.6 (for onsite transportation, company pool
vehicle, personal company vehicle), World Resources Institute (2017), Emission Factors from Cross-Sector Tools March 2017 (for Machinery, Transport, Stationary Combustion,
Electricity generation (genset)), and IEA (2021), Emission Factors. 2021 UK Government Conversion Factors for Company Reporting (for electricity).
CARBON REDUCTION VIA GREEN MOBILITY
The daily movement of people for work, recreation and general living
contributes significantly to carbon emissions. That is why transportation
and mobility are central considerations in sustainable development.
Gamuda promotes considerations of public transport during the design
and development stages that include promoting low-carbon mobility.
We strive to increase the public transport modal share up to 70 percent
within our developments. Towards this end, we have set the target
of establishing 250km of cycling and pedestrian networks to facilitate
an ecologically friendly lifestyle among residents. This is in addition
to our masterplans being electric vehicle (EV)-ready with the
implementation of the Green Transportation Mobility Plan via e-buses,
e-trams and e-bikes.
In PSI, 18 percent of the entire development will be set aside for
open public spaces comprising public parks, beaches, esplanades, and
a 125km network of shaded pedestrian and cycling paths complete
LOW CARBON MOBILITY IN GB KUARI
In support of our commitment to green mobility, we are
transitioning our fleet at GB Kuari, one of our subsidiaries, to
low-carbon alternatives. All diesel vehicles at GB Kuari are now
powered by biodiesel, and we are phasing out ageing vehicles
as well as machinery by replacing them with more efficient
models.
GB Kuari is also planning to replace its aggregate transport
from diesel-powered lorries to conveyors for a cleaner, faster,
and safer way of transporting goods at project sites. In addition,
there are plans to have pilot test to use electric motorcycle
for dispatch services and operations.
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CONSTRUCTION SITES GHG EMISSIONS (TONNES CO₂e) MALAYSIA’S FIRST SOLAR-POWERED ELECTRON STATIONS
Supporting the sustainability effort and to accelerate the development of the
2,067 Scope 1 ecosystem and infrastructure for EVs in the country, Gamuda Berhad developed
a partnership with Tenaga Nasional Berhad (TNB) to establish the nation’s first
Scope 2
solar-powered EV stations. Gamuda Cove and Gamuda Gardens were selected
1,328 1,234 Scope 3 to host the solar-powered EV stations and it is expected to serve motorist
by the year 2025.
899
Serving both Southern and Northern Klang Valley, the electric charging stations
181 will be compatible with all vehicle makes ranging from hybrid, plug-in hybrid,
2 19 6 8 and full EVs. The stations will also be equipped with AC and DC (fast chargers),
and rest area that is hosting convenience stores to serve motorists while they
Gamuda Gamuda Horizon Jade twentyfive.7 Gems PMV. LOOK@118
Cove Gardens Hills Hills Residences INFRA.05 charge their vehicles.
A CLIMATE MITIGATION INNOVATION (SMART TUNNEL)
OPERATION OF SMART STORMWATER SYSTEM
with bicycle stations. The aim is to create a healthy, holistic environment
for the local community by implementing modal split 70:30 (public:
private vehicle).
The tunnel fully cleaned up after water
diversion operation.
• Inducing voluntary modal shift from usage of private motorised
vehicles to walking and cycling for short distance trips and
promoting public transportation
• Provisions of EV charging infrastructure at our developments
• Up to 80km network of pedestrian and bicycle lanes completed Inside SMART Tunnel during Mode 4.
to-date across our 5 major developments (Gamuda Cove,
Gamuda Garden, twentyfive.7, Jade Hills, and Horizon Hills)
• Provision of bicycle rental, e-scooters, across our developments
• First electric tram to be deployed at Gamuda Cove
CCTV Images of the SMART Tunnel after
• Currently all our Sales Gallery and Malls are equipped with activation.
EV charging facilities
• Gamuda Cove will host the first green 180kW DC fast charger
• All future homes developed by the Group will be EV ready,
with the provision of electric outlets at car porch
Inside SMART Tunnel after the dewatering
process and before cleaning takes place.
BUILDING A GREEN BUS DEPOT For many years, Kuala Lumpur would experience serious flooding when the Klang River overflowed, especially between the Sungai Gombak
and Sungai Klang confluence, with the situation worsened by the low-lying Jalan Tun Perak Bridge (near Masjid Jamek).
Gamuda is currently working with Singapore Land Transport
This prompted the construction of the 9.7km-long 13.2m-diameter SMART tunnel, which has the distinction of being the first in the
Authority to design and provide a multi-storey Bus Depot that
world to serve the dual purposes of relieving traffic congestion (at the main southern gateway into the city centre) and diverting flood
will feature solar panels for the building. There will also be 120
waters.
EV charging stations for the 200 e-buses in this biggest bus
depot in Singapore with an approximate area of 34,216m².
The SMART system will be able to divert large volumes of flood water from entering this critical stretch via a holding pond, bypass tunnel
and storage reservoir. Effectively, the system reduces the flood water level at the Jalan Tun Perak Bridge, preventing any spillover.
Since it became functional 15 years ago, SMART has been activated more than 531 times and prevented 11 major floods in the KL city
centre, saving nearly RM2 billion in associated damages.
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TOWARDS GREENER URBAN IMPLEMENTATION

BIODIVERSITY CONSERVATION
Bandar Botanic Gamuda City

Landscape Area (acres): Number of Trees Planted: Landscape Area (acres): Number of Trees Planted:
192.4 66,770 24.5 3,896

Bukit Bantayan Residences Gamuda Cove

Landscape Area (acres): Number of Trees Planted: Landscape Area (acres): Number of Trees Planted:
1.3 642 25.9* 11,256

Celadon City Gamuda Gardens

Landscape Area (acres): Number of Trees Planted: Landscape Area (acres): Number of Trees Planted:
42.8 5,705 63.6* 15,610

* The percentage of landscape area for Gamuda Cove (1.69%) and Gamuda Gardens
(7.87%) have been independently assured. Refer to the independent limited assurance
report on pages 220 to 223.
We have set the goal of planting one million trees and saplings
by 2023 via an Advanced Tree Planting programme mobilising HighPark Suites Horizon Hills
three nurseries with a total area of 43 acres. As of FY2022, we
have nurtured 612,072 trees and saplings equivalent to about 61 Target to have Landscape Area (acres): Number of Trees Planted: Landscape Area (acres): Number of Trees Planted:

ONE
percent of total trees to be planted under the #OneMillionTrees 3.4 620 357.1 50,513
movement. In addition, we will be launching a Gamuda Parks
Canopy App in Q4 2022 to track and monitor progress made MILLION
towards planting the one million trees. trees and saplings nurtured by 2023 Jade Hills Kota Kemuning
Malaysia is widely recognised as one of the world’s biodiversity hotspots, >60% completed to date
with an estimated 306 species of mammals, 742 species of birds, 567 Landscape Area (acres): Number of Trees Planted: Landscape Area (acres): Number of Trees Planted:
species of reptiles and over 15,000 plant species.[1] Gamuda is committed 59.8 10,897 421.6 82,500
to carrying out our developments in a manner that is sensitive to the
ecosystem, and have made it one of our missions to protect local We seek to conserve biodiversity through holistic landscape
biodiversity in all the areas where we have projects. management in our developments. Our landscape management Kundang Estates Madge Mansions
approach is encapsulated by our philosophy of ‘listening to what
To us, biodiversity is not just valuable in itself, it offers raw materials the land has to tell us’, by which we mean studying the topography Landscape Area (acres): Number of Trees Planted: Landscape Area (acres): Number of Trees Planted:
for biological-based industries while also reflecting the overall and natural ecosystems before any intervention. We work with 25.9 4,449 0.2 313
health of an ecosystem and its ability to sustain the well-being of environmental experts to gain a good understanding of the local
local communities. ecology, following which we outline a biodiversity conservation
plan to maintain, or indeed enhance, the natural environment
The 810 acres Gamuda Gardens is a true success story of holistic The Robertson twentyfive.7
including the biodiversity supported in the long-term. Our carbon
rehabilitation and regeneration. Formerly an abandoned rubber sequestration initiatives help reduce our carbon emissions as part
plantation that lacked flora and fauna, it has been transformed into Landscape Area (acres): Number of Trees Planted: Landscape Area (acres): Number of Trees Planted:
of our efforts to meet our net zero target.
a sought-after development with a thriving and biodiverse ecosystem. 1.9 634 27.4 15,550
Commitment and Policy to Biodiversity Protection
Three biodiversity audits conducted, with each We are guided in our efforts by a Biodiversity Policy, which was
launched in 2019. Gamuda Parks Working Committee is responsible
Valencia Yen So Park
showing a significant increase in the number of
species within the development. In 2022, there for ensuring that the policy is adhered to in all our developments.
Landscape Area (acres): Number of Trees Planted: Landscape Area (acres): Number of Trees Planted:
Every year, a budget is allocated for biodiversity-related projects. In
were 8,000 trees, 33% (2,640) of which are 101.3 16,726 236.6 20,516
FY2022, a total of RM349,120 was spent on biodiversity conservation,
high-risk species. Meanwhile, the number of bird which included scientific research and awareness programmes.
species increased by 16% from 2021 Landscape area includes areas with any combination of shrubs, flowers, grass, trees planted ("green area"), golf course, streetscape planting, and waterbody only.

Defining conservation priorities in tropical and biodiversity rich countries, Nottingham University Malaysia
[1]

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GREEN SPACES SYSTEMATIC BIODIVERSITY CONSERVATION
Wetlands Arboretum Research Centre
Some of our developments encompass or are adjacent to
wetlands. To better understand the wetlands ecosystem, as well
as to provide a ready source of appropriate saplings, we are setting
up a Wetlands Arboretum within Forest Park. The arboretum will
serve both as a research centre as well as a forest seed bank,
where the focus will be on cultivating endangered wetlands
plant species and those with conservation importance. We
have been collaborating with researchers from Universiti Malaya
(UM) to curate a Wetlands Arboretum Gallery. Work on the
arboretum began in Q1 2022 and is targeted to be completed by
June 2023.
Assessing and Protecting Endangered Species
Biodiversity assessments – including canopy mapping and
wildlife count – are conducted with local experts such as
FRIM and WIM at two sites within our developments. Through
these audits, we have identified no less than 36 species of plants
and 43 species of animals that with conservation importance
by the International Union for Conservation of Nature (IUCN)
Red List.
Our objective is to protect all biodiversity found in our properties,
and especially those species that are endangered. A number of
the endangered species we host are birds. To protect them, we
have outlined several plans, including planting fruit trees using the
Miyawaki concept, creating a pollinators garden and ensuring the
availability of perches to attract more birds to our developments.
Meanwhile, we have set the goal of endangered tree species
making up at least five percent of our total. Towards this end, we
preserve all valuable trees found at site and transplant saplings
nurtured in our nurseries in other sites. As of July 2022, we have
planted 25 Hopea subalata (Merawan Kanching) in Gamuda Gardens.
We keep track of progress made in protecting our biodiversity
through annual assessments, and target to conduct such audits
in all of our Gamuda Land developments by 2025.

Supporting both our climate change mitigation and biodiversity
conservation initiatives, we have created green lungs in all of our
developments – areas that are filled with trees (primarily indigenous
species) providing sustainable habitats for naturally occurring plant
and animal species. Our objective is to develop 2,000 acres of
green/waterscapes across 12 urban forest clusters within our
developments by 2025 which will serve as a natural means of
ambient cooling, carbon storage and rainwater runoff sponge,
while fostering community well-being.
A key initiative is the 90 acres Forest Park in Gamuda Cove where,
combining indigenous knowledge of the Orang Asli with scientific
data, we are cultivating various plants and trees for Forest Park
itself as well as for other Gamuda Land sites.
Some of our developments are in areas where the quality of soil
has degraded due to prior activity. Here, we adopt the Miyawaki
forest method, pioneered by a Japanese botanist, which advocates
planting native trees to replicate natural forest regeneration. Trees
planted using this approach tend to grow faster, creating dense
urban forests within 20-30 years. Gamuda is also tagging the trees
that have been planted to monitor them. The process of tagging
will eventually be digitalised through Gamuda Parks Canopy App
consisting dashboard for analysis and identify hardware to print
durable QR tags.
Involvement of Biodiversity and Climate Action-Related
Organisations
Currently, we are engaging consultants, partnering organisations
such as Wetlands International Malaysia (WIM) and the Forest
Research Institute Malaysia (FRIM), as well as indigenous communities
to ensure the success of our tree planting initiatives. Beyond tree
planting, we also strive to replicate nearby ecosystems to ensure
there’s a seamless “flow” of flora and fauna movements. In Gamuda
Gardens, we introduce similar species found in nearby forest
reserves such as Bukit Lagong Forest Reserve and Kanching Forest
Reserve into the Central Park area — including variants of Shorea,
Dipterocarpus, Cinnamomum, Alstonia and other fruit trees. These
trees will attract birds and fauna from the forest reserves.
Meanwhile, biodiversity audit and carbon stock assessments carried
out during the year in Kota Kemuning, Bandar Botanic and
twentyfive.7 will serve as a baseline to monitor the increase in
our carbon storage capacity.

Our biodiversity assessment shows that our bio-restoration effort continues to provide a conducive environment for a number of IUCN
Red List species and national conservation list of species with habitats in the affected areas by our operation as shown below by an
increasing number of endangered, vulnerable, and near threatened species.

FY2022 FY2021 FY2022 FY2021

Critically endangered 7 7 Vulnerable 24 21

Endangered 14 12 Near threatened 34 28

Miyawaki concept ensures the availability of perches to attract more birds to our developments

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RESOURCES MANAGEMENT STRATEGY & PERFORMANCE TOTAL WATER CONSUMPTION Water Consumption Across Gamuda Berhad in FY2022 (m³)

WATER CONSERVATION 0.3% Ground water 0.2% Produced water

50%
Kota Gamuda
Water is a critical natural resource, with only about one percent of 11.1% Surface water Permai Golf Gardens
all the water in the global ecosystem available for human use. Although
Target to have Menara and Country Gamuda – Sales
Gamuda Club PSI Digital IBS GB Kuari Gallery
Malaysia has abundant rainfall, poor water management has resulted water used annually at construction
in supply constraints. Gamuda invests in construction technologies
(such as Digital IBS) that enable us to use water efficiently while
sitesA are from recycled water 14,401* 180,970* 837* 28,322* 5,460* 13,094*

incorporating water-efficient features in our developments to encourage FY2022

* The water withdrawal (consumption) for the following sites: Menara Gamuda, KPGCC,
non-wasteful use by residents. The Product Management Unit of each development project A is 1.2 million m³ PSI (PPSNs & Site Offices), Gamuda Digital IBS – Banting, GB Kuari and Gamuda
responsible for establishing a water conservation and resilience plan. Garden Sales Gallery, have been independently assured. Refer to independent limited
assurance report on pages 220 to 223.
Our water management initiatives are guided by the Gamuda Green Subsequently, the Project Construction Management Department
Plan 2025 and Gamuda QSHE Policy. Our QSHE department has (PCMD) ensures the relevant technologies and systems are in place
88.4%
established Safety, Health, and Environment Instructions – Resources to harness and use water efficiently while guarding against floods Third-party water
Conservation for reference of employees in the proper management through risk-informed planning and flood mitigation systems.
of natural resources, including water.
Various initiatives have been implemented at our Digital IBS plant to Total water consumption for FY2021 was 0.36 million m³
Gamuda is committed to recycling 50 percent of water used at our prevent water waste. They include:
construction sites by 2025 and reducing the freshwater demand in
developments by 65 percent. The latter is to be achieved by using Use of software- Periodic inspection
lake water and rainwater for irrigation, and incorporating water saving controlled water for leaks in
devices within our residential and commercial premises. Gamuda Land mix for daily underground
is also setting up planning and flood mitigation systems to guard
concreting pipes
against floods in all of our developments.

Ongoing initiatives include: We also disconnected the water lines supplying the batching plant
and main office in Sepang after its operations were consolidated to
Reducing wastage Enhancing employees’ Banting. Going forward, there are plans to use rainwater for batching
by preventing and awareness of concrete as well as to wash floors and machines.
immediately proper water
plugging any leaks management at In addition to educating our employees on responsible water use,
at all our managed our offices and we have implemented the following initiatives at our headquarters: Water Recycling and Rainwater Harvesting
SplashMania at Gamuda Cove is set
sites and premises premises such as It makes sense to harvest rainwater in Malaysia due to our high annual rainfall along with
to make a mark in the region, not
clubhouses, sales Regular checking Rainwater significant domestic water consumption. In line with the Gamuda Green Plan 2025, we are
only as Asia’s largest rainforest- implementing rainwater harvesting systems in Menara Gamuda, other business premises, our
galleries and malls and scheduled harvesting and themed waterpark, but also one of clubhouses, construction sites and residential areas. The overall objective is to reduce water
maintenance of use for watering the most sustainable. About 70
Group-wide effort Optimising wastage.
toilets, pantries, etc landscaped areas percent of the landscape will be
in digitalising our surface water
dedicated to green spaces, acting We are particularly proud of the efficiency of the system in our award-winning 18-hole Kota
water consumption (e.g. from lakes) Present and discuss on analysis as natural carbon sinks. In terms of Permai Golf and Country Club. Here, rainwater and surface runoff from large catchment areas
data to ensure all for landscape of water consumption data in is channelled into a retention pond/reservoir for storage and subsequently used for landscape
water management, while clean
managed sites and irrigation at our SHE Committee Meeting irrigation. Aside from reducing wastage, rainwater harvesting is energy efficient and requires no
water will be supplied for all
premises are monitored clubhouses and sales chemical treatment. As this substantially reduces our dependence on potable water, this initiative
activities, we will use recycled
galleries Water consumption at our headquarters is monitored and managed has been adopted by our other clubhouse, namely Horizon Hills Golf and Country Club.
rainwater for park-wide irrigation
by an appointed PIC from Administration and the QSHE department.
Examples of sites using lake water for landscape irrigation – KPGCC, Horizon Hills and non-potable use. Water-
To date, Kota Permai Golf and Country Club has recycled a total of 124,774m3 of surface
Golf and Country Club and Gamuda Garden Sales Gallery efficient fittings, including low-flow water to be used for landscape irrigation.
and touchless sensors with dual
Each development also continues to engage external parties, flush systems, will be installed in
conducting periodical environmental audit and water sampling to the toilets. REDUCING WASTE
ensure no contamination on the surrounding water bodies from Gamuda recognises that waste management is important towards reducing our environmental
our development activities. SplashMania is
impact. Accordingly, we are guided by our QSHE policy to: 1) reduce the quantity of materials
scheduled to be used in our operations to minimise waste; 2) adopt the 6R approach (to reuse, reduce, repair,
All the construction sites and development projects mentioned include Gamuda Cove, Gamuda Gardens, Horizon Hills, Jade Hills and twentyfive.7. Currently all these
A opened in Q1 2023. refuse, recycle, and reimagine) in line with the principles of the circular economy; and 3)
site has water management plan in place. enhance our employees’ awareness of the importance of sustainable waste management.

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Project Site Menara Gamuda

FOOD WASTE TO COMPOST
We are committed to reducing our construction waste to landfill by Responsible waste management is encouraged at Menara Gamuda
20 percent by maximising the efficiency of raw materials and resources, through the following: Proper food waste management is integral to a circular economy, in which waste to landfill is minimised while optimising the
and adopting 100 percent Digital IBS. By using Digital IBS, for example, use of natural resources including land and water. Composting food waste also reduces the emissions of methane from landfills,
we were able to reduce our polyfoam consumption by replacing the greatly enhancing climate change mitigation efforts.
Segregation of E-Waste recycling
material with shutter or steel plates. At the same time, waste polyfoam
non-recyclable campaign and the
is recycled. Recognising its merits, we launched a Plate to Plant Programme in FY2020 to reduce food waste generated from our office
waste and provision of an
recyclable waste E-Waste bin blocks and dining outlets. Starting off at our headquarters in Menara Gamuda and Jade Hills, the programme was extended to
Each project site is also equipped with recycling facilities for the recovery
Quayside Mall in twentyfive.7 on January 2022.
of waste. Where possible, waste is reused as landscape elements. Non-
recyclable waste is collected by licensed third-party companies for Replacing paper with digital Dedicated hazardous
communication e.g. waste storage and To date, eight of our food and beverages tenants in Quayside Mall have joined the programme and we believe with greater
processing or disposal in line with Local Authorities requirements.
FieldView, SharePoint, recycled waste awareness, more will come on board soon. We are targetting greater participation of our development residents and clubhouses
emails, etc storage in our car park in the near future.
Our SHE department monitors and manages the collection of waste
generated from project sites, presenting the data at monthly meetings.
The Supply Chain is responsible for general waste management while
the SHE Officer is responsible for scheduled waste management.
Our QSHE department has established Safety, Health, and Environment FY2021 FY2022
Instructions – Waste Management to promote responsible waste
Total food waste collected Total food waste collected
management by employees. Regular inspections and audits are also
8,230KG Increase by 15,505KG
88%
carried out, including a yearly external audit by SIRIM. Also, recycled
Developed Properties bins (paper, cans, plastic, and glass) and food waste bins are prepared Total compost Total compost
In addition to encouraging residents in our properties to recycle their at each level and pantry area respectively for waste segregation at 3,292KG 6,202KG
waste, we have also launched a Plate to Plant Programme under which Menara Gamuda. • Menara Gamuda – 2,767*kg
food waste is composted. To date, composting machines have been • Jade Hills – 675kg
installed in Jade Hills and Quayside Mall. In addition, composting trucks E-WASTE INITIATIVE AT MENARA GAMUDA • Quayside Mall – 2,760*kg
drive around our properties to collect food waste from residents and
food and beverages outlets. In FY2022, a total of 15,505kg of food
waste was collected and composted.
* The total weight of non-hazardous (organic waste) for Menara Gamuda and Quayside Mall have been independently assured. Refer to the independent limited assurance
report on pages 220 to 223.
Target to reduce the amount
To date for FY2022, the total volume of waste produced in Gamuda was 6,326,427kg. All of the waste generated and collected by
of construction waste Gamuda will be disposed off by an appointed contractor at certified waste disposal facilities.
sent to landfills by
20% PRODUCED WASTE IN GAMUDA

2022

Target to have 100% Location

Hazardous Waste
(KG)
Recycled Waste
(KG)
Total
(KG)
IBS technology adopted for Menara Gamuda 332 638 970
all development projects to Quayside Mall – 486,260 486,260
ensure controlled waste management Gamuda Garden Phase 3A – 72,380 72,380*
Gamuda Garden Phase 3B – 17,610 17,610*

We also encourage sustainable garden waste management through the Total 332 576,888 577,220
creation of composting yards at our developments – Valencia, Bandar * Total waste generated at Gamuda Gardens (Phase 3A and 3B) have been assured. Refer to the independent limited assurance report on pages 220 to 223.
Botanic, Kundang Estates and Horizon Hills. Bio-fertilisers are created
from dead leaves and plants to fertilise the land, recycling our resources
in a closed-loop system to support better soil health and plant growth. Garden Waste General Waste Food Waste

Gamuda Land designates employees to assume responsibility for waste

E-Waste bin is located at B5 carpark elevator area. Menara
Gamuda managed to collect 311kg of e-waste in FY2022 210,720KG 5,421,070KG 15,505KG
management at our different developments. These employees have to compared to 2000kg of E-Waste in FY2020. Every year,
ensure that they meet specific ESG targets that have been set as part there will be an E-Waste collection drive for the employees Hazardous Waste Recycled Waste Fabric Waste
of their KPIs. This is shown at site with construction waste and office
waste being properly segregated prior to disposal.
to promote responsible hazardous waste disposal. 84,102KG 585,099KG 9,931KG
Recycled wastes are paper, plastic, metal, and glass.

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CASE STUDY: GAMUDA LOW CARBON CITIES During the year, we assessed the carbon emissions intensity of three developments
at a design level, and compared the results with business as usual.

Of the developments, Gamuda Cove achieved the highest carbon emissions reduction of

45% (estimated 221,366 tonnes CO₂e) followed by Gamuda Gardens (26%) and
twentyfive.7 (13%)

Overall, the three developments are poised to achieve the

40% carbon intensity reduction as set under the Gamuda Green Plan 2025

BUSINESS AS USUAL COUNTER MEASURE

Conventional township design and Completion of development with low

construction practices in Malaysia carbon strategies implemented
Low Carbon Zone
(area ≥n50 hectares)
Local authority minimum requirement Compliance to strategise and align

Applicable for
with the Gamuda Green Plan 2025 • Local Authorities
• Universities
• Industrial & Commercial Parks
Local code of practices (UBBL) Measures taken are above and
• Economic Corridors
minimum requirement beyond the minimum requirement
set by Local codes of practice • Townships
Gamuda has established a Low Carbon Cities Framework (LCCF) as part of ongoing efforts to reduce carbon emissions in our • Naval & Army Base
developments. The Framework serves to define and prioritise action plans to reduce our emissions, taking into account the creation,
planning, construction and operation of a city or development. It also allows all initiatives undertaken to be quantified and monitored.

We have set the target of reducing the emissions intensity of our developments by 40 percent by 2030 compared to business-as-
usual. This is to be achieved through several initiatives, namely:

URBAN ENERGY URBAN WATER WASTE BUILDING

PLANNING TRANSPORTATION Land Area 1,530 acres 810 acres 257 acres
Incorporating active Utilise lake water Provision of Increased use of
Increased plot and passive design Provide public transport and rainwater for necessary Industrialised
greenery in every strategies for our such as trams, buses and landscape infrastructure and Building System Estimated Gross Population 148,000 51,177 26,240
township buildings: electric buggy shuttle irrigation and bins to: (IBS)
GBI certified for all service within the township non-portable use
Encourage food
future Residential Estimated Number of Households 10,983 8,632 4,457
Increased tree waste and garden
Projects Provide covered walkway, Use of fittings and
planting and density composting
cycling path as well as sanitary wares with
e.g. ATP and Maximum Allowable Plot Ratio 1:3.5 1:4 1:4
GBI Silver for all bicycle rental and e-scooter Water Efficient
Miyawaki method Recycling
future Commercial for short distance trips Labelling Product
Projects Scheme (WEPLS)
Estimated Green Space (% of Development) 11% 13% 10%

Launch Year 2018 2017 2017

EV CHARGING STATIONS E-MOBILITY PEDESTRIAN,
Tram (Gamuda Cove only) BICYCLE NETWORK
14 EV Charging Point Target Completion 2038 2030 2030
(two per site) E-Buggy Completed more than
E-Scooter 80km pedestrian and 4 Diamonds (Submitted 3 Diamonds (Submitted
All our sales galleries (Jade Hills, cycling path network to-date LCC2030C 5 Diamonds
Gamuda Gardens, Gamuda Cove, (Gamuda Gardens, twentyfive.7, – target accreditation – target accreditation by
Accreditation Status (Accredited)
twentyfive.7), Quayside Mall, Gamuda Gamuda Cove Sales Gallery and (Jade Hill, Gamuda Gardens, by end 2022) end 2022)
Cove Discovery Park, and The Quayside Mall) Horizon Hills, twentyfive.7 and
Note: 5 Diamond – at least 45 percent reduction, 4 diamond – at least 25 percent reduction and 3 diamond – at least 10 percent reduction
Robertson Gamuda Cove)

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RENEWABLE ENERGY
As the reality of climate change becomes more evident, there is
increasing focus on renewable energy (RE) across all industries Working with Singapore's Land
globally as well as here in Malaysia. This has been accompanied Transport Authority, Gamuda Berhad
Singapore is striving towards
by enhanced investment into research on alternative forms of implementing a greener energy
green energy which will result in gradually reduced dependence approach for all projects delivered.
on non-renewable energy. One of the ongoing projects, the
Gali Batu Bus Depot project is the
largest bus depot in Singapore that
will support more than 200 e-buses
with 120 EV chargers. 4,736 solar
panels with an estimated generation
capacity of 1 MWp will be installed
on the rooftop of the bus depot.
Also, energy saving via LED lighting
system will be used
to assist in achieving a
target of 45 percent
energy reduction
compared to the
baseline.
Solar PV installed at Quayside Mall, twentyfive.7.
As a responsible organisation, Gamuda has committed to
reducing our carbon emissions intensity by 45 percent by
2030 and are making good on this by adopting RE at
various sites (offices, project sites and assets). To date, our
RE adoption has been in the form of solar photovoltaics
(PV) as well as subscription to the Green Electricity Tariff.
The Group is slowly phasing out the use of non-RE by
installing solar panels, and incorporating efficient cooling
systems into ongoing and future developments, such as
Gamuda Cove.
However, we are open to other forms of RE in the coming The adoption of RE through the installation of PV has reduced our
years. We also seek to reduce our Scope 3 emissions in consumption of electricity supply from the grid. Each solar installation is
line with our ESG commitment to ensure sustainability is equipped with inverters that include built-in web portals enabling us to
incorporated throughout the supply chain. trace our daily electricity generation.
In reference to the Gamuda Green Plan 2025, the Group We are intensifying our investments in the renewable energy space –
will integrate the total life cycle carbon footprint of all our solar and hydropower, to grow our potential RE asset portfolio of over
developments into the relevant master plans. This entails 800MW. The Group is positioned to be Malaysia’s largest private RE
providing greener systems for waste and water management, producer.
using energy-efficient technologies and providing smart
features in our finished properties.

The details of planned and installed PV modules across several sites:

From the data obtained, we have been able to measure our energy and cost savings from RE adoption, as follows:
Batu Maung Store Installed,
Gamuda Gardens
Gamuda Digital IBS Yard, Penang Pending TWENTYFIVE.7 QUAYSIDE MALL TWENTYFIVE.7 SALES GALLERY
Completed
South Islands Completed Experience Gallery NEM approval

Size: No. of Panel: Size: No. of Panel: Size: No. of Panel: Generated Total savings of Generated Total savings of
300.135kWp 556 11.83kWp 26 310kWp 940 730MWh RM276,021 53MWh RM32,138
20% (641 tonnes CO₂e) of from March to August 44% (47 tonnes CO₂e) of from March to August
reduced carbon emission 2022 reduced carbon emission 2022
twentyfive.7 Horizon Hills Golf
Menara Gamuda
Quayside Mall Completed Completed and Country Club Planning

Size: No. of Panel: Size: No. of Panel: Size: Estimated to GAMUDA DIGITAL IBS BATU MAUNG STORE YARD,
1192.32kWp 2208 147.15kWp 270 Estimated 318kWp install in FY2023 PENANG SOUTH ISLANDS
Generated Total savings of Generated Total savings of

twentyfive.7 Ongoing
Gamuda Cove 136MWh RM62,963 2.777MWh RM1,413.49
Megah Sewa – COD by 18% (119 tonnes CO₂e) of from April to August 0.1% (2.4 tonnes CO₂e) of from June to August
Sales Gallery Completed Jan 2023 Discovery Park Planning
reduced carbon emission 2022 reduced carbon emission 2022
Size: No. of Panel: Size: No. of Panel: Size: Estimated to
81kWp 150 272.2kWp 500 Estimated 342kWp install in FY2023

• NEM – Net Energy Metering Malaysia

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PROTECTING OUR WETLANDS

CONSERVATION EFFORTS AT PAYA INDAH DISCOVERY WETLANDS

Another pillar of the Gamuda Green Plan 2025 relates to Environmental and The 1,114 acres Paya Indah Discovery Wetlands, The names of 11 lakes within Paya Indah Discovery Wetlands:
situated in the district of Dengkil, Selangor, is
Biodiversity Conservation, which we believe to be critical not only to nature and adjacent to Gamuda Cove. Given its proximity to 1. Tasik Driftwood 7. Tasik Resam
our development, Gamuda has taken it upon
wildlife but also to the well-being of local communities. For example, while enhancing ourselves to preserve this biodiversity hotspot, which
2. Tasik Teratai 8. Tasik Kuning

biodiversity, tree planting also serves to mitigate climate change as less carbon is has been categorised by IUCN as a ‘protected 3. Tasik Typha 9. Hippo Lake
landscape’ (Category V), meaning that it is important 4. Tasik Telipok 10. Tasik Sendayan
released into the atmosphere. Meanwhile, the creation of full-fledged public parks is to protect the integrity of the site for its ecological 5. Tasik Palma 11. Tasik Rusiga
and biological value. Together with our partners,
beneficial to mental health and quality of life. we are contributing to sustainability of the wetlands
6. Crocodile Lake

ecosystem, which comprises no less than 11 lakes,

and to the conservation of all endangered animal
and plant species found in the area.

At Gamuda, the responsibility to protect the environment and
biodiversity falls within the domain of Gamuda Parks.
We place a great deal of emphasis on wetlands preservation as
this important ecosystem provides natural bio-filtration to control
water quality while acting as a natural barrier in mitigating floods.
Through Gamuda Parks, we also seek to enhance public awareness
of the importance of conserving this ecosystem.
A key wetlands initiative is the establishment of a Wetlands
Arboretum adjacent to Gamuda Cove, in an area that is classified
as having high biodiversity value – boasting more than 300
protected wetlands plant and animal species. The current phase
of development is to be completed by June 2023. We are also
in the process of obtaining a Zero Net Carbon Pledge certification
by EDGE Buildings for the Arboretum.
All initiatives undertaken by Gamuda Parks are audited by third
parties to ensure compliance with the relevant standards as well
as Gamuda Parks’ Biodiversity Policy. Following the audits, Gamuda
Parks prepares comprehensive progress reports on our biodiversity
and conservation efforts. Any findings made known by the auditors
will be included in Gamuda Parks’ action plans.
In September 2021, for example, a soil carbon stock assessment
was completed in the Wetlands Forest Park, Gamuda Cove,
measuring the amount of carbon stored within the trees and soil.
Based on the assessment, it has been recommended that the
Group establish strategies to maintain peat subsidence and water
table levels.

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CASE STUDY: ESG MANAGEMENT PLAN AT

272 NORMANBY
272 Normanby Road is a mixed-use residential development consisting of 213
residential apartments with commercial tenancy on the ground floor and parking
access for various vehicles (bikes, cars, etc), as well as private and communal open
spaces including a new public park. The project is located in the City of Port Philip,
Australia.
Incorporating an environmentally sustainable development (ESD)
strategy into its design and construction, 272 Normanby Road will
promote sustainable living for the benefit of people, place and
planet. A Sustainability Management Plan (SMP) has been prepared
towards this end, which will also ensure it meets the standards
stipulated by the City of Port Phillip.

The main highlights of this project entail the following:

Maintenance of indoor thermal Use of RE to uphold

comfort with air-conditioning our commitment to net
in residential and commercial areas zero carbon buildings

Implementation of best water

Implementation of
Reduce, Reuse and
Recycle approach
for waste management
in both residential and
commercial segments
conservation practices
Use of energy-efficient building through the use of harvested
method and sealing materials rainwater for toilet flushing,
to regulate heating and cooling washing machines and
loads, compensating for heat loss and landscape irrigation
ensuring effective floor edge insulation

The initiatives above would help us attain 5-Star in the Green Star rating system which is used in Australia to certify buildings that
have incorporated sustainability in their design and construction, performance, the interiors/fitouts, as well as impact on local communities.

As outlined under Pillar 1 of the Gamuda Green Plan 2025, we are committed to Sustainable Planning and Design for Construction.
We are therefore driven to facilitate sustainable masterplanning inclusive of climate-responsive design, integrated transport and super
low-energy (SLE) buildings with smart features – all of which are in line with the Green Star system.

PROJECT HIGHLIGHTS

Ground source heat pump One of Melbourne’s Miyawaki method was

is a low carbon heating first e-mobility hubs introduced to plant
system, a first to providing residents with trees around the
7-7.5 NatHERS rating for be implemented in a range of electric mobility project site
energy efficiency Australia options for sustainable transport.

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A SUSTAINABLE MASTERPLAN
- THE PENANG SOUTH ISLANDS

PSI is a catalytic project that will drive Penang 2030, the state government’s vision to
boost Penang‘s socio-economy and elevate the living standard of its residents. It is being
designed as a model of sustainable development, its blueprint encompassing features
that will minimise its environmental impact while enabling community involvement and
supporting the local fishermen to enhance their livelihood.
A GREEN ISLAND
In PSI, we seek not only to create an island that is sensitive to and
mitigates climate change, but one that engages efficient water and
waste management systems to create the best possible environmental
performance.

We seek to achieve a 50 percent reduction in CO₂e emissions intensity

compared to business as usual by 2030 via:

No less than 100km of bicycle/walking tracks will be built to encourage

40% 80%
healthy living while promoting greener modes of transport as
alternatives to fuel combustion vehicles.
reduction in urban
reduction in transport
planning emissions with Meanwhile, the following targets for water and waste management
emissions with an
sustainable master planning, have been set:
integrated
shared facilities, climate-
transport
responsive design and green
system
70%
features reduction in freshwater demand from
the dual-purpose sewage treatment
plant, rainwater harvesting and water
saving devices
40%
reduction in non-
RE use from SLE buildings with
efficient cooling systems, smart
100% 65% reduction in landfill waste with
extensive recycling, food maceration
features and RE installation RE to power the
Green Tech Park and composting

HIGHLIGHTS FOR FY2022

Mangrove trees planting
Under the PSI project, 1,500 mangrove
saplings were planted in 2016 and
2021 with the cooperation of the State
Forestry Department.
In 2022, SRS Consortium also took
part in a mangrove planting programme
by Pertubuhan Lestari Alam Sekitar
Pulau Pinang, which planted 2,000
saplings.
Biodiversity often prospers around
mangrove forests. Mangrove trees play
65% an important part in the ecosystem
as they act as natural coastal defence
to slow down land erosion. The
mangrove trees also help to fight climate
change as they are proven to be very
effective carbon sink.
Marine ecology rehabilitation
A third-party expert shall be appointed
to conduct research on various marine
ecology rehabilitation initiatives, including
deployment of artificial reefs and release
of fish and prawn fries at suitable locations.
Energy, water, and waste management
In addition, solar street lights were
installed at the three PPSNs, namely PPSN
Permatang Damar Laut, PPSN Sungai
Batu, and PPSN Gertak Sanggul, while solar panels were installed at
our Batu Maung Store Yard. Through a mobile app, energy output and
consumption as well as the amount that is fed back to the grid can
be tracked in real time. The monitoring provides insights to energy usage,
which can help to control and conserve energy usage in the long run.
Double-glass solar panels have been installed at our store yard to
prevent corrosion by sea salt in the long-term. Double-glass solar
panels are also more efficient in power conversion. Meanwhile, all
the lights in our offices and PPSNs are fitted with LEDs.
The store yard and PPSN Permatang Damar Laut were also installed
with rainwater harvesting systems to provide non-potable water for
use in landscaping and cleaning. A total of 23,539 litres of rainwater
was harvested at the store yard since March 2022 while a meter was
installed at PPSN Permatang Damar Laut in September 2022 to measure
the usage accordingly.
All offices and premises under SRS Consortium have been equipped
with multi-coloured recycling bins to encourage waste separation
at-source and induce recycling habits. By August 2022, close to
200kg of recyclables have been collected and passed on to local
recycling vendors for further processing.
Beach clean-up activity
In August 2022, SRS Consortium was invited to be part of the
Penang World Cleanup Day 2022, organised by social enterprise
Aimpactz. We managed to gather about 65 volunteers from local
communities, fishermen, as well as our own employees to
participate in the activity. Two beaches have been targeted – one
at Permatang Damar Laut and the other at Permatang Tepi Laut.
The clean-up was held on 24 September 2022.

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SUPPORTING THE LOCAL ACHIEVEMENTS AS OF JULY 2022

COMMUNITY
A Social Impact Management The Pusat Perkhidmatan Setempat Nelayan (PPSN) in Permatang Damar Laut, Sungai Batu and
Plan (SIMP) is being implemented Gertak Sanggul were set up at a cost of about RM300,000. The PPSNs are one-stop service
to support the communities, centres for fishermen to channel their complaints or feedback. We will then work together with
mainly fishermen, living and the relevant agencies to resolve their issues.
working around PSI. Initiatives
under SIMP include:
Community Engagement
A total of 36 community programmes benefitting 2,598 individuals were conducted from
2016-2022. These include trawling nets, assistance to fire and flood victims, communal
work, planting of mangrove saplings, fish seedling release, and festive engagements.
AID
Ex-gratia
Initial ex-gratia payment of RM500 was distributed to 385 out of more than 900 qualified
fishermen, with others to receive the ex-gratia in due course.
New boats
and engines
Education and Training Business Opportunities
Provision of upskilling programmes for A total of RM308,577 worth of business
seafarers, and for the repair of boats and has been awarded to fishermen and locals
engines. by PPSNs from 2021 to July 2022.
HOUSING
33 fishermen have signed up for boat and
engine repair training. The development of PSI has also created Upskilling the Local Fishermen
positive economic spillover effects on the
Low or low-medium 204 fishermen registered for the seafarer As part of the Social Impact Management Plan (SIMP), local fishermen were offered the opportunity to develop their technical skills
local communities with 12 local businesses
cost home ownership programme. A total of nine fishermen have and knowledge to enhance their livelihoods. Among others, they were also enrolled in a seven-day “Mate Less Than 500 GT Domestic
scheme for eligible benefitting from regular business patronage.
graduated under the first batch while 11 Voyage (Open)” course which prepares them to handle larger vessel. This enables them to work on pontoons and ships of up to 500
fishermen others are expected to undergo the gross tonnes (GT), or to manage boat transport services for construction workers and tourists.
programme later in 2022.
The training programme exposes the fishermen to maritime subjects including chartwork, rules and regulations, meteorology, general
Allocation of RM3 million to replace
ship knowledge, and general engineering knowledge. It was run at the Akademi Maritim Penjana Ilmu, Penang, while the oral exam
dilapidated jetty with temporary structures.
Employment Opportunities was held at the state Marine Department.
The new jetty at Permatang Tepi Laut will
EMPOWERMENT From 2016 to July 2022, a total of 1,071 provide the fishermen with a conducive
To date, nine fishermen have been awarded the Certificate of Completion (COC) for the seafarer course. Due to overwhelming
job applications were received by PPSNs. and safe place to rest, store their fishing
New response, a second batch of fishermen will be undergoing the programme in the near future.
equipment and fix their nets.
jetties 27 locals including fishermen have been
hired for various full-time jobs in SRS SELF-TAUGHT DEAF ARTIST STRIVES FOR SUCCESS
Training and Consortium Sdn Bhd.
upskilling Louis Gan is a self-taught freelance artist
opportunities who has garnered local attention owing to
his success in painting mural arts in Penang.
Job and His latest project was painted on the office
business cabin of PPSN in Permatang Damar Laut
opportunities which was commissioned by the Penang
Infrastructure Corporation (PIC), a special
Education purpose vehicle set up by the Penang state
support government to implement the PSI project.
programmes for
fishermen’s The mural (as shown in the picture)
children illustrated a sustainable development
concept for the local community, especially
Community the fishermen and whole of Penang which
co-operative will benefit through the PSI project.

A registered fisherman (boat owner), who was among the first 20 recipients, leaving for home after receiving his new 8m
boat and engine.

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CHAPTER 5

GLOBAL ALIGNMENT
GRI Page
Disclosure Section Header/Subsection Header
Standards number(s)

GENERAL DISCLOSURES (CONT’D.)

GOVERNANCE (CONT’D.)
102-25 Conflicts of interest 83-91 Profile of Board of Directors
GRI Standards Content Index Role of highest governance body in setting purpose,
102-26 143 Sustainability Governance and Framework
GRI Page values, and strategy
Disclosure Section Header/Subsection Header
Standards number(s) 102-27 Collective knowledge of highest governance body 102-111 Corporate Governance Overview Statement
GENERAL DISCLOSURES Evaluating the highest governance body's
102-28 102-111 Corporate Governance Overview Statement
performance
GRI 102: General Disclosures
GRI 102: General Disclosures (Cont’d.)
ORGANISATIONAL PROFILE
Identifying and managing economic, environmental,
Front Cover, 102-29 136-139 Materiality; Climate-Related Risk and Opportunities
102-1 Name of the organisation and social impacts
Back Cover
102-30 Effectiveness of risk management processes 137-139 Climate-Related Risks and Opportunities
102-2 Activities, brands, products, and services 14-15 Group Corporate Structure: Operating Entities
102-31 Review of economic, environmental, and social topics 143 Sustainability Governance and Framework
102-3 Location of headquarters 420 Corporate Information
Highest governance body's role in sustainability
102-4 Location of operations 16-17 Our Presence 102-32 143 Sustainability Governance and Framework
reporting
102-5 Ownership and legal form 14-15 Group Corporate Structure: Operating Entities
STAKEHOLDER ENGAGEMENT
102-6 Markets served 16-17 Our Presence
102-40 List of stakeholder groups 46-49, 136 Stakeholder Engagement
Key Performance Metrics; Group Organisation
102-7 Scale of the organisation 71, 98-99 102-41 Collective bargaining agreements – –
Structure
102-42 Identifying and selecting stakeholders 46-49, 136 Stakeholder Engagement
102-8 Information on employees and other workers 161-163 Training and Development
102-43 Approach to stakeholder engagement 46-49, 136 Stakeholder Engagement
102-9 Supply chain 150-155 Supply Chain Management
102-44 Key topics and concerns raised 46-49, 136 Stakeholder Engagement
Significant changes to the organisation and its supply No significant changes to the organisation and its
102-10 –
chain supply chain for FY2022 REPORTING PRACTICE
Climate-Related Risks and Opportunities; Entities included in the consolidated financial
102-11 Precautionary Principle or approach 137-139, 143 102-45 260-412 Notes to the Financial Statements
Sustainability Governance and Framework statements
102-12 External initiatives 128-129 About This Report 102-46 Defining report content and topic Boundaries 128-129 About This Report
Governance Through Collaboration and Membership 102-47 List of material topics 136 Materiality
102-13 Membership of associations 148
of Associations 102-48 Restatements of information – –
STRATEGY 102-49 Changes in reporting – –
102-14 Statement from senior decision-maker 22-27 Group Managing Director’s Statement 102-50 Reporting period 128-129 About This Report
102-15 Key impacts, risks, and opportunities 137-139 Climate-Related Risks and Opportunities 102-51 Date of most recent report 128-129 About This Report
ETHICS AND INTEGRITY 102-52 Reporting cycle 128-129 About This Report
102-16 Values, principles, standards, and norms of behaviour 144 Gamuda Group ESG Framework 102-53 Contact point for questions regarding the report 128-129 About This Report
102-17 Mechanisms for advice and concerns about ethics 147 Whistleblowing Mechanism Claims of reporting in accordance with the GRI
102-54 128-129 About This Report
GOVERNANCE Standards
102-18 Governance structure 143 Sustainability Governance and Framework 102-55 GRI content index 208-212 GRI Standards Content Index
102-19 Delegating authority 143 Sustainability Governance and Framework 102-56 External assurance 220-223 Independent Limited Assurance Report
Executive-level responsibility for economic, GRI 200 ECONOMIC TOPIC-SPECIFIC STANDARDS
102-20 143 Sustainability Governance and Framework
environmental, and social topics ECONOMIC VALUE GENERATED AND DISTRIBUTED
Consulting stakeholders on economic, environmental, GRI 103: Management Approach 2016
102-21 46-49, 136 Stakeholder Engagement
and social topics
103-1 Explanation of the material topic and its Boundary 149 Economic Value Generated and Distributed
Composition of the highest governance body and its
102-22 143 Sustainability Governance and Framework 103-2 The management approach and its components 149 Economic Value Generated and Distributed
committees
Sustainability Governance and Framework; 103-3 Evaluation of the management approach 149 Economic Value Generated and Distributed
102-23 Chair of the highest governance body 143, 102-111
Corporate Governance Overview Statement GRI 201: Economic Performance 2016
102-24 Nominating and selecting the highest governance body 102-111 Corporate Governance Overview Statement 201-1 Direct economic value generated and distributed 149 Economic Value Generated and Distributed

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GRI Page GRI Page

Disclosure Section Header/Subsection Header Disclosure Section Header/Subsection Header
Standards number(s) Standards number(s)

GRI 200 ECONOMIC TOPIC-SPECIFIC STANDARDS (CONT’D.) GRI 300 ENVIRONMENTAL TOPIC-SPECIFIC STANDARDS (CONT’D.)
PROCUREMENT PRACTICES BIODIVERSITY (CONT’D.)
GRI 103: Management Approach 2016 GRI 304: Biodiversity 2016
103-1 Explanation of the material topic and its Boundary 150-155 Supply Chain Management Operational sites owned, leased, managed in, or
103-2 The management approach and its components 150-155 Supply Chain Management 304-1 adjacent to, protected areas and areas of high 190-191 Green Spaces
biodiversity value outside protected areas
103-3 Evaluation of the management approach 150-155 Supply Chain Management
Wetlands Arboretum Research Centre; Protecting
GRI 204: Procurement Practices 2016 304-3 Habitats protected or restored 191, 200-201
Our Wetlands
204-1 Proportion of spending on local suppliers 150-155 Supply Chain Management IUCN Red List species and national conservation list
304-4 191 Assessing and Protecting Endangered Species
ANTI-CORRUPTION species with habitats in areas affected by operations
GRI 103: Management Approach 2016 EMISSIONS
103-1 Explanation of the material topic and its Boundary 145 Governance Through Strong Anti-Corruption Practices GRI 103: Management Approach 2016
103-2 The management approach and its components 145 Governance Through Strong Anti-Corruption Practices 103-1 Explanation of the material topic and its Boundary 183-186 Commitment on Climate Change
103-3 Evaluation of the management approach 145 Governance Through Strong Anti-Corruption Practices 103-2 The management approach and its components 183-186 Commitment on Climate Change
GRI 205: Anti-Corruption 2016 103-3 Evaluation of the management approach 183-186 Commitment on Climate Change
Communication and training about anti-corruption GRI 305: Emissions 2016
205-2 145 Governance Through Strong Anti-Corruption Practices
policies and procedures 305-1 Direct (Scope 1) GHG emissions 184-186 GHG Emissions Intensity
205-3 Confirmed incidents of corruption and actions taken 145 Governance Through Strong Anti-Corruption Practices 305-2 Energy indirect (Scope 2) GHG emissions 184-186 GHG Emissions Intensity
GRI 300 ENVIRONMENTAL TOPIC-SPECIFIC STANDARDS WASTE
ENERGY GRI 103: Management Approach 2016
GRI 103: Management Approach 2016 103-1 Explanation of the material topic and its Boundary 193-195 Reducing Waste
103-1 Explanation of the material topic and its Boundary 183-186 Commitment on Climate Change 103-2 The management approach and its components 193-195 Reducing Waste
103-2 The management approach and its components 183-186 Commitment on Climate Change 103-3 Evaluation of the management approach 193-195 Reducing Waste
103-3 Evaluation of the management approach 183-186 Commitment on Climate Change GRI 306: Waste 2020
GRI 302: Energy 2016 E-Waste Initiative at Menara Gamuda; Food Waste
306-2 Management of significant waste-related impacts 194-195
184-186, to Compost
196-197, GHG Emissions Intensity; Gamuda Low Carbon E-Waste Initiative at Menara Gamuda; Food Waste
302-1 Energy consumption within the organisation 306-3 Waste generated 194-195
198-199, Cities; Renewable Energy; 272 Normanby to Compost
202-203
GRI 400 SOCIAL TOPIC-SPECIFIC STANDARDS
WATER
EMPLOYMENT
GRI 103: Management Approach 2016
GRI 103: Management Approach 2016
103-1 Explanation of the material topic and its Boundary 192-193 Resources Management Strategy and Performance
103-1 Explanation of the material topic and its Boundary 162-167 Diversity and Equal Opportunities
SMART Tunnel; Resources Management Strategy and
103-2 The management approach and its components 187, 192-193 103-2 The management approach and its components 162-167 Diversity and Equal Opportunities
Performance
103-3 Evaluation of the management approach 192-193 Resources Management Strategy and Performance 103-3 Evaluation of the management approach 162-167 Diversity and Equal Opportunities

GRI 303: Water and Effluents 2018 GRI 401: Employment 2016

303-1 Water withdrawal by source 193 Water Recycling and Rainwater Harvesting 401-1 New employee hires and employee turnover 164 New Employees Hire and Turnover

303-3 Water recycled and reused 193 Water Recycling and Rainwater Harvesting Benefits provided to full-time employees that are not
401-2 165 Benefits in Gamuda
provided to temporary or part-time employees
BIODIVERSITY
401-3 Parental leave 165 Benefits in Gamuda
GRI 103: Management Approach 2016
OCCUPATIONAL HEALTH AND SAFETY
103-1 Explanation of the material topic and its Boundary 188-191 Biodiversity Conservation
GRI 103: Management Approach 2016
103-2 The management approach and its components 188-191 Biodiversity Conservation
103-1 Explanation of the material topic and its Boundary 159-161 Occupational Safety and Health
103-3 Evaluation of the management approach 188-191 Biodiversity Conservation
103-2 The management approach and its components 159-161 Occupational Safety and Health
103-3 Evaluation of the management approach 159-161 Occupational Safety and Health

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GRI
Disclosure
Standards
GRI 400 SOCIAL TOPIC-SPECIFIC STANDARDS (CONT’D.)
OCCUPATIONAL HEALTH AND SAFETY (CONT’D.)
GRI 403: Occupational Health and Safety 2016
Workers representation in formal joint management-
403-1
worker health and safety committees
Types of injury and rates of injury, occupational
403-2 diseases, lost days, and absenteeism, and number of
work-related fatalities
TRAINING AND EDUCATION
GRI 103: Management Approach 2016
103-1 Explanation of the material topic and its Boundary
103-2 The management approach and its components
103-3 Evaluation of the management approach
GRI 404: Training and Education 2016
Programmes for upgrading employee skills and
404-2
transition assistance programmes
DIVERSITY AND EQUAL OPPORTUNITY
GRI 103: Management Approach 2016
103-1 Explanation of the material topic and its Boundary
103-2 The management approach and its components
103-3 Evaluation of the management approach
GRI 405: Diversity and Equal Opportunity 2016
405-1 Diversity of governance bodies and employees
LOCAL COMMUNITIES
GRI 103: Management Approach 2016
103-1 Explanation of the material topic and its Boundary
103-2 The management approach and its components
103-3 Evaluation of the management approach
GRI 413: Local Communities 2016
Operations with local community engagement,
413-1
impact assessments, and development programmes
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Page
Section Header/Subsection Header
TCFD Statement
number(s)
Climate action is now one of the key focus areas for Gamuda Group. This is apparent via the Group’s short-, medium- and long-term
commitments on emission reduction plans. To further strengthen the Group’s overall management approach, climate related governance
and strategies are deployed across the operations and businesses. This ensures that all levels of the businesses include climate related
risk and opportunities as part of their decision-making processes.
160-161, Safety and Health Performance; Control of a Global
In FY2022, Gamuda has taken a notch further on climate related matters by becoming official support for TCFD and committing to
168-169 Health Issue
SBTi. Since FY2021, Gamuda has been reporting Climate-related Financial Disclosures, aligned to TCFD. The adoption of TCFD is driven
by the Group’s commitment to continuously monitor its performance and progress in accordance with climate change as measured
160-161 Safety and Health Performance against a globally recognised framework.
Gamuda has endeavoured to align to all four TCFD themes – Governance, Strategy, Risk Management, and Metrics and Targets.
161 Training and Development The table below provides a succinct but detailed explanation of how Gamuda has adopted the specific TCFD themes and recommended
disclosures. Where relevant, references are provided to more specific information within the SR2022.
161 Training and Development
161 Training and Development In essence, Gamuda’s management approach to climate change-related impacts centres on the following:
• Leadership including the Board of Directors (Board) oversight on climate change through the Environmental, Social and Governance
Expanding Scope 3 Traceability With Sustainable Supply (ESG) mechanism.
150, 159, 171,
Chain Training Awareness; Safety Training; Enabling
172-175, 178, • The strategic consideration given to climate change is reflected in the development of policies and strategies.
Academy; Reconciliation Action Plan; MRT Putrajaya;
183, 206
Commitment on Climate Change; Penang South Islands
• The continued focus on embedding climate change within the Group’s risk management and mitigation framework.
• The existence of tangible, time-based key performance indicators (KPIs) to measure performance.
162 Diversity and Equal Opportunities Note:
Kindly refer to Chapters: Sustainability Integration and Our Governance and Value to Economic for more details.
162 Diversity and Equal Opportunities
162 Diversity and Equal Opportunities
Recommendations Organisation’s Adoption of Recommendation References
GOVERNANCE
162 Diversity and Equal Opportunities
Describe the board's oversight One significant concern to both the Group and its stakeholders is the Page 143-144
of climate-related risks and climate action. This mirrors the FY2022 Materiality Matrix that shows the Sustainability Governance and
opportunities. matter positioned within the top right quadrant. Framework
158 Investing in Our People and Communities
Gamuda Board has direct oversight in all material topics that holds
158 Investing in Our People and Communities
significant concern. The Board maintains the ESG decisions and guides
158 Investing in Our People and Communities the strategies for the Group’s sustainability direction. The Board is
responsible for ensuring that all business decisions are made from an
ESG perspective.
170, 171,
Yayasan Gamuda; Enabling Academy; Orang Asli and
172-175,
Indigenous Peoples Australia; GL Cares Through the Board-level Risk Committee, the Board ensures the
176-177
Management has developed the necessary strategic planning related to
climate change. Through the committee, corporate risk, audit risk, and
ESG risk that includes climate-related risks are monitored. With the risk
monitored, an effective mitigation response on the climate-related issues
is properly committed and realised.
With an oversight of Gamuda Green Plan 2025, it provides Gamuda with
its masterplan to address related ESG concerns that includes climate
change to ensure continual business and operational sustainability and
value creation.
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SUSTAINABILITY REPORT
Recommendations
Describe management’s role
in assessing and managing
climate-related risks and
opportunities.
Describe the climate-related
risks and opportunities the
organisation has identified
over the short, medium, and
long-term.
214 7 Sustainability Report
INTEGRATED REPORT 2022
Organisation’s Adoption of Recommendation References Recommendations Organisation’s Adoption of Recommendation References
GOVERNANCE (CONT’D) STRATEGY (CONT’D)
The Board is working closely with the Group Chief Sustainability Officer Pages 22-27 Describe the impact of Incorporating climate change in Gamuda’s financial consideration and Page 127
(GCSO) and Sustainability Steering Committee (SSC) to realise the Gamuda Group Managing Director's climate-related risks and risk management is of high importance to ensure Gamuda’s preparation Gamuda Green Plan 2025
Green Plan 2025 by developing and executing effective strategies action Statement opportunities on the for continual business. The scenario approach is adopted to ensure
plans. organisation’s businesses, resiliency and optimisation of a plan which includes the calculation of Page 137-139
Page 143 strategy, and financial cost in implementing the necessary mitigation action or changing in Climate-Related Risks and
SSC is focusing on continual effort to embed ESG goals into the Group’s Sustainability Governance and planning. designs. Example, for one of our recent projects in Malaysia, we evaluated Opportunities
business model. SSC is closely monitoring the climate change risks and Framework the 2 degrees and 4 degrees scenario-based Representative Concentration
opportunities for engineering, construction, and property development Pathway (RCP). This modelling approach was used to predict the future Page 151
businesses. sea-level rising probability and risk. Enabling Sustainable
STRATEGY Construction via Digitalisation
With Gamuda’s Building Information Modelling (BIM) technology, it allows
Gamuda will encounter various risks and opportunities to its engineering, Pages 22-27 for an accurate and efficient approach for planning and design.
construction, and property development businesses due to climate change. Group Managing Director's
These risks and opportunities can be seen in Chapter 1 of SR2022 Statement A pool of talent on climate change experts comprising both internal and
external professionals were developed to provide necessary advisory for
CLIMATE CHANGE RISKS: Page 127 an informed and effective decision-making by the Board.
• Regulations requirements on existing products and services Gamuda Green Plan 2025
• Exposure to litigation The Board is focusing in climate-related impacts and are ensuring the
• Customer changing behaviour Page 132-133 master-planning, design, development, and construction of projects
• Substitution of existing products and services with lower emission Our ESG and Net Zero Journey achieve the ideal resource efficiency and minimise environmental impacts.
options Describe the resilience of the Gamuda has pledged with Science Based Targets initiative (SBTi) and Page 127
• Shifts in customer preference Page 137-139
Climate-Related Risks and organisation’s strategy, taking continues to plan for a wide range of climate-related scenarios. The Gamuda Green Plan 2025
• Stigmatisation of sector into consideration different Penang South Islands (PSI) project showcase Gamuda’s commitment to
• Changes in precipitation patterns and extreme variability in weather Opportunities
climate related scenarios, planning for the future by considering climate-related effects of rising Page 196-197
patterns including a 2°C or lower seawater levels and increased ambient temperatures by climate modelling Gamuda Low Carbon Cities
• Increased pricing of GHG emissions Pages 180-207
Chapter 4 – Our scenario. up to 4 degrees Celsius. In one of our recent projects in Malaysia, we
• Enhanced emission-reporting requirements evaluated the 2 degrees and 4 degrees scenario-based Representative Page 204-207
• Cost to transition to lower emissions technology Decarbonisation Pathway
Concentration Pathway (RCP). This modelling approach was used to A Sustainable Masterplan:
• Increased material costs predict the future sea-level rising probabilities and risks. The results were The Penang South Islands
• Increased stakeholder concern or negative stakeholder feedback used in the decision-making process in terms of deciding the project
• Increased severity of extreme weather such as flood, water pollution, elevation and design modifications.
and drought
• Rising ambient temperatures and sea levels Based on Gamuda Green Plan 2025, PSI is designed to achieve 50%
reduction in CO₂e emissions compared to business as usual (BAU) by
CLIMATE CHANGE OPPORTUNITIES: 2030. Full details are provided in Chapter 4 disclosures of SR2022.
• Use of recycling method and food waste composting on-site
RISK MANAGEMENT
• Reduce natural resources usage and consumption such as recycling
harvested rainwater Describe the organisation’s Gamuda’s assessment process involves internal and external stakeholders Pages 46-49
• Use of supportive policy incentives processes for identifying and ensures that a comprehensive materiality assessment process includes Stakeholder Engagement
• Use of new technologies assessing climate-related risks. the ESG-related risks such as climate change.
Page 124
• Shift toward decentralised energy source and transitioning to lower
emissions technology A direct or indirect climate-related impact to the Group and/or its Sustainability Integration via Our
Management Lens
• Access to new assets and locations needing insurance coverage stakeholders are considered in terms of the nature and the extent of
• Development and/or expansion of low emission products and activities Describe the organisation's the climate-related impacts. The level of impact considered the period Page 136
• Ability to diversify business activities processes for managing of impact (short, medium, and long-term impact) and the severity of the Stakeholder Engagement
• Participation in renewable energy programmes and adoption of energy- climate-related risks. impact.
efficiency measures Page 137-139
• Resource substitutes/diversification Climate-Related Risks and
• Use of more efficient production and distribution processes Opportunities
• Use of lower-emission energy sources such as solar panels Describe how processes for The materiality approach mentioned above is integrated into Group’s Pages 56-58
• Participation in carbon market such as Bursa Malaysia Voluntary Carbon identifying, assessing, and overall risk management framework. As necessary, the risks factors are Key Market Trends
Market managing climate-related measured in terms of forecasted impact on revenue, earnings, and costs.
• Access to new markets and use of public-sector incentives risks are integrated into the Other metrics used are impacts on the productivity. Pages 61-66
• Shifting consumer preference to robust products and services organisation’s overall risk Key Risks and Mitigation
• Development of climate adaptation and mitigation plan management.
Page 136
Materiality
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Recommendations
Disclose the metrics used by
the organisation to assess
climate-related risks and
opportunities in line with its
strategy and risk management
process.
Disclose Scope 1, Scope 2
and, if appropriate, Scope 3
greenhouse gas (GHG)
emissions and the related risks.
Describe the targets used by
the organisation to manage
climate-related risks and
opportunities and
performance against targets.
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Organisation’s Adoption of Recommendation References SASB Content Index
METRICS AND TARGETS ENGINEERING AND CONSTRUCTION
Produced carbon emission and waste, energy and water consumption Page 183-186
Code Description 2022 Performance
are measured by Gamuda. The metrics used to measure carbon emission Commitment on Climate
is CO₂e, while electricity consumption is kWh, and m³ for water Change ENVIRONMENTAL IMPACTS OF PROJECT DEVELOPMENT
consumption and tonnes for materials (waste, recycable). Gamuda's
IF-EN-160a.1 Number of incidents of non-compliance with environmental All projects undertaken by the Group has complied with
emission intensity is measured by taking absolute total emission for FY
permits, standards, and regulations environmental and social impact assessments. The Group
divided by revenue for FY.
has not been censured or fined in the past three years for
Gamuda provided Scope 1 and Scope 2 disclosure generated from the Page 183-186 non-compliance with regulatory standards.
Group’s operations, with Scope 3 disclosure covering construction Commitment on Climate
IF-EN-160a.2 Discussion of processes to assess and manage environmental Gamuda’s approach is encapsulated through Pillar 1 of its
activities. Further information on the management approach, evaluation Change
risks associated with project design, siting, and construction Gamuda Green Plan 2025, Sustainable Planning and Design
of the approach, and performance data are provided in Chapter 4 of
for Construction which provides comprehensive disclosure
SR2022.
of how the Group addresses its environmental risks and
Based on the Gamuda Green Plan 2025, Gamuda is committed to reduce Page 127 overall environmental impacts.
30 percent emission intensity by 2025 and 45 percent by 2030 as short- Gamuda Green Plan 2025
and medium-term targets. The Group is also committed to Net-Zero by Gamuda’s construction projects and its developments clearly
2050 via SBTi. reflect the approach.
With a business in infrastructure and property group, it is pertinent that All projects showcase a commitment towards minimising
the Group reduces the carbon emission by adopting renewable energy environmental footprint by emphasising energy and water
technology to supply the buildings and development that is within our efficiency, recycling of waste and preservation or
control. It is also important to incorporate sustainable master-planning enhancement of the natural environment.
with green mobility elements to the projects.
STRUCTURAL INTEGRITY AND SAFETY
The following tactical targets will drive our aim to cut top-level emissions: IF-EN-250a.1 Amount of defect and safety-related rework costs Not available. To be monitored.
• Reduce urban planning emissions by 35 percent and transport emissions IF-EN-250a.2 Total amount of monetary losses as a result of legal
by 10 percent proceedings associated with defect- and safety-related Not available. To be monitored.
• Reduce non-RE consumption by 40 percent incidents
• Reduce freshwater demand by 65 percent
WORKFORCE HEALTH AND SAFETY
• Reduce waste sent to landfills from our development and townships
by 50 percent as well as construction waste by 20 percent IF-EN-320a.1 (1) Total recordable incident rate (TRIR) – Rate of Injury
Menara Gamuda 0
Gamuda Land (Gamuda Cove, Gamuda Gardens, twenty.
five7, Jade Hills, Horizon Hills, Bukit Bantayan
0
Residences, Vietnam – Celadon City, Vietnam –
Gamuda City, Clubhouses)
Gamuda Engineering (Gamuda Digital IBS – Banting 0
Factory, Belfield, Gems Residences, Look@118)
(2) Total fatality rate for direct employees
Menara Gamuda 0
Gamuda Land (Gamuda Cove, Gamuda Gardens, twenty.
five7, Jade Hills, Horizon Hills, Bukit Bantayan
0
Residences, Vietnam – Celadon City, Vietnam –
Gamuda City, Clubhouses)
Gamuda Engineering (Gamuda Digital IBS – Banting 0
Factory, Belfield, Gems Residences, Look@118)
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SUSTAINABILITY REPORT

Code Description 2022 Performance PROPERTY DEVELOPMENT

LIFE CYCLE IMPACTS OF BUILDINGS AND INFRASTRUCTURE Code Description 2022 Performance
IF-EN-410a.1 (1) Number of commissioned projects certified to a third- Green Building Index (GBI) WATER MANAGEMENT
party multi-attribute sustainability standard 1) Herons – provisional certificate
IF-RE-140a.2 (1) Total water withdrawn by the entity based on the water
2) Waterlily – provisional certificate
source (m3)
3) The Robertson – Gold Standard
4) High Park Suites – Gold Standard Third-Party Water Source 1,085,386
(2) Number of projects seeking such certification Green Building Index (GBI) Surface Water Source 135,770
1) Monarch – Gamuda Garden Ground Water Source 3,258
2) Ilaria – Gamuda Garden
3) Office Cluster at Gamuda Cove – Platinum Standard Produced Water 2,991

IF-EN-410a.2 Discussion of process to incorporate operational-phase
energy and water efficiency considerations into project
planning and design
As mentioned earlier under IF-EN-160a.2, Gamuda continues
to pursue resource consumption efficiency through
Sustainable Planning and Design for Construction – Pillar
1 of the Gamuda Green Plan 2025.
Gamuda leverages on its BIM and Digital IBS technologies
to incorporate sustainable design features into the
developments of homes, building and entire developments.
(2) 
Percentage in regions with High or Extremely High
Not available.
Baseline Water Stress, by property subsector
IF-RE-140a.3 Like-for-like percentage change in water withdrawn for
Not available. To be monitored.
portfolio area with data coverage, by property subsector
IF-RE-140a.4 Description of water management risks and discussion of The Group acknowledges that one of the potential impacts
strategies and practices to mitigate those risks arising from climate change and continued environmental
degradation is declining or depleted freshwater sources.
This could impact land banking and development strategies.

Significant consideration is given to achieve optimum water However, the scenario also provides opportunities as it
and energy efficiency right from the master-planning and stimulates greater demand for treated or recycled water
design stages. This is to ensure the most efficient possible for non-potable commercial applications. This will necessitate
environmental footprint is achieved over the life cycle of more water treatment and wastewater treatment plants, of
the project or structure. which Gamuda has expertise in the design, construction
BUSINESS ETHICS and operation of. The Group is committed to recycling 50
IF-EN-510a.2 Total amount of monetary losses as a result of legal percent of water used at our construction sites by 2025
proceedings associated with charges of (1) bribery or 0 and reducing the freshwater demand in developments and
corruption and (2) anti-competitive practices townships by 65 percent.

IF-EN-510a.3 Description of policies and practices for prevention of (1) Gamuda has established a robust and comprehensive Further details of Gamuda’s approach to managing water
bribery and corruption, and (2) anti-competitive behaviour governance structure towards ensuring continued good consumption is provided in SR2022 on pages 192 to 193.
in the project bidding processes corporate governance and ethical business practices across
the Group. This is supported by the Group’s Anti-Bribery CLIMATE CHANGE ADAPTATION
and Corruption Policy (AB&C Policy). IF-RE-450a.1 Area of properties located in 100-year flood zones, by Similar modelling was done based on sea level rise using
property subsector a 2 degrees and 4 degrees scenario. This was done for
The AB&C Policy serves as the basis for setting what is one of the projects in Malaysia.
deemed accepted behaviour expected of Gamuda’s IF-RE-450a.2 Description of climate change risk exposure analysis, degree Gamuda is cognisant of risk factors arising from climate
employees and its value chain. Relevant stakeholders are of systematic portfolio exposure, and strategies for mitigating change and remains fully committed to addressing
obligated to align with the policy and to conduct themselves risks contributory effects arising from its business operations.
and all dealings with Gamuda with the expected levels of
corporate integrity. The climate-related risks and opportunities are provided
ENERGY MANAGEMENT on pages 137 to 139.
IF-RE-130a.2 (1) Total energy consumed by portfolio area with data SASB ACTIVITY METRICS
111,114 GJ (30,864,882kWh)
coverage IF-RE-000.A Number of assets, by: active engineering and construction Please refer to page 14 of this Integrated Report for more
(2) Percentage grid electricity Not available. To be monitored. projects information.
(3) Percentage renewable, by property subsector Not available. To be monitored. Number of assets, by active property subsector projects Please refer to page 15 of this Integrated Report for more
IF-RE-130a.4WW (1) Percentage of eligible portfolio that (1) has an energy Please refer to disclosure provided under IF-EN-410a.1 information.
rating; and IF-RE-000.B Number of commissioned (engineering) projects Please refer to page 14 of this Integrated Report for more
(2) is certified to ENERGY STAR, by property subsector Not applicable to Malaysia information.

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SUSTAINABILITY REPORT

Independent Limited Assurance Report Independent Limited Assurance Report on Selected Sustainability Information in Gamuda Berhad’s Sustainability
Report 2022 (cont’d)
Independent Limited Assurance Report on Selected Sustainability Information in Gamuda Berhad’s Sustainability
Report 2022 Subject Matter (cont’d)

To the Board of Directors of Gamuda Berhad Subject matter Criteria Scope

We have been engaged by Gamuda Berhad (“Gamuda” or “the Company”) to perform an independent limited assurance engagement Energy indirect (Scope 2) GRI 305-2-b Total Scope 2 GHG emissions for the following:
on selected sustainability information, comprising the information set out in the Subject Matter (hereinafter referred to as “Selected GHG emissions 1. KPGCC
Information”) for the financial year ended 31 July 2022 as reported by Gamuda in its Sustainability Report 2022. 2. Gamuda Gardens – Sales Gallery
3. Quayside Mall
Criteria 4. PSI – PPSN
5. PSI – Site Offices
The Selected Information needs to be read and understood together with the reporting criteria, which Gamuda is solely responsible 6. Menara Gamuda
for selecting and applying. 7. GB Kuari
8. Gamuda Digital IBS – Banting
The reporting criteria used for the reporting of the Selected Information are as follows:
Total water withdrawal GRI 303-3-a Total water withdrawal for the following:
• Gamuda’s internal sustainability reporting guidelines and procedures by which the Selected Information is gathered, collated and
1. KPGCC
aggregated internally; and
2. Gamuda Gardens – Sales Gallery
• The Global Reporting Initiative’s Sustainability Reporting Standards (“GRI standards”) for disclosures (collectively referred to as the 3. PSI – PPSN
“Criteria”). 4. PSI – Site Offices
5. Menara Gamuda
Inherent limitations 6. GB Kuari
7. Gamuda Digital IBS – Banting
The absence of a significant body of established practice on which to draw to evaluate and measure the Selected Information allows
for different, but acceptable, measurement basis and can affect comparability between entities and over time. Greenhouse Gas (“GHG”) Total weight of non- GRI 306-3-a Total weight of non-hazardous waste for the following:
quantification is subject to inherent uncertainty because of incomplete scientific knowledge used to determine emissions factors and hazardous waste 1. Menara Gamuda
the values needed to combine emissions of different gases. 2. Quayside Mall

Total weight of waste GRI 306-3-a Total weight of waste generated for Gamuda Gardens – Phase 3A, Phase 3B
Subject Matter
generated
The Selected Information reported and marked with asterisks (*) in the Gamuda’s Sustainability Report 2022 on which we provide
Lost-time injury frequency GRI 403-9-b-iii Lost-time injury frequency (LTIFR) rate for:
limited assurance consists of:
rate (LTIFR) 1. Menara Gamuda
2. twentyfive.7
Subject matter Criteria Scope
3. Gamuda Cove
Total number and percentage GRI 205-2 Total number and percentage of employees communicated on anti-bribery 4. Gamuda Gardens
of employees communicated and anti-corruption for Gamuda and its subsidiaries (“Gamuda Group”).
Type and scope of GRI 404-2-a Type and scope of programmes implemented by Gamuda Learning Centre
on anti-bribery and
programmes implemented and
anti-corruption matters
assistance to upgrade
Direct (Scope 1) GHG GRI 305-1-a Total Scope 1 GHG emissions for the following projects: employee skills
emissions 1. Kota Permai Golf and Country Club (“KPGCC”)
Total number and rate of new GRI 401-1-a Total number and rate of new employee hires for Gamuda Group by age
2. Gamuda Gardens – Sales Gallery
employee hires (by age group group and gender
3. Quayside Mall
and gender)
4. Penang South Islands (“PSI”) – Pusat Perkhidmatan Setempat Nelayan (or
Fisherman’s One stop Service Centre) (“PPSN”) Total number and rate of GRI 401-1-b Total number and rate of employee turnover for Gamuda Group by age
5. PSI – Site Offices employee turnover (by age group and gender
6. Menara Gamuda group and gender)
7. GB Kuari
8. Gamuda Digital IBS – Banting Proportion of spending on GRI 204-1 Proportion of spending on local suppliers for Gamuda Group within Malaysia
local suppliers (excluding joint ventures)

Percentage of landscape area Non-GRI Percentage of landscape area for the following projects:
1. Gamuda Cove
2. Gamuda Gardens
* Refer to pages 122 to 207 of the Gamuda’s Sustainability Report 2022 for the reporting criteria applied

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SUSTAINABILITY REPORT

Our assurance was with respect to the financial year ended 31 July 2022 information only and we have not performed any procedures
with respect to earlier periods or any other elements included in the Gamuda’s Sustainability Report 2022 and, therefore, do not
express any conclusion thereon.
Management’s Responsibility
Management of Gamuda is responsible for the preparation of the Selected Information included in the Gamuda’s Sustainability Report
2022 in accordance with Gamuda’s internal sustainability reporting guidelines and procedures.
This responsibility includes the selection and application of appropriate methods to prepare the Selected Information reported in the
Gamuda’s Sustainability Report 2022 as well as the design, implementation and maintenance of internal control relevant for the
preparation of the Selected Information that is free from material misstatement, whether due to fraud or error. Furthermore, the
responsibility includes the use of assumptions and estimates for disclosures made by Gamuda which are reasonable in the circumstances.
Main Assurance Procedures
Our work, which involved no independent examination of any of the underlying financial information, included the following procedures:
• Considered the suitability in the circumstances of Gamuda’s Criteria as the basis for preparing the Selected Information;
• Inquired personnel responsible for data collection, collation and reporting of the Selected Information at the corporate and operating
unit level, regarding the processes to prepare the said report and the underlying controls over those processes;
• Performed limited substantive testing on a sampling basis on transactions included in the Selected Information, by inspecting
documents, reports, data capture forms and invoices;
• Checked the formulas and inputs used in the Selected Information against Gamuda’s internal sustainability reporting guidelines and
procedures; and
• Considered the appropriateness of the disclosures and presentation of the Selected Information based on the Criteria.

Our Responsibility
Conclusion
Our responsibility is to express a limited assurance conclusion on the Subject Matter based on the procedures we have performed
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that causes us
and the evidence we have obtained. We conducted our limited assurance engagement in accordance with the approved standard for
to believe that the Selected Information is not prepared, in all material respects, in accordance with the Criteria.
assurance engagements in Malaysia, International Standard on Assurance Engagements (“ISAE”) 3000 (Revised) “Assurance Engagements
Other Than Audits or Reviews of Historical Financial Information”. This standard requires that we plan and perform this engagement
Restriction on use
under consideration of materiality to express our conclusion with limited assurance about whether the Selected Information is free
from material misstatement. The accuracy of the Selected Information is subject to inherent limitations given their nature and methods This report, including the conclusion, has been prepared solely for the Board of Directors of Gamuda in accordance with the agreement
for determining, calculating and estimating such data. Our limited assurance report should therefore be read in conjunction with the between us, in connection with the performance of an independent limited assurance engagement on the Selected Information as
Criteria. reported by Gamuda in its Sustainability Report 2022 and should not be used or relied upon for any other purposes. We consent
to the inclusion of this report in the Gamuda’s Sustainability Report 2022 to be disclosed in the website of Gamuda at
A limited assurance engagement involves assessing the suitability in the circumstances of Gamuda’s use of the Criteria as the basis www.gamuda.com.my, in respect of the financial year ended 31 July 2022, to assist the Directors in responding to their governance
for the preparation of the Subject Matter, assessing the risks of material misstatement of the Selected Information whether due to responsibilities by obtaining an independent limited assurance report on the Selected Information in connection with the preparation
fraud or error, responding to the assessed risks as necessary in the circumstances, and evaluating the overall presentation of the of Gamuda’s Sustainability Report 2022. As a result, we will not accept any liability or responsibility to any other party to whom our
Subject Matter. A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to report is shown or into whose hands it may come. Any reliance on this report by any third party is entirely at its own risk.
both the risk assessment procedures, including an understanding of internal control, and the procedures performed in response to
the assessed risks.
Yours faithfully,
Independence and Quality Control
We have complied with the independence and other ethical requirements of the By-Laws (on Professional Ethics, Conduct and Practice)
of the Malaysian Institute of Accountants (“MIA”) and the International Ethics Standards Board for Accountants’ International Code of
Ethics for Professional Accountants (including International Independence Standards), which is founded on fundamental principles of
integrity, objectivity, professional competence and due care, confidentiality and professional behaviour.
PRICEWATERHOUSECOOPERS PLT
LLP0014401-LCA & AF 1146
We apply International Standard on Quality Control 1 “Quality Control for Firms that Perform Audits and Reviews of Financial Statements,
Chartered Accountants
and Other Assurance and Related Services Engagements”, and accordingly maintain a comprehensive system of quality control including
documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and
Kuala Lumpur
regulatory requirements.
4 November 2022

222 7 Sustainability Report 7 Sustainability Report 223

FINANCIAL
STATEMENTS
226 Directors’ Responsibility Statement

227 Directors’ Report

234 Statement by Directors

234 Statutory Declaration

235 Independent Auditors’ Report

242 Consolidated Income Statement

244 Consolidated Statement of Comprehensive Income

245 Consolidated Statement of Financial Position

247 Consolidated Statement of Changes in Equity

249 Consolidated Statement of Cash Flows

252 Income Statement

253 Statement of Comprehensive Income

254 Statement of Financial Position

256 Statement of Changes in Equity

257 Statement of Cash Flows

260 Notes to the Financial Statements

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DIRECTORS’ RESPONSIBILITY STATEMENT DIRECTORS’ REPORT

In respect of Audited Financial Statements for the financial year ended 31 July 2022

The Directors are required by the Companies Act, 2016 (“Act”) and the Main Market Listing Requirements of Bursa Malaysia Securities DIRECTORS’ REPORT
Berhad to prepare the financial statements for each financial year in accordance with the Malaysian Financial Reporting Standards
The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Company
(“MFRS”), International Financial Reporting Standards and requirements of the Act in Malaysia.
for the financial year ended 31 July 2022.
The Directors are responsible to ensure that the audited financial statements give a true and fair view of the financial position, financial
performance and cash flows of the Group and the Company for the financial year. Where there are new accounting standards or
PRINCIPAL ACTIVITIES
policies that become effective during the year, the impact of these new treatments would be stated in the notes to the financial
statements, accordingly. The principal activities of the Company are that of investment holding and civil engineering construction.

In preparing the financial statements, the Directors have: The principal activities of the subsidiaries, associated companies and joint arrangements are described in Notes 17, 18 and 19 to the
financial statements respectively.
• adopted appropriate and relevant accounting policies and applied them consistently;
• made judgments and estimates that are reasonable and prudent;
• ensured that all applicable accounting standards have been followed; and
RESULTS

• prepared financial statements on a “going concern” basis as the Directors have a reasonable expectation, having made enquiries, Group Company
that the Group and the Company have adequate resources to continue operations for the foreseeable future. RM’000 RM’000

Continuing operations
The Directors are responsible to ensure that the Group and the Company keep accounting records which disclose the financial position
Profit before tax 897,799 501,330
of the Group and of the Company with reasonable accuracy, enabling them to ensure that the financial statements comply with the
Income tax expense (156,385) (30,838)
Act.
Profit for the financial year from continuing operations 741,414 470,492
The Directors have overall responsibility for taking such steps as are reasonably available to them to safeguard the assets of the Group
and the Company to prevent and detect fraud and other irregularities.
Discontinued operations
Profit for the financial year from discontinued operations, net of tax 94,632 106,514

Profit for the financial year 836,046 577,006

Profit attributable to:

Owners of the Company 806,225 577,006
Non-controlling interests 29,821 –

836,046 577,006

There was no material transfer to or from reserves or provisions during the financial year other than as disclosed in the financial
statements.

In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were not
substantially affected by any item, transaction or event of a material and unusual nature.

226 8 Financial Statements 8 Financial Statements 227

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

DIRECTORS’ REPORT (CONT’D.) DIRECTORS’ REPORT (CONT’D.)

DIVIDENDS DIRECTORS OF THE SUBSIDIARIES

The amount of dividends paid or declared since the end of previous financial year were as follows: The names of the directors of the Company’s subsidiary(ies) since the beginning of the financial year to the date of this report,
excluding those who are already listed above are:
RM’000
Adil Putra bin Ahmad
In respect of the financial year ended 31 July 2022: Ahcene El Boulhais
First interim dividend of 6 sen per ordinary share, Ajit Singh Rai
declared on 21 December 2021 and paid on 8 March 2022: Andrew Edward Kesik
– Issuance of new shares in the Company pursuant to the Dividend Reinvestment Plan at the price of Azmi bin Mohamad
RM2.53 per share 102,218 Beh Boon Ewe
– Cash dividend 48,594 Carine Lacroix
Carla Maria Alves Silva
Second interim dividend of 6 sen per ordinary share, Caroline Baker
declared on 29 June 2022 and paid on 2 September 2022: Chan Kong Wah
– Issuance of new shares in the Company pursuant to the Dividend Reinvestment Plan at the price of Chew Wee Hwang
RM3.22 per share 119,586 Chu Wai Lune (Appointed w.e.f. 01.03.2022)
– Cash dividend 33,650 Chua Kheng Sun
Chua Song Yong @ Eusoffe Chua (Appointed w.e.f. 01.05.2022)
304,048 Dato’ Haji Abdul Sahak bin Safi
Dato’ Haji Azmi bin Mat Nor
At the Extraordinary General Meeting of the Company held on 5 December 2019, the shareholders of the Company have approved Dato’ Noordin bin Alaudin
the Dividend Reinvestment Plan (“DRP”) which provides an option to the shareholders to reinvest either all or a portion of the declared Dato’ Seri Ir. Kamarul Zaman bin Mohd Ali
dividends into new ordinary shares of the Company in lieu of receiving cash. At the 45th Annual General Meeting of the Company Dato’ Mahmud bin Abbas (Appointed w.e.f. 15.10.2021)
held on 8 December 2021, shareholders has granted authority to the Company to allot and issue new ordinary shares in the Company Dato’ Ubull A/L Din Om
pursuant to the DRP. Datuk Hasmi bin Hasnan
Devananda Naraidoo
The director do not recommend the payment of any final dividend in respect of the current financial year. Dr. Ooi Lean Hock
Emily Hii San San
Foong Vooi Lin
DIRECTORS OF THE COMPANY Goh Chee Young
The names of the directors of the Company in office since the beginning of the financial year and at the date of this report are: Johal Jagdish Singh (Appointed w.e.f. 30.04.2022)
Julian Yeap Kheang Teik
Y Bhg Dato’ Mohammed bin Haji Che Hussein Khariza binti Abd Khalid (Appointed w.e.f. 01.05.2022)
Y Bhg Dato’ Lin Yun Ling* Khor Thiam Chay
Y Bhg Dato’ Ir. Ha Tiing Tai* Kobinathan a/l Thangavelu (Appointed w.e.f. 01.02.2022)
YTM Raja Dato’ Seri Eleena binti Almarhum Sultan Azlan Muhibbuddin Shah Al-Maghfur-lah Larissa Chan Thien
Y Bhg Tan Sri Dato’ Setia Haji Ambrin bin Buang Liang Kai Chong
Puan Nazli binti Mohd Khir Johari Lim Hui Yan
Encik Mohammed Rashdan bin Mohd Yusof* (alternate to Y Bhg Dato’ Lin Yun Ling) Lim Ji Xiong (Appointed w.e.f. 01.05.2022)
Ms. Chan Wai Yen (Appointed w.e.f. 01.01.2022) Looi Hong Weei
Mr. Justin Chin Jing Ho* (alternate to Y Bhg Dato’ Ir Ha Tiing Tai) (Appointed w.e.f. 18.10.2021) Lung Hian Li (Appointed w.e.f. 01.06.2022)
Y Bhg Dato’ Ubull a/l Din Om (alternate to Y Bhg Dato’ Ir Ha Tiing Tai) (Resigned w.e.f. 18.10.2021) Mohd Roslan bin Sarip
YM Tunku Afwida binti Tunku A.Malek (Retired w.e.f. 08.12.2021) Ng Hau Wei
* Directors of the Company and certain subsidiary(ies) Ng Kit Cheong
Ngan Chee Meng
Ong Eng Chye
Ong Jee Lian
Rishi Kumar Emrit
Saw Wah Theng
Saw Yeok Hean
Sazally bin Saidi
Simpkin Nicholas Guy (Appointed w.e.f. 06.10.2021)

228 8 Financial Statements 8 Financial Statements 229

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

DIRECTORS’ REPORT (CONT’D.) DIRECTORS’ REPORT (CONT’D.)

DIRECTORS OF THE SUBSIDIARIES (CONT’D.) DIRECTORS’ INTERESTS

The names of the directors of the Company’s subsidiary(ies) since the beginning of the financial year to the date of this report, According to the register of directors’ shareholdings, the interests of directors of the Company at the end of the financial year in
excluding those who are already listed above are: (cont’d.) shares and options over shares in the Company and its related corporations during the financial year were as follows:
Soo Kok Wong Number of ordinary shares
Sueway Tan (Appointed w.e.f. 01.05.2022)
1 August Bought/ 31 July
Szeto Wai Loong
Gamuda Berhad 2021 DRP Sold 2022
Tang Meng Loon
Tariq Syed Usman Direct holding
Teh Teck Seong Y Bhg Dato’ Lin Yun Ling 75,035,736 1,779,503 – 76,815,239
Teng Poh Fern Y Bhg Dato’ Ir. Ha Tiing Tai 27,384,000 648,000 – 28,032,000
Tuan Haji Suhaimi bin Haji Kasdon YTM Raja Dato’ Seri Eleena binti Almarhum Sultan Azlan
Vaneeta Bickoo Brelu-Brelu Muhibbuddin Shah Al-Maghfur-lah 228,750 5,424 (5,424) 228,750
Wong Mun Keong Y Bhg Tan Sri Dato’ Setia Haji Ambrin bin Buang 4,000 – – 4,000
Yap Peng Loong Encik Mohammed Rashdan bin Mohd Yusof 457,500 10,849 – 468,349
Yew Yee Weng
Mohd Hizzan bin Abdul Hamid (Resigned w.e.f. 30.08.2021)
Hajah Siti Zubaidah binti Haji Abd Jabar (Resigned w.e.f. 30.09.2021) Indirect holding
Dato’ Goon Heng Wah (Resigned w.e.f. 01.01.2022) Y Bhg Dato’ Ir. Ha Tiing Tai# 87,000 2,000 – 89,000
Aw Sei Cheh (Resigned w.e.f. 01.03.2022) YTM Raja Dato’ Seri Eleena binti Almarhum Sultan Azlan
Yuen Chee Meng (Resigned w.e.f. 01.03.2022) Muhibbuddin Shah Al-Maghfur-lah* 113,500,000 2,347,826 (2,347,826) 113,500,000
Eoin Conroy (Resigned w.e.f. 30.04.2022) # Deemed interest through son
* Deemed interest through Generasi Setia (M) Sdn. Bhd.

DIRECTORS’ BENEFITS Employees’ Share Options Scheme

Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company Number of Options
was a party, whereby the directors might acquire benefits by means of acquisition of shares in, or debentures of the Company or any
Option
other body corporate.
price 1 August 31 July
RM 2021 Granted Exercised 2022
Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits
included in the aggregate amount of emoluments received or due and receivable by the directors or the fixed salary of a full-time The Company
employee of the Company as shown below) by reason of a contract made by the Company or a related corporation with any director Y Bhg Dato’ Lin Yun Ling 2.85 – 6,000,000 – 6,000,000
or with a firm of which he is a member, or with a company in which he has a substantial financial interest, except as disclosed in Y Bhg Dato’ Ir. Ha Tiing Tai 2.85 – 3,500,000 – 3,500,000
Note 41 to the financial statements. Encik Mohammed Rashdan bin Mohd Yusof 2.85 – 3,500,000 – 3,500,000
Mr. Justin Chin Jing Ho 2.85 – 3,000,000 – 3,000,000
Directors’ benefits are as disclosed in Note 6 to the financial statements.
Other than as disclosed above, none of the other directors of the Company at the end of the financial year had any interest in shares
or options over shares of the Company or its related corporations during the financial year.
DIRECTORS’ AND OFFICERS’ INDEMNITY
The Company maintains a liability insurance for the directors and officers of the Company and its subsidiaries throughout the financial The Company’s Employees’ Share Option Scheme (“ESOS”) was approved by shareholders at the Extraordinary General Meeting held
year, which provides insurance cover of RM50,000,000. The amount of insurance premium paid by the Company for the financial on 8 December 2021 and is effective for 5 years from 9 December 2021 to 31 January 2027.
year ended 31 July 2022 was RM122,400 (2021: RM117,200). The directors and officers shall not be indemnified by such insurance
for any deliberate negligence, fraud, intentional breach of law or breach of trust proven against them. As at 31 July 2022, all ESOS remain unexercised. The principal features of the ESOS and details of the share options granted as at 31
July 2022 are disclosed in Note 26(e) and Note 26(g) to the financial statements.

230 8 Financial Statements 8 Financial Statements 231

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

DIRECTORS’ REPORT (CONT’D.) DIRECTORS’ REPORT (CONT’D.)

ISSUANCE OF SHARES OTHER STATUTORY INFORMATION (CONT’D.)

During the financial year, the total number of issued and paid-up ordinary shares of the Company has increased from 2,513,528,454
to 2,553,930,909 by way of issuance of 40,402,455 new ordinary shares pursuant to the DRP application at an issue price of RM2.53
per ordinary share amounted to RM102,218,211.
The ordinary shares issued arising from the DRP shall rank pari passu in all respects with the existing issued ordinary shares of the
Company.
(g) The Company has been granted exemption by the Companies Commission of Malaysia for its four subsidiaries from having to
comply with Section 247(3) of the Companies Act 2016 to adopt a financial year end which coincides with that of its holding
company for the financial year ended 31 July 2022 as follows:
(i) Gamuda Land Vietnam Limited Liability Company, Gamuda Land (HCMC) Joint Stock Company and Gamuda Land Binh Duong
Company Limited with June financial year end; and
(ii) Gamuda-WCT (India) Private Limited with March financial year end.

OTHER STATUTORY INFORMATION

SIGNIFICANT AND SUBSEQUENT EVENT
(a) Before the financial statements of the Group and of the Company were made out, the directors took reasonable steps:
Significant and subsequent event is as disclosed in Note 42 to the financial statements.
(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance for
doubtful debts and satisfied themselves that all known bad debts have been written off and that adequate allowance had
been made for doubtful debts; and
AUDITORS AND AUDITORS’ REMUNERATION
(ii) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the
The auditors, Ernst & Young PLT, have expressed their willingness to continue in office.
ordinary course of business had been written down to an amount which the Group and the Company might be expected
so to realise.
Auditors’ remuneration is as follows:

(b) At the date of this report, the directors are not aware of any circumstances which would render: Group Company
(i) the amount written off for any bad debts or the amount of the allowance for doubtful debts in the financial statements of RM’000 RM’000
the Group and of the Company inadequate to any substantial extent; and Ernst & Young PLT 1,951 639
(ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading. Other auditors 160 93

2,111 732
(c) At the date of this report, the directors are not aware of any circumstances which have arisen which would render adherence
to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.

(d) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial
INDEMNIFICATION OF AUDITORS
statements of the Group and of the Company which would render any amount stated in the financial statements misleading. To the extent permitted by law, the Group and the Company have agreed to indemnify its auditors, Ernst & Young PLT, as part of
the terms of its audit engagement against claims by third parties arising from the audit. No payment has been made to indemnify
(e) At the date of this report, there does not exist: Ernst & Young PLT during the financial year nor since the end of the financial year.
(i) any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which secures
the liabilities of any other person; or
Signed on behalf of the Board in accordance with a resolution of the directors dated 12 October 2022.
(ii) any contingent liability of the Group or of the Company which has arisen since the end of the financial year.

(f) In the opinion of the directors:

(i) no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months
after the end of the financial year which will or may affect the ability of the Group or of the Company to meet their
obligations when they fall due; and Dato’ Mohammed bin Haji Che Hussein Dato’ Ir. Ha Tiing Tai
Chairman Deputy Group Managing Director
(ii) no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial
year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the
Company for the financial year in which this report is made.

232 8 Financial Statements 8 Financial Statements 233

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

STATEMENT BY DIRECTORS INDEPENDENT AUDITORS’ REPORT

Pursuant to Section 251(2) of the Companies Act 2016 to the members of Gamuda Berhad
(Incorporated in Malaysia)

We, Dato’ Mohammed bin Haji Che Hussein and Dato’ Ir. Ha Tiing Tai, being two of the directors of Gamuda Berhad, do hereby state
that, in the opinion of the directors, the accompanying financial statements set out on pages 242 to 412 are drawn up in accordance
with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act
2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as at 31 July 2022 and
of their financial performance and cash flows for the year then ended.
Signed on behalf of the Board in accordance with a resolution of the directors dated 12 October 2022.
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
Opinion
We have audited the financial statements of Gamuda Berhad, which comprise the statements of financial position as at 31 July 2022
of the Group and of the Company, and the income statements, statements of comprehensive income, statements of changes in equity
and statements of cash flows of the Group and of the Company for the year then ended, and notes to the financial statements,
including a summary of significant accounting policies, as set out on pages 242 to 412.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and of the
Company as at 31 July 2022, and of their financial performance and their cash flows for the year then ended in accordance with
Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016
in Malaysia.

Dato’ Mohammed bin Haji Che Hussein Dato’ Ir. Ha Tiing Tai
Chairman Deputy Group Managing Director
Basis For Opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing. Our
responsibilities under those standards are further described in the Auditors’ Responsibilities for the audit of the financial statements
section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.

Independence and Other Ethical Responsibilities

STATUTORY DECLARATION
Pursuant to Section 251(1)(b) of the Companies Act 2016
I, Soo Kok Wong (MIA No. 10520), being the officer primarily responsible for the financial management of Gamuda Berhad, do solemnly
and sincerely declare that the accompanying financial statements set out on pages 242 to 412 are in my opinion correct, and I make
this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations
Act, 1960.
We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and Practice)
of the Malaysian Institute of Accountants (“By-Laws”) and the International Code of Ethics for Professional Accountants (including
International Independence Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the
By-Laws and the IESBA Code.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the Group and of the Company for the current year. These matters were addressed in the context of our audit of the
financial statements of the Group and of the Company as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that
context.

We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the financial statements section of our
Subscribed and solemnly declared by report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to
the abovenamed Soo Kok Wong our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the
at Petaling Jaya in Selangor Darul Ehsan procedures performed to address the matters below, provide the basis of our audit opinion on the accompanying financial statements.
on 12 October 2022. Soo Kok Wong
1. Revenue and cost of sales from property development activities
A significant proportion of the Group’s revenues and profits are derived from property development contracts which span more
Before me, than one accounting period. For the financial year ended 31 July 2022, property development revenue and cost of sales are as
Chin Chia Man (No. B449) follows:
Commissioner for Oaths
Property development activities
Revenue: RM2,528,106,000 (52% of Group’s revenue from continuing operations)
Cost of sales: RM1,853,970,000 (49% of Group’s cost of sales from continuing operations)

The Group has determined that certain performance obligations in relation to property development activities are satisfied over
time and thus recognises revenue from this activity over time.

234 8 Financial Statements 8 Financial Statements 235

GAMUDA BERHAD 197601003632 (29579-T)
Independent auditors’ report (CONT’D.)
to the members of Gamuda Berhad
(Incorporated in Malaysia)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONT’D.)
Key Audit Matters (cont’d.)
1. Revenue and cost of sales from property development activities (cont’d.)
The amount of revenue and profit recognised from property development activities are dependent on, amongst others, the extent
of costs incurred to the total estimated costs of construction to derive the percentage-of-completion; the actual number of units
sold and the estimated total revenue for each of the respective projects.
We identified revenue and cost of sales from property development activities as areas requiring audit focus as significant
management’s judgement and estimates are involved in estimating the total property development costs which include the common
infrastructure costs (which is used to determine gross profit margin of property development activities undertaken by the Group).
In addressing this area of focus, we performed, amongst others, the following procedures:
i. Obtained an understanding of the processes and internal controls over the accuracy and timing of revenue recognised in
the financial statements, including controls performed by management in estimating the total property development cost,
profit margin and progress of development projects;
ii. For individually significant projects, we read the sales and purchase agreements entered into with customers to obtain an
understanding of the specific terms and conditions;
iii. Evaluated the assumptions applied in estimating the total property development costs for each property development phase
by examining documentary evidence such as letters of award issued to contractors to support the budgeted gross development
cost. We also considered the historical accuracy of management’s forecasts for the similar property development projects
within the Group in evaluating the estimated total property development costs;
iv. Observed the progress of the property development phases by performing site visits and examined the physical completion
progress reports. We have also discussed the status of on-going property development phases with management, finance
personnel and project officials;
v. Evaluated management’s assessment on whether provision for liquidated ascertained damages is required through supporting
documents such as the sales and purchase agreements for the rates, extension of time approvals and work progress report
indicating the reasons for the delay and efforts to catch up for phases whereby actual progress is behind planned progress;
and
vi. Evaluated the determination of progress of development projects by examining supporting evidence such as contractors’
progress claims and suppliers’ invoices.
The Group’s disclosure on property development costs recognised is included in Note 13(b) to the financial statements.
2. Revenue and cost of sales from construction contracts
A significant proportion of the Group’s revenues and profits are derived from construction contracts which span more than one
accounting period. For the financial year ended 31 July 2022, construction revenue and cost of sales are as follows:
Construction contracts
Revenue: RM1,975,878,000 (40% of Group’s revenue from continuing operations)
Cost of sales: RM1,744,552,000 (46% of Group’s cost of sales from continuing operations)
The Group has determined that certain performance obligations in relation to construction activities are satisfied over time and
thus recognises revenue from this activity over time.
236 8 Financial Statements
INTEGRATED REPORT 2022
Independent auditors’ report (CONT’D.)
to the members of Gamuda Berhad
(Incorporated in Malaysia)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONT’D.)
Key Audit Matters (cont’d.)
2. Revenue and cost of sales from construction contracts (cont’d.)
We identified construction contract revenue and cost of sales as areas requiring audit focus as these areas involved significant
management’s judgement and estimates, including:
i. Judgement and estimates made in the determination of whether variations in contract works should be included in the
contract revenue; and
ii. Estimates made in respect of the total estimated contract costs (which forms part of the computation of percentage-of-
completion for the construction contracts).
In addressing this area of focus, we performed, amongst others, the following procedures:
i. Read the contract to obtain an understanding of the specific terms and conditions;
ii. Obtained an understanding of the relevant processes and internal controls over the accuracy and timing of revenue recognised
in the financial statements, including controls performed by the management in estimating variation orders, claims, total
contract costs, profit margin and progress of construction projects;
iii. Observed the progress of the constructions by performing site visits and examined the physical completion progress reports.
We have also discussed the status of on-going constructions with management, finance personnel and project officials;
iv. Evaluated management’s assessment on whether provision for liquidated ascertained damages is required through supporting
documents such as the construction agreements for the rates, extension of time approvals and work progress report indicating
the reasons for the delay and efforts to catch up for phases whereby actual progress is behind planned progress;
v. Agreed the contract sum to approved variation order forms with respect to variations in contract works and claims for costs
not included in the contract price;
vi. Evaluated the assumptions applied in the determination of the progress of construction projects in light of supporting evidence
such as letters of award, approved purchase orders, sub-contractors’ claims and invoices; and
vii. Evaluated the determination of progress of construction projects by examining supporting evidence such as contractors’
progress claims and suppliers’ invoices.
The Group’s disclosure on contract assets/liabilities is included in Note 22 to the financial statements.
3. Impairment of property, plant and equipment (“PPE”) in a subsidiary, Gamuda Industrial Building System Sdn. Bhd. (“GIBS”)
The carrying amount of GIBS’s PPE as at 31 July 2022 is RM315,843,000.
GIBS is involved in the manufacturing and installation of prefabricated concrete panels for construction of buildings. The continued
decline in demand for products has led to a decrease in production volume, excess capacity and hence, the under-utilisation of
PPE. This gives rise to impairment indications for the carrying amounts of the PPE. Accordingly, the Group had performed an
impairment assessment on the assets in the subsidiary by estimating the recoverable amount applying the value-in-use (“VIU”)
method. Estimating the VIU involves estimating the future cash inflows and outflows that will be derived from the cash generating
unit, and discounting them at an appropriate rate.
Due to the significance of the amount and the subjectivity involved in estimating the VIU, we identified this as our area of audit
focus as the impairment assessment involves determining the recoverable amounts using a discounted cash flow approach which
is complex and highly judgemental. Significant assumptions applied in the discounted cash flow, including revenue growth rate
is affected by the local market demand for the subsidiary’s products, and the economic conditions surrounding the property
development sector. Judgement was also applied in determining the appropriate rate to discount the future cash flows to its
present value.
8 Financial Statements 237
GAMUDA BERHAD 197601003632 (29579-T)
Independent auditors’ report (CONT’D.)
to the members of Gamuda Berhad
(Incorporated in Malaysia)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONT’D.)
Key Audit Matters (cont’d.)
3. Impairment of property, plant and equipment (“PPE”) in a subsidiary, Gamuda Industrial Building System Sdn. Bhd. (“GIBS”)
(cont’d.)
In addressing this area of focus, we performed, amongst others, the following procedures:
i. Obtained an understanding of the relevant processes and internal controls over estimating the recoverable amount of the
PPE;
ii. Evaluated the management’s assumptions on revenue growth rate, gross profit margin and utilisation rate against the Group’s
plan to supply the prefabricated concrete panels for use in the Group’s future development projects;
iii. Assessed the appropriateness of the discount rate used to determine the present value of the cash flows and whether the
rate used reflects the current market assessments of the time value of money and the risks specific to the asset is the return
that investors would require if they were to choose an investment that would generate cash flows of amounts, timing and
risk profile equivalent to those that the entity expects to derive from the asset; and
iv. Analysed the sensitivity of the key assumptions by assessing the impact of changes to the key assumptions on the recoverable
amount.
The Group’s disclosure on PPE is included in Note 12 to the financial statements.
4. Impairment of investment in a subsidiary – GIBS
The carrying amount of the Company’s investment in the wholly-owned subsidiary – GIBS as at 31 July 2022 is RM370,500,000
which accounted for approximately 3% of the Company’s total assets.
The continued losses reported by the Company’s subsidiary, GIBS, indicated that the carrying amount of the investment in subsidiary
may be impaired. Accordingly, the Company had performed an impairment assessment on the investment in the subsidiary by
estimating the recoverable amount applying the value-in-use (“VIU”) method. Estimating the VIU involves estimating the future
cash inflows and outflows and the terminal value that will be derived from the cash generating unit, and discounting them at an
appropriate rate.
Due to the significance of the amount and the subjectivity involved in estimating the VIU, we identified this as our area of audit
focus as the impairment assessment involves determining the recoverable amounts using a discounted cash flow approach which
is complex and highly judgemental. Significant assumptions applied in the discounted cash flow, including the terminal growth
rate, is affected by the local market demand for the subsidiary’s products, and the economic conditions surrounding the property
development sector. Judgement was also applied in determining the appropriate rate to discount the future cash flows to its
present value.
In addressing this area of focus, we performed, amongst others, the following procedures:
i. Obtained an understanding of the relevant processes and internal controls over estimating the recoverable amount of the
investment in the subsidiary;
ii. Evaluated the management’s assumptions on gross profit margin and utilisation rate against the Group’s plan to supply the
prefabricated concrete panels for use in the Group’s future development projects, and the terminal growth rate;
iii. Assessed the appropriateness of the discount rate used to determine the present value of the cash flows and whether the
rate used reflects the return that investors would require if they were to choose an investment that would generate cash
flows of amounts, timing and risk profile equivalent to those that the entity expects to derive; and
iv. Analysed the sensitivity of the key assumptions by assessing the impact of changes to the key assumptions on the recoverable
amount.
The Company’s disclosure on investments in subsidiaries are included in Note 17 to the financial statements.
238 8 Financial Statements
INTEGRATED REPORT 2022
Independent auditors’ report (CONT’D.)
to the members of Gamuda Berhad
(Incorporated in Malaysia)
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONT’D.)
Key Audit Matters (cont’d.)
5. Net realisable value of completed property development units classified as inventories
As at 31 July 2022, the carrying amount of completed property units of RM630,432,000 represents 5% and 3% of the Group’s
total current assets and total assets respectively.
The current economic outlook and property market environment posed challenges to the sale of these inventories. The Group
continues to monitor the realisable value of these inventories to ensure that these inventories are stated at the lower of cost and
net realisable values (the estimated selling price less estimated costs necessary to make the sale).
We considered the net realisable value of completed units to be an area of audit focus as such assessment includes estimates
made by management and is influenced by assumptions concerning future market and economic conditions.
In addressing this area of focus, we performed, amongst others, the following procedures:
i. Obtained an understanding of the processes and internal controls performed by management in estimating the net realisable
value of these inventories; and
ii. Evaluated the management’s assessment of the estimated selling price (less estimated cost necessary to make the sale) of
these inventories by comparing to the recent transacted prices of similar completed property development units within the
vicinity.
The Company’s disclosure on completed property units are included in Note 13(c) to the financial statements.
We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the financial statements section of our
report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to
our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis of our audit opinion on the accompanying financial statements.
Information Other than the Financial Statements and Auditor’s Report
The directors of the Company are responsible for the other information. The other information comprises the Directors’ Report, but
does not include the financial statements of the Group and of the Company and our auditors’ report thereon, which we obtained
prior to the date of this auditors’ report, and the information included in the annual report, which is expected to be made available
to us after the date of this auditors’ report.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do not
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial
statements of the Group and of the Company or our knowledge obtained in the audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
When we read the annual report, if we conclude that there is a material misstatement therein, we are required to communicate the
matter to the directors of the Company and take appropriate action.
8 Financial Statements 239
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Independent auditors’ report (CONT’D.) Independent auditors’ report (CONT’D.)

to the members of Gamuda Berhad to the members of Gamuda Berhad
(Incorporated in Malaysia) (Incorporated in Malaysia)

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONT’D.)
Responsibilities of Directors for the Financial Statements
The directors of the Company are responsible for the preparation of financial statements of the Group and of the Company that give
a true and fair view in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the
requirements of the Companies Act 2016 in Malaysia. The directors are also responsible for such internal control as the directors
determine is necessary to enable the preparation of financial statements of the Group and of the Company that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the directors are responsible for assessing the Group’s and
the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless the directors either intend to liquidate the Group or the Company or to cease operations, or have
no realistic alternative but to do so.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with approved
standards on auditing in Malaysia and International Standards on Auditing will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS (CONT’D.)
Auditors’ Responsibilities for the Audit of the Financial Statements (cont’d.)
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit
and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in
the audit of the financial statements of the current year and are therefore the key audit matters. We describe these matters in our
auditors’ report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of which we have not
acted as auditors, are disclosed in Note 17 to the financial statements.

As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing, we exercise OTHER MATTERS
professional judgement and maintain professional scepticism throughout the audit. We also:
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies Act 2016
• Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company, whether due in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this report.
to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
Ernst & Young PLT Tan Shium Jye
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s and the Company’s internal
202006000003 (LLP0022760-LCA) & AF 0039 No. 02991/05/2024 J
control.
Chartered Accountants Chartered Accountant
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the directors. Kuala Lumpur, Malaysia
12 October 2022
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s or
the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditors’ report to the related disclosures in the financial statements of the Group and of the Company or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditors’ report. However, future events or conditions may cause the Group or the Company to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company, including
the disclosures, and whether the financial statements of the Group and of the Company represent the underlying transactions and
events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group
to express an opinion on the financial statements of the Group. We are responsible for the direction, supervision and performance
of the group audit. We remain solely responsible for our audit opinion.

240 8 Financial Statements 8 Financial Statements 241

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

CONSOLIDATED INCOME STATEMENT Consolidated income statement (CONT’D.)

For the financial year ended 31 July 2022
For the financial year ended 31 July 2022

2022 2021 2022 2021

Note RM’000 RM’000 Note RM’000 RM’000
Continuing operations Earnings per share attributable to owners of the Company
Revenue 4 4,902,080 3,268,807 Basic earnings per share (sen) 10(a)
Other income 187,963 177,519 – Continuing operations 28.68 18.10
Construction contract costs recognised as contract expenses (1,744,552) (1,410,639) – Discontinued operations 3.18 5.31
Land and development costs (1,853,970) (703,855)
31.86 23.41
Changes in inventory of finished goods and work in progress (11,741) (14,122)
Purchases – raw and trading materials (131,111) (199,975) Fully Diluted earnings per share (sen) 10(b)
Production overheads (73,500) (89,746) – Continuing operations 28.46 18.10
Staff costs 5 (276,463) (180,390) – Discontinued operations 3.15 5.31
Depreciation and amortisation (111,543) (105,424) 31.61 23.41
Net reversal of/(allowance for) doubtful debts 772 (396)
Other operating expenses (253,294) (258,001) Net dividends per ordinary share (sen) 11 12.0 –

Profit from operations 7 634,641 483,778

Profit attributable to owners of the Company can be analysed as follows:
Finance costs 8 (86,675) (100,166)
Profit before taxation from continuing and discontinued operations 1,016,110 786,250
Share of profits of associated companies 6,008 2,459
Less: Income tax expense (180,064) (154,061)
Share of profits of joint ventures 343,825 224,908
Profit after tax 836,046 632,189
Profit before tax from operations 897,799 610,979
Less: Non-controlling interests (29,821) (43,873)
Income tax expense 9 (156,385) (132,171)
Profit attributable to owners of the Company 806,225 588,316
Profit for the year from operations 741,414 478,808

Discontinued operations
Profit from discontinued operations, net of tax 47 94,632 153,381

Profit for the year 836,046 632,189

Profit attributable to:

Owners of the Company
– Continuing operations 725,794 454,762
– Discontinued operations 80,431 133,554

806,225 588,316

Non-controlling interests
– Continuing operations 15,620 24,046
– Discontinued operations 14,201 19,827

29,821 43,873

Total 836,046 632,189

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

242 8 Financial Statements 8 Financial Statements 243

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

CONSOLIDATED STATEMENT OF CONSOLIDATED STATEMENT OF

COMPREHENSIVE INCOME FINANCIAL POSITION
For the financial year ended 31 July 2022 For the financial year ended 31 July 2022

2022 2021 2022 2021

RM’000 RM’000 Note RM’000 RM’000
Profit for the year 836,046 632,189 ASSETS
Non-current assets
Other comprehensive income: Property, plant and equipment 12 1,095,482 960,687
Land held for property development 13(a) 3,507,908 3,305,083
Other comprehensive income to be reclassified to profit or loss in subsequent periods: Investment properties 14 691,494 711,524
Foreign currency translation (Note 27) 114,276 30,760 Right-of-use assets 15 79,319 82,677
Share of associated companies’ foreign currency translation (Note 27) (978) 375 Concession development expenditure 16 137,124 1,228,026
Interests in associated companies 18 77,606 780,426
113,298 31,135
Interests in joint arrangements 19 933,063 1,040,909
Other investments 20 7,802 812
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Deferred tax assets 32 64,246 57,775
Fair value remeasurement on defined benefit plan (Note 29) 3,767 4,423
Receivables and other financial assets 21(b) 324,653 360,407
Income tax effect (163) (731)
6,918,697 8,528,326
3,604 3,692

Total comprehensive income for the year 952,948 667,016

Current assets
Property development costs 13(b) 2,011,858 2,060,166
Total comprehensive income attributable to: Inventories 13(c) 655,437 808,562
Owners of the Company 924,217 622,463 Receivables and other financial assets 21(a) 2,437,077 1,746,464
Non-controlling interests 28,731 44,553 Contract assets 22 2,695,647 1,694,143
Tax recoverable 20,381 47,814
952,948 667,016
Investment securities 23 700,782 881,337
Cash and bank balances 25 2,794,348 2,656,658

11,315,530 9,895,144
Assets held for sale 47 2,028,499 –

13,344,029 9,895,144

Total assets 20,262,726 18,423,470

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

244 8 Financial Statements 8 Financial Statements 245

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Consolidated statement of Financial Position (CONT’D.)

For the financial year ended 31 July 2022
CONSOLIDATED STATEMENT OF
CHANGES IN EQUITY
For the financial year ended 31 July 2022
Attributable to owners of the Company
2022 2021
Non-distributable Distributable
Note RM’000 RM’000
Share Other Retained Non-
EQUITY AND LIABILITIES
capital Option reserves profits controlling Total
Equity attributable to owners of the Company
(Note 26) reserves (Note 27) (Note 28) Total interests equity
Share capital 26 3,723,167 3,620,949
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Reserves 6,181,801 5,542,608
At 1 August 2021 3,620,949 – 222,622 5,319,986 9,163,557 352,145 9,515,702
Owners’ equity 9,904,968 9,163,557
Total comprehensive income – – 114,387 809,830 924,217 28,731 952,948
Non-controlling interests 349,444 352,145

Total equity 10,254,412 9,515,702 Transactions with owners:

Share options granted under ESOS – 16,832 – – 16,832 – 16,832
Issuance of ordinary shares by a
Non-current liabilities
subsidiary to non-controlling interest – – – – – 7,968 7,968
Payables 30(a) 202,840 212,881
Contract liabilities 22 21,486 25,621
Dividends paid by subsidiaries to
Provision for liabilities 37 99,262 116,542
non-controlling interests – – – – – (39,400) (39,400)
Deferred tax liabilities 32 104,311 296,154
Long term Islamic debts 33 1,950,000 2,645,000
First interim dividend paid to
Long term conventional debts 34 1,280,727 1,130,630
shareholders:
3,658,626 4,426,828 – Issuance of new shares in the
Company pursuant to the DRP
(Note 11) 102,218 – – (102,218) – – –
Current liabilities
– Cash dividend (Note 11) – – – (48,594) (48,594) – (48,594)
Payables 30(b) 2,666,581 1,745,594
Contract liabilities 22 1,429,921 1,028,619
Second interim dividend payable to
Provision for liabilities 37 160,434 158,183
shareholders:
Short term Islamic debts 33 1,008,902 790,000
– Issuance of new shares in the
Short term conventional debts 34 540,435 662,164
Company pursuant to the DRP
Tax payable 84,361 96,380
(Note 11) – – – (119,586) (119,586) – (119,586)
5,890,634 4,480,940 – Cash dividend (Note 11) – – – (33,650) (33,650) – (33,650)
Liabilities directly associated with the assets held for sale 47 459,054 –
Acquisition of additional interest in a
6,349,688 4,480,940
joint arrangement (Note 19(c)(i)) – – – 2,192 2,192 – 2,192
Total liabilities 10,008,314 8,907,768
Total transactions with owners 102,218 16,832 – (301,856) (182,806) (31,432) (214,238)

Total equity and liabilities 20,262,726 18,423,470

At 31 July 2022 3,723,167 16,832 337,009 5,827,960 9,904,968 349,444 10,254,412

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

246 8 Financial Statements 8 Financial Statements 247

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Consolidated statement of Changes in Equity (CONT’D.)

For the financial year ended 31 July 2022
CONSOLIDATED STATEMENT OF CASH FLOWS
For the financial year ended 31 July 2022

Attributable to owners of the Company

2022 2021
Non-distributable Distributable
RM’000 RM’000
Share Other Retained Non-
Cash flows from operating activities
capital reserves profits controlling Total
Profit before tax from continuing operations 897,799 610,979
(Note 26) (Note 27) (Note 28) Total interests equity
Profit before tax from discontinued operations 118,311 175,271
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Profit before tax 1,016,110 786,250
At 1 August 2020 3,620,946 288,973 4,631,173 8,541,092 426,502 8,967,594
Adjustments for:
Total comprehensive income – 30,455 592,008 622,463 44,553 667,016
Amortisation:
– Concession development expenditure 23,555 21,520
Transactions with owners:
Depreciation:
Issuance of ordinary shares pursuant to
– Property, plant and equipment 62,972 65,828
conversion of Warrants (Notes 26 and 27) 3 (1) – 2 – 2
– Investment properties 16,742 11,894
Issuance of ordinary shares by
– Right-of-use assets 8,271 5,741
a subsidiary to non-controlling interest – – – – 3,538 3,538
Provision for/(reversal of):
Transfer warrants reserves to retained profits upon
– Liabilities 1,400 2,822
expiry of warrants – (96,805) 96,805 – – –
– Retirement benefits obligations 5,509 (2,529)
Dividends paid by subsidiaries to non-controlling
– Short term accumulating compensated absences 1,107 4,170
interests – – – – (122,448) (122,448)
Property, plant and equipment written off 422 2,427
Total transactions with owners 3 (96,806) 96,805 2 (118,910) (118,908) Net (gain)/loss on:
At 31 July 2021 3,620,949 222,622 5,319,986 9,163,557 352,145 9,515,702 – Disposal of property, plant and equipment (3,404) 3
– Disposal of investment properties (3,563) (6,242)
– Unrealised foreign exchange 578 1,175
– Deemed disposal of interest in an associated company (10,196) (1,858)
Fair value (gain)/loss on embedded derivatives (16,418) 6,182
Share of profits of:
– Associated companies (6,008) (2,459)
– Joint ventures (343,825) (224,908)
Net (reversal of)/allowance for doubtful debts (772) 396
Share options granted under ESOS 16,832 –
Distribution from investment securities:
– Islamic (6,789) (9,873)
– Non-Islamic (12,142) (11,157)
Profit rate from Islamic fixed deposits (7,289) (5,974)
Interest income arising from:
– Non-Islamic fixed deposits (82,990) (68,722)
– Significant financing component (190) (211)
Unwinding of discount:
Notional interest income on non-current:
– Trade receivables (6,909) (15,272)
– Amounts due from joint ventures (3,518) (3,617)
Notional interest expense on non-current payables 31,539 27,789
Finance costs 55,136 72,377

Operating profit before working capital changes 736,160 655,752

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

248 8 Financial Statements 8 Financial Statements 249

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Consolidated statement of Cash Flows (CONT’D.) Consolidated statement of Cash Flows (CONT’D.)
For the financial year ended 31 July 2022 For the financial year ended 31 July 2022

2022 2021 2022 2021

RM’000 RM’000 RM’000 RM’000
Cash flows from operating activities (cont’d.) Cash flows from financing activities
Operating profit before working capital changes 736,160 655,752 Net repayment of borrowings and debts (143,510) (154,694)
Movement in: Repayment of lease liabilities (6,113) (6,564)
– Land held for property development (227,583) (166,557) Proceeds from conversion of warrants – 2
– Property development costs 684,619 377,745 Capital injection in a subsidiary by non-controlling interest 7,968 3,538
– Receivables (669,169) 948,784 Dividends paid to:
– Inventories 16,460 (250,337) – Shareholders (48,593) –
– Contract assets/(liabilities) (565,412) (258,909) – Non-controlling interests (18,400) (108,948)
– Lease liabilities 5,703 2,969 Net financing cash flows attributable to discountinued operations (111,000) (103,500)
– Payables 805,976 (44,150)
Net cash used in financing activities (319,648) (370,166)
Cash generated from operations 786,754 1,265,297
Income taxes paid (111,557) (148,946) Net increase/(decrease) in cash and cash equivalents 546,983 (217,805)
Finance costs paid (198,991) (206,170) Effects of exchange rate changes 51,154 9,341
Retirement benefit obligations paid (1,788) (4,702) Cash and cash equivalents at beginning of year 1,310,297 1,518,761
Net operating cash flows attributable to discountinued operations (4,317) 66,092
Cash and cash equivalents at end of year (Note 25) 1,908,434 1,310,297
Net cash generated from operating activities 470,101 971,571

Cash flows from investing activities

Additions to: Reconciliation of liabilities arising from financing activities:
– Property, plant and equipment (205,510) (89,797) The table below details changes in the Group’s borrowings and debts arising from financing activities, including both cash and
– Land held for property development expenditure (166,778) (218,912) non-cash changes.
– Investment properties (2,658) (134,967)
– Concession development expenditures (9,537) (13,057) Lease
– Right-of-use assets – leasehold land – (2,962) Borrowings liabilities Total
Acquisition of land for property development (181,840) – RM’000 RM’000 RM’000
Proceeds from:
At 1 August 2021 5,227,794 10,727 5,238,521
– Disposal of property, plant and equipment 4,935 127
Repayment during the year (1,063,983) (6,113) (1,070,096)
– Disposal of investment properties 6,782 12,409
Additions during the year 830,473 5,301 835,774
Capital injection to an associated company (2,100) –
Fair value gain on embedded derivatives (16,418) – (16,418)
Additional of interest in joint ventures (net) – 24,510
Interest expense – 402 402
Net withdrawal/(purchase) of investment securities 175,912 (236,870)
Effects of exchange rate changes (2,802) 89 (2,713)
Net withdrawal/(placement) of deposits with tenure more than 3 months 37,453 (568,720)
Dividend received from: 4,975,064 10,406 4,985,470
– Associated companies 57,514 272,465 Less: Liabilities directly associated with the assets held for sale (195,000) – (195,000)
– Joint ventures 423,000 186,206
At 31 July 2022 4,780,064 10,406 4,790,470
Distribution received from investment securities:
– Islamic 6,876 9,873
– Non-Islamic 12,142 11,157 At 1 August 2020 5,465,131 14,279 5,479,410
Profit rate received from Islamic fixed deposits 12,293 6,983 Repayment during the year (2,000,821) (6,564) (2,007,385)
Interest income received from non-Islamic fixed deposits 76,329 68,722 Additions during the year 1,756,127 2,375 1,758,502
Net investing cash flows attributable to discountinued operations 151,717 (146,377) Fair value loss on embedded derivatives 6,182 – 6,182
Interest expense – 594 594
Net cash generated from/(used in) investing activities 396,530 (819,210)
Effects of exchange rate changes 1,175 43 1,218

At 31 July 2021 5,227,794 10,727 5,238,521

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

250 8 Financial Statements 8 Financial Statements 251

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

INCOME STATEMENT STATEMENT OF COMPREHENSIVE INCOME

For the financial year ended 31 July 2022 For the financial year ended 31 July 2022

2022 2021 2022 2021

Note RM’000 RM’000 RM’000 RM’000

Continuing operations Profit for the year 577,006 971,299

Revenue 4 1,832,065 1,837,441
Other comprehensive income:
Other income 166,636 187,667
Construction contract costs recognised as contract expenses (1,185,642) (825,519)
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Staff costs 5 (102,868) (56,511)
Depreciation (6,302) (6,637) Foreign currency translation (Note 27) 663 7,383
Other operating expenses (50,842) (71,648)
Impairment of cost of investment in SMART Holdings (49,500) – Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Profit from operations 7 603,547 1,064,793 Fair value remeasurement on defined benefit plan (Note 29) 368 1,331
Finance costs 8 (102,217) (120,639) Income tax effect (88) (319)
Profit before tax from operations 501,330 944,154 Other comprehensive income for the year, net of tax 943 8,395
Income tax expense 9 (30,838) (50,366)
Total comprehensive income for the year 577,949 979,694
Profit for the year from operations 470,492 893,788

Discontinuing operations
Profit from discontinued operations, net of tax 47 106,514 77,511

Profit for the year 577,006 971,299

Net dividends per ordinary share (sen) 11 12.00 –

The accompanying accounting policies and explanatory notes form an integral part of the financial statements. The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

252 8 Financial Statements 8 Financial Statements 253

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

STATEMENT OF FINANCIAL POSITION Statement of financial position (CONT’D.)

As at 31 July 2022
As at 31 July 2022

2022 2021 2022 2021

Note RM’000 RM’000 Note RM’000 RM’000
ASSETS EQUITY AND LIABILITIES
Non-current assets Equity
Property, plant and equipment 12 196,598 138,923 Share capital 26 3,723,167 3,620,949
Investment properties 14 9,764 9,788 Reserves 3,813,215 3,520,290
Right-of-use assets 15 7,569 5,196
Owners’ equity 7,536,382 7,141,239
Investments in subsidiaries 17 4,563,658 4,374,869
Interests in associated companies 18 3,004 253,218
Interests in joint arrangements 19 128,127 177,627 Non-current liabilities
Other investments 20 7,802 733 Payables 30(a) 49,640 72,917
Deferred tax assets 32 5,693 6,520 Due to subsidiaries 36 1,892 12,256
Receivables and other financial assets 21(b) 12,589 26,525 Long term Islamic debts 33 850,000 1,750,000
Due from subsidiaries 24 1,150,000 2,174,536 Long term conventional debts 34 300,000 100,000

6,084,804 7,167,935 1,201,532 1,935,173

Current assets Current liabilities

Inventories 13(c) 661 647 Payables 30(b) 670,343 219,854
Receivables 21(a) 870,767 734,775 Contract liabilities 22 1,245,163 856,448
Contract assets 22 39,535 45,825 Due to subsidiaries 36 107,656 131,230
Due from subsidiaries 24 2,986,151 2,033,993 Short term Islamic debts 33 908,902 400,000
Investment securities 23 606,192 743,716 Short term conventional debts 34 254,284 157,987
Cash and bank balances 25 722,856 135,105 Tax payable 24,090 21,329
Tax recoverable 2,038 1,264 3,210,438 1,786,848
5,228,200 3,695,325 Total liabilities 4,411,970 3,722,021
Assets held for sale 47 635,348 –

5,863,548 3,695,325 Total equity and liabilities 11,948,352 10,863,260

Total assets 11,948,352 10,863,260

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

254 8 Financial Statements 8 Financial Statements 255

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

STATEMENT OF CHANGES IN EQUITY STATEMENT OF CASH FLOWS

For the financial year ended 31 July 2022 For the financial year ended 31 July 2022

Non-distributable Distributable
2022 2021
Share Other Retained RM’000 RM’000
capital Option reserves profits Cash flows from operating activities
(Note 26) reserves (Note 27) (Note 28) Total Profit before tax from continuing operations 501,330 944,154
Company RM’000 RM’000 RM’000 RM’000 RM’000 Profit before tax from discontinued operations 106,514 77,511
At 1 August 2021 3,620,949 – 7,063 3,513,227 7,141,239 Profit before tax 607,844 1,021,665
Adjustments for:
Total comprehensive income – – 663 577,286 577,949 Depreciation:
– Property, plant and equipment 5,566 5,810
Transactions with owners: – Right-of-use assets 712 803
Share options granted under ESOS – 16,832 – – 16,832 – Investment properties 24 24
First interim dividend paid to shareholders: Provision for:
– Issuance of new shares in the – Retirement benefits obligations 693 551
Company pursuant to the DRP – Short term accumulating compensated absences 186 906
(Note  11) 102,218 – – (102,218) – Net gain on:
– Cash dividend (Note 11) – – – (48,594) (48,594) – Disposal of property, plant and equipment (7) (13)
Second interim dividend payable to – Unrealised foreign exchange (12,012) (328)
shareholders: Share options granted under ESOS 16,832 –
– Issuance of new shares in the Dividend income from:
Company pursuant to the DRP – Subsidiaries (139,170) (573,188)
(Note  11) – – – (119,586) (119,586) – Associated companies (57,514) (264,051)
– Cash dividend (Note 11) – – – (33,650) (33,650) – Joint ventures (423,000) (80,000)
Acquisition of additional interest in a joint Distribution from investment securities:
arrangement (Note 19(c)(i)) – – – 2,192 2,192 – Islamic (5,575) (7,085)
– Non-Islamic (8,757) (8,723)
Total transactions with owners 102,218 16,832 – (301,856) (182,806) Profit rate from Islamic fixed deposits (330) (554)
Interest income from:
At 31 July 2022 3,723,167 16,832 7,726 3,788,657 7,536,382
– Non-Islamic fixed deposits (1,433) (1,074)
– Subsidiaries (128,653) (149,499)
Unwinding of discount:
Non-distributable Distributable
Notional interest income on non-current:
Share Other Retained – trade receivables (3,018) (349)
capital reserves profits – amounts due from joint ventures (1,213) (1,432)
(Note 26) (Note 27) (Note 28) Total Notional interest expense on non-current payables 5,306 3,042
Company RM’000 RM’000 RM’000 RM’000 Finance costs 96,911 117,597
Impairment of cost of investment in SMART Holdings 49,500 –
At 1 August 2020 3,620,946 96,486 2,444,111 6,161,543
Operating profits before working capital changes 2,892 64,102
Total comprehensive income – 7,383 972,311 979,694 Movement in:
– Net amounts due from/to subsidiaries (trade) 897,165 (173,545)
Transactions with owners: – Receivables (122,056) 169,278
– Inventories (14) 501
Issue of ordinary shares pursuant to conversion of
– Contract assets/(liabilities) 398,278 (108,761)
Warrants (Notes 26 and 27) 3 (1) – 2
– Lease liabilities 2,405 706
Transfer warrants reserves to retained profits upon expiry of
– Payables 273,379 19,041
warrants – (96,805) 96,805 –
Cash generated from/(used in) operations 1,452,049 (28,678)
Total transactions with owners 3 (96,806) 96,805 2
Dividend received 513,170 839,728
At 31 July 2021 3,620,949 7,063 3,513,227 7,141,239 Income taxes paid (28,131) (48,269)
Finance costs paid (96,911) (117,620)
Retirement benefit obligations paid – (167)
Net operating cash flows attributable to discountinued operations 106,514 77,511
Net cash generated from operating activities 1,946,691 722,505
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

256 8 Financial Statements 8 Financial Statements 257

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Statement of cash flows (CONT’D.) Statement of cash flows (CONT’D.)

For the financial year ended 31 July 2022 For the financial year ended 31 July 2022

Reconciliation of liabilities arising from financing activities:

2022 2021
RM’000 RM’000 The table below details changes in the Company’s borrowings and debts arising from financing activities, including both cash and
non-cash changes.
Cash flows from investing activities
Purchase of property, plant and equipment (65,200) (3,728)
Lease
Proceeds from disposal of property, plant and equipment 13 69
Borrowings liabilities Total
Capital injection in subsidiaries (258,356) (25,493)
RM’000 RM’000 RM’000
Additions in right-of-use assets (5,007) –
Acquisition of additional interest in other investments (7,069) – At 1 August 2021 2,407,987 682 2,408,669
Net (advances to)/repayment from subsidiaries (1,162,279) 281,614 Repayment during the year (1,590,828) (1,831) (1,592,659)
Capital redemption from a subsidiary – 20,000 Additions during the year 1,497,310 4,159 1,501,469
Net withdrawal/(purchase) of investment securities 137,524 (161,866) Interest expense – 69 69
Distribution received from investment securities: Effects of exchange rate changes (1,283) 8 (1,275)
– Islamic 5,575 7,085
At 31 July 2022 2,313,186 3,087 2,316,273
– Non-Islamic 8,757 8,723
Profit rate received from Islamic fixed deposits 330 554
Interest income from: At 1 August 2020 3,464,080 1,586 3,465,666
– Non-Islamic fixed deposits 1,433 1,074 Repayment during the year (1,250,722) (1,690) (1,252,412)
– Subsidiaries 128,653 149,499 Additions during the year 191,219 706 191,925
Interest expense – 58 58
Net cash (used in)/generated from investing activities (1,215,626) 277,531
Effects of exchange rate changes 3,410 22 3,432

At 31 July 2021 2,407,987 682 2,408,669

Cash flows from financing activities
Net repayment of borrowings and debts (93,518) (1,059,503)
Payment of lease liabilities (1,831) (1,690)
Proceeds from:
– Conversion of warrants – 2
Dividend paid to shareholders (48,593) –

Net cash used in from financing activities (143,942) (1,061,191)

Net increase/(decrease) in cash and cash equivalents 587,123 (61,155)

Effects of exchange rate changes 628 728
Cash and cash equivalents at beginning of year 135,105 195,532

Cash and cash equivalents at end of year (Note 25) 722,856 135,105

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

258 8 Financial Statements 8 Financial Statements 259

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

NOTES TO THE FINANCIAL STATEMENTS Notes to the financial statements (CONT’D.)

– 31 July 2022
– 31 July 2022

1. CORPORATE INFORMATION 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Market of 2.3 Standards and interpretations issued but not yet effective
Bursa Malaysia Securities Berhad. The registered office and principal place of business of the Company is located at Menara
The Group and the Company have not adopted the following standards and amendments to MFRSs that have been issued,
Gamuda, PJ Trade Centre, No. 8, Jalan PJU 8/8A, Bandar Damansara Perdana, 47820 Petaling Jaya, Selangor Darul Ehsan.
but yet to be effective:

The principal activities of the Company are that of investment holding and civil engineering construction. The principal activities
Effective for annual periods beginning on or after 1 January 2022:
of the subsidiaries, associated companies and joint arrangements are described in Notes 17, 18 and 19 respectively.
Amendments to MFRS 3 Reference to the Conceptual framework
There have been no significant changes in the nature of these activities during the financial year.
Amendments to MFRS 116 Property, Plant and Equipment – Proceeds before Intended Use
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on Amendments to MFRS 1, Annual Improvements to MFRS Standards 2018–2020
12 October 2022. MFRS 9, MFRS 16, MFRS 141

Amendments to MFRS 137 Provisions, Contingent Liabilities and Contingent Assets

– Onerous Contracts – Cost of Fulfilling a Contract
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation Effective for annual periods beginning on or after 1 January 2023:
The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial
Amendments to MFRS 101 Classification of Liabilities as Current or Non-current
Reporting Standards (“MFRS”), International Financial Reporting Standards and the requirements of the Companies Act 2016
in Malaysia. Amendments to MFRS 101 Disclosure of Accounting Policies

MFRS 17 Insurance Contracts

The financial statements are presented in Ringgit Malaysia (“RM”) and all values are rounded to the nearest thousand
(“RM’000”) except when otherwise indicated. Amendments to MFRS 17 Initial Application of MFRS 17 and MFRS 9 – Comparative Information

Amendments to MFRS 108 Definition of Accounting Estimates

The financial statements of the Group and of the Company have been prepared on the historical cost basis except as
disclosed in the accounting policies below. Amendments to MFRS 112 Deferred Tax related to Assets and Liabilities arising from a Single Transaction

2.2 Changes in accounting policies Deferred:

The accounting policies adopted are consistent with those of the previous financial year except as follows: Amendments to MFRS 10 and Sale or Contribution of  Assets between an Investor and its Associate or Joint Venture
MFRS 128
On 1 August 2021, the Group and the Company adopted the following amended MFRSs:
The directors expect that the adoption of the above standards and amendments to MFRSs will have no significant impact
Effective for annual periods beginning on or after 1 January 2021: on the financial statements of the Group and the Company in the period of initial application.
Amendments to MFRS 9, Interest Rate Benchmark Reform – Phase 2
MFRS 139, MFRS 7, MFRS 4 2.4 Basis of consolidation
and MFRS 16 The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the
reporting date. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements
Effective for annual periods beginning on or after 1 April 2021: are prepared for the same reporting date as the Company. Consistent accounting policies are applied for like transactions
and events in similar circumstances.
Amendments to MFRS 16 COVID-19 – Related Rent Concession beyond 30 June 2021
The Company controls an investee if and only if the Company has all the following:
The adoption of these amended standards did not have any material financial impact to the Group and the Company.
(i) Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the investee);
(ii) Exposure, or rights, to variable returns from its investment with the investee; and
(iii) The ability to use its power over the investee to affect its returns.

260 8 Financial Statements 8 Financial Statements 261

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.4 Basis of consolidation (cont’d.)
Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when
the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and
circumstances in assessing whether it has power over an investee, including:
(i) The contractual arrangement(s) with the other vote holders of the investee;
(ii) Rights arising from other contractual arrangements; and
(iii) The Group’s voting rights and potential voting rights.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.5 Business combinations and goodwill (cont’d.)
Goodwill is initially measured at cost (being the excess of the aggregate of the consideration transferred and the amount
recognised for non-controlling interests and any previous interest held over the net identifiable assets acquired and liabilities
assumed). If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group
re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the
procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an
excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in
profit or loss.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes
testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s cash-
to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control
generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the
over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of
acquiree are assigned to those units.
a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date
the Group gains control until the date the Group ceases to control the subsidiary.
Where goodwill has been allocated to a cash-generating unit (“CGU”) and part of the operation within that unit is disposed
of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining
Profit or loss and each component of other comprehensive income (“OCI”) are attributed to the equity holders of the
the gain or loss on disposal. Goodwill disposed in these circumstances is measured based on the relative values of the
parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit
disposed operation and the portion of the cash-generating unit retained.
balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies
in line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows
2.6 Investment in associated companies and joint ventures
relating to transactions between members of the Group are eliminated in full on consolidation.
An associate is an entity over which the Group has significant influence. Significant influence is the power to participate
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling A joint venture is a type of joint arrangement whereby the parties that have joint control of the arrangement have rights
interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which
retained is recognised at fair value. exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control.

2.5 Business combinations and goodwill The considerations made in determining significant influence or joint control are similar to those necessary to determine
control over subsidiaries. The Group’s investment in its associate and joint venture are accounted for using the equity
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the
method.
aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-
controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling
Under the equity method, the investment in an associate or a joint venture is initially recognised at cost. The carrying
interests in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-
amount of the investment is adjusted to recognise changes in the Group’s share of net assets of the associate or joint
related costs are expensed as incurred and included in administrative expenses.
venture since the acquisition date. Goodwill relating to the associate or joint venture is included in the carrying amount
of the investment and is not tested for impairment separately.
The Group determines that it has acquired a business when the acquired set of activities and assets include an input and
a substantive process that together significantly contribute to the ability to create outputs. The acquired process is considered
The statement of profit or loss reflects the Group’s share of the results of operations of the associate or joint venture. Any
substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organised
change in OCI of those investees is presented as part of the Group’s OCI. In addition, when there has been a change
workforce with the necessary skills, knowledge, or experience to perform that process or it significantly contributes to the
recognised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when
ability to continue producing outputs and is considered unique or scarce or cannot be replaced without significant cost,
applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the
effort, or delay in the ability to continue producing outputs.
Group and the associate or joint venture are eliminated to the extent of the interest in the associate or joint venture.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date.
The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shown on the face of the
Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within
statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in
equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of
the subsidiaries of the associate or joint venture.
MFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit
or loss in accordance with MFRS 9. Other contingent consideration that is not within the scope of MFRS 9 is measured
at fair value at each reporting date with changes in fair value recognised in profit or loss.

262 8 Financial Statements 8 Financial Statements 263

GAMUDA BERHAD 197601003632 (29579-T)
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.6 Investment in associated companies and joint ventures (cont’d.)
The financial statements of the associate or joint venture are prepared for the same reporting period as the Group. When
necessary, adjustments are made to bring the accounting policies in line with those of the Group.
After application of the equity method, the Group determines whether it is necessary to recognise an impairment loss on
its investment in its associate or joint venture. At each reporting date, the Group determines whether there is objective
evidence that the investment in the associate or joint venture is impaired. If there is such evidence, the Group calculates
the amount of impairment as the difference between the recoverable amount of the associate or joint venture and its
carrying value, and then recognises the loss within ‘Share of profit of an associate and a joint venture’ in profit or loss.
Upon loss of significant influence over the associate or joint control over the joint venture, the Group measures and
recognises any retained investment at its fair value. Any difference between the carrying amount of the associate or joint
venture upon loss of significant influence or joint control and the fair value of the retained investment and proceeds from
disposal is recognised in profit or loss.
When the Group’s effective interest in associated companies reduces over time arising from the corporate exercises that
do not involve the Group, such reduction in effective interest is commonly referred to as deemed disposal. The deemed
disposal gives rise to only a partial disposal, such that the Group continues to equity account the Group’s interest in the
associated companies and consequently gives rise to dilution gain.
The applicable accounting standard, MFRS 128 Investment in Associates and Joint Ventures, does not prescribe where the
dilution gains should be recognised in profit or loss, other comprehensive income (“OCI”) or equity. In the absence of
further guidance, the Group had decided to recognise the dilution gains in other comprehensive income and applied it
consistently in the previous financial years.
2.7 Investment in joint operations
A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the
assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of
control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent
of the parties sharing control.
The Group and the Company as joint operators recognise in relation to their interests in joint operations:
(i) their assets, including their shares of any assets held jointly;
(ii) their liabilities, including their shares of any liabilities incurred jointly;
(iii) their revenue from the sale of their shares of the output arising from the joint operations;
(iv) their shares of the revenue from the sale of the output by the joint operations; and
(v) their expenses, including their shares of any expenses incurred jointly.
The Group and the Company account for the assets, liabilities, revenues and expenses relating to its interest in joint
operations in accordance with the MFRSs applicable to the particular assets, liabilities, revenues and expenses.
Profits and losses resulting from transactions between the Group and its joint operation are recognised in the Group’s
consolidated financial statements only to the extent of unrelated investors’ interests in the joint operation.
264 8 Financial Statements
INTEGRATED REPORT 2022
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.8 Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in
a business combination is their fair value at the date of acquisition. Following initial recognition, intangible assets are carried
at cost less any accumulated amortisation and accumulated impairment losses. Internally generated intangibles, excluding
capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in
which the expenditure is incurred.
(a) Expressway development expenditure
Expressway development expenditure (“EDE”) comprises development and upgrading expenditure (including interest
charges relating to financing of the development of the expressway) incurred in connection with the concession. EDE
is measured on initial recognition at cost. Following initial recognition, EDE is carried at cost less accumulated
amortisation and any accumulated impairment losses. The policy for the recognition and measurement of impairment
losses is in accordance with Note 2.13 to the financial statements.
Assets under construction included in EDE are not depreciated as these assets are not yet available for use.
EDE is amortised upon commencement of tolling operations over the concession period based on the following
formula:
Amortisation of EDE is included in profit or loss.
Actual Traffic Volume For The Year Opening Net Carrying
Actual Traffic Volume For The Year Plus X Amount Of EDE Plus
Projected Traffic Volume To Completion Current Year Additions
Periodic traffic studies are performed by an independent traffic consultant in order to support the projected toll revenue
for the remaining concession period. The projection was based on the latest available traffic study.
(b) Other intangible assets
Other intangible assets acquired separately are measured initially at cost. Following initial acquisition, other intangible
assets are measured at cost less any accumulated amortisation and accumulated impairment losses.
Other intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment
whenever there is an indication that the other intangible asset may be impaired. The amortisation period and the
amortisation method for other intangible assets with finite useful lives are reviewed at least at the end of each reporting
period. Changes in the expected useful life or the expected pattern of consumption of future economic benefits
embodied in the asset are considered to modify the amortisation period or method, as appropriate, and are treated
as changes in accounting estimates. The amortisation expense on other intangible assets with finite lives is recognised
in the statement of profit or loss in the expense category that is consistent with the function of the intangible assets.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either individually
or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the
indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a
prospective basis.
Other intangible asset is derecognised upon disposal (i.e. at the date the recipient obtains control) or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset
(calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in
profit or loss.
8 Financial Statements 265
GAMUDA BERHAD 197601003632 (29579-T)
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.8 Intangible assets (cont’d.)
(b) Other intangible assets (cont’d.)
Other intangible assets of the Group comprise of water development expenditure.
The water development expenditure (“WDE”) is attributable to Gamuda Water Sdn. Bhd. which have been granted the
rights to manage, operate and maintain Sungai Selangor Water Treatment Plant Phase 3 (“SSP 3”) for a period of 8
years. WDE comprises of rehabilitation and restoration capital expenditure in connection with the operations and
maintenance of water concession.
2.9 Property, plant and equipment and depreciation
All items of property, plant and equipment are initially recorded at cost. The cost of an item of property, plant and equipment
is recognised as an asset if, and only if, it is probable that future economic benefits associated with the item will flow to
the Group and the Company and the cost of the item can be measured reliably.
Subsequent to recognition, property, plant and equipment except for freehold land are stated at cost net of accumulated
depreciation and accumulated impairment losses, if any. When significant parts of plant and equipment are required to be
replaced at intervals, the Group and the Company depreciate them separately based on their specific useful lives. Likewise,
when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment as a
replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit or loss
as incurred. The present value of the expected cost for the decommissioning of an asset after its use is included in the
cost of the respective asset if the recognition criteria for a provision are met.
Freehold land has an unlimited useful life and therefore is not depreciated. Construction in progress included in property,
plant and equipment are not depreciated as these assets are not yet available for use.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, at the following annual
rates:
Buildings 2% – 13%
Plant and machinery 5% – 20%
Office equipment, furniture and fittings 10% – 33%
Motor vehicles 12% – 25%
The Group and the Company review the estimated residual values and expected useful lives of assets at least annually. In
particular, the Group and the Company consider the impact of health, safety and environmental legislation in its assessment
of expected useful lives and estimated residual values.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal (i.e.
at the date the recipient obtains control) or when no future economic benefits are expected from its use or disposal. Any
gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the
carrying amount of the asset) is included in profit or loss when the asset is derecognised.
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable. The policy for the recognition and measurement of impairment
losses is in accordance with Note 2.13 to the financial statements.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial
year end and adjusted prospectively, if appropriate.
266 8 Financial Statements
INTEGRATED REPORT 2022
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.10 Leases
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases
of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing
the right to use the underlying assets.
(i) Right-of-use assets
The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use
assets and the associated lease liabilities are presented as a separate line item in the statement of financial position.
The right-of-use asset is initially measured at cost. Cost includes the initial amount of the corresponding lease liability
adjusted for any lease payments made at or before the commencement date, plus any initial direct costs, less any
incentives received.
The right-of-use asset is subsequently measured at cost less accumulated depreciation and any accumulated impairment
losses and adjust for any remeasurement of the lease liabilities. The right-of-use asset is depreciated using the straight-
line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the
end of the lease term. If the Group and the Company expect to exercise a purchase option, the right-of-use asset is
depreciated over the useful life of the underlying asset. The depreciation starts from the commencement date of the
underlying asset. The policy for the recognition and measurement of impairment losses is in accordance with Note
2.13 to the financial statements.
(ii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed
payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts
expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase
option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the
lease term reflects the Group exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred
to produce inventories) in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement
date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments
made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the
lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or
rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying
asset.
The Group’s and the Company’s lease liabilities are included in Note 31 to the financial statements.
(iii) Short term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a
lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies
the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value.
Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis
over the lease term.
8 Financial Statements 267
GAMUDA BERHAD 197601003632 (29579-T)
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.10 Leases (cont’d.)
Group as a lessor
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are
classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is
included in revenue in the statement of profit or loss due to its operating nature. Initial direct costs incurred in negotiating
and arranging an operating lease are added to the carrying amount of the leased asset and recognised over the lease term
on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned.
The accounting policy for rental income is set out in Note 2.19(b)(ii) to the financial statements.
2.11 Service concession arrangements
The Group recognises revenue from the construction and upgrading of the infrastructure in accordance with its accounting
policy for construction contracts set out in Note 2.12 to the financial statements. Where the Group performs more than
one service under the arrangement, consideration received or receivable is allocated to the components by reference to
the relative fair values of the services delivered, when the amounts are separately identifiable.
The Group recognises the consideration receivable as an intangible asset to the extent that it receives a right to charge
users of the public service. Intangible assets are accounted for in accordance with the accounting policy set out in Note
2.8 to the financial statements.
Subsequent costs and expenditures related to infrastructure and equipment arising from the Group’s commitments to the
concession contracts or that increase future revenue are recognised as additions to the intangible asset and are stated at
cost. Capital expenditures necessary to support the Group’s operation as a whole are recognised as property, plant and
equipment, and accounted for in accordance with the policy stated under property, plant and equipment in Note 2.9 to
the financial statements. When the Group has contractual obligations that it must fulfil as a condition of its license to: a)
maintain the infrastructure to a specified standard or, b) to restore the infrastructure when the infrastructure has deteriorated
below a specified condition, it recognises and measures these contractual obligations in accordance with the accounting
policy for provisions in Note 2.16 to the financial statements. Repairs and maintenance and other expenses that are routine
in nature are expensed to profit or loss as incurred.
2.12 Construction contracts
Where the financial outcome of a construction contract can be reliably estimated, contract revenue and contract costs
are recognised as revenue and expenses respectively by using the stage of completion method. The stage of completion
is determined by the proportion that contract costs incurred for work performed to date bear to the estimated total contract
costs.
Where the financial outcome of a construction contract cannot be estimated reliably, contract revenue is recognised only
to the extent of contract costs incurred that are likely to be recoverable. Contract costs are recognised as expenses in the
period in which they are incurred.
When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an
expense immediately.
Contract revenue comprises the initial amount of revenue agreed in the contract and variations in contract work, claims
and incentive payments to the extent that it is probable that they will result in revenue and they are capable of being
reliably measured.
When the total of costs incurred on construction contracts plus recognised profits (less recognised losses) exceeds progress
billings, the balance is classified as contract assets within trade receivables. When progress billings exceed costs incurred
on construction contracts plus recognised profits (less recognised losses), the balance is classified as contract liabilities
within trade payables.
268 8 Financial Statements
INTEGRATED REPORT 2022
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.13 Impairment of non-financial assets
The Group assesses, the carrying amounts of the Group’s non-financial assets, other than land held for property development,
property development costs, deferred tax assets and inventories, at each reporting date, whether there is an indication that
an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group
estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less
costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does
not generate cash inflows that are largely independent of those from other assets or groups of assets. When the carrying
amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its
recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining
fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified,
an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for
publicly traded companies or other available fair value indicators.
The Group bases its impairment calculation on detailed budgets and forecast calculations, which are prepared separately
for each of the Group’s CGUs to which the individual assets are allocated. These budgets and forecast calculations generally
cover a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth
year.
For assets excluding goodwill, an assessment is made at each reporting date to determine whether there is an indication
that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates
the asset’s or CGU’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a
change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised.
The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the
carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised for the
asset in prior years. Such reversal is recognised in the statement of profit or loss unless the asset is carried at a revalued
amount, in which case, the reversal is treated as a revaluation increase.
Goodwill is tested for impairment annually as at 31 July and when circumstances indicate that the carrying value may be
impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of CGUs) to which
the goodwill relates. When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is
recognised. Impairment losses relating to goodwill cannot be reversed in future periods.
2.14 Inventories
Inventories are stated at the lower of cost or net realisable value.
(a) Land held for property development
Land held for property development (classified within non-current assets) comprise land banks which are in the process
of being prepared for development but have not been launched, or where development activities are not expected
to be completed within the normal operating cycle. Such land is classified within non-current assets and is stated at
cost less any accumulated impairment losses.
Cost associated with the acquisition of land includes the purchase price of the land, professional fees, stamp duties,
commissions, conversion fees and other relevant levies.
8 Financial Statements 269
GAMUDA BERHAD 197601003632 (29579-T)
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.14 Inventories (cont’d.)
(a) Land held for property development (cont’d.)
Land held for property development is reclassified as property development costs at the point when development
activities have commenced and where it can be demonstrated that the development activities can be completed within
the normal operating cycle.
(b) Property development cost
Property development costs comprise all costs that are directly attributable to development activities or that can be
allocated on a reasonable basis to such activities.
Where the financial outcome of a development activity can be estimated reliably, property development revenue and
expenses are recognised in profit or loss by using the stage of completion method. The stage of completion is
determined by the proportion that property development costs incurred for work performed to date bear to the
estimated total property development costs.
Where the financial outcome of a development activity cannot be estimated reliably, property development revenue
is recognised only to the extent of property development costs incurred that are likely to be recoverable. Property
development costs are recognised as expenses in the period in which they are incurred.
Any expected loss on a development project, including costs to be incurred over the defects liability period, is recognised
as an expense immediately.
Property development costs not recognised as an expense are recognised as an asset, which is measured at the lower
of cost and net realisable value.
The excess of revenue recognised in profit or loss over billings to purchasers is classified as accrued billings within
trade receivables and the excess of billings to purchasers over revenue recognised in profit or loss is classified as
progress billings within trade payables.
(c) Completed properties
Costs comprise costs of acquisition of land including all related costs incurred subsequent to the acquisition necessary
to prepare the land for its intended use, related development costs to projects and direct building costs.
(d) Raw materials, panels and work in progress
The cost of raw materials includes the cost of purchase and other direct charges. The costs of panels and work-in-
progress comprise of raw materials, direct labour, other direct costs and appropriate proportions of production
overheads. Cost of inventories are accounted for using the weighted average cost method.
Net realisable value represents the estimated selling price in the ordinary course of business less the estimated costs of
completion and the estimated costs necessary to make the sale.
270 8 Financial Statements
INTEGRATED REPORT 2022
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.15 Investment properties
Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment
properties are carried at costs less any accumulated depreciation and any accumulated impairment losses.
Freehold land has an unlimited useful life and therefore is not depreciated. Construction in progress included in investment
properties are not depreciated as these assets are not yet available for use.
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, at the following annual
rates:
Leasehold land 2% – 13%
Buildings 2% – 13%
A property interest under an operating lease is classified and accounted for as an investment property on a property-by-
property basis when the Group holds it to earn rentals or for capital appreciation or both. Any such property interest under
an operating lease classified as an investment property is carried at cost.
Investment properties are derecognised either when they have been disposed of (i.e., at the date the recipient obtains
control) or when they are permanently withdrawn from use and no future economic benefit is expected from their disposal.
The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in
the period of derecognition. In determining the amount of consideration from the derecognition of investment property
the Group considers the effects of variable consideration, existence of a significant financing component, non-cash
consideration, and consideration payable to the buyer (if any).
Transfers are made to (or from) investment property only when there is a change in use. For a transfer from investment
property to owner-occupied property, the deemed cost for subsequent accounting is the fair value at the date of change
in use. If owner-occupied property becomes an investment property, the Group accounts for such property in accordance
with the policy stated under property, plant and equipment up to the date of change in use, as set out in Note 2.9 to the
financial statements.
2.16 Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation. When the Group expects some or all of a provision to be reimbursed,
for example, under an insurance contract, the reimbursement is recognised as a separate asset, but only when the
reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit or loss net
of any reimbursement.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.
8 Financial Statements 271
GAMUDA BERHAD 197601003632 (29579-T)
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.17 Taxes
(a) Current income tax
Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the
taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted at the reporting date in the countries where the Group operates and generates taxable income.
Current income tax relating to items recognised directly in equity is recognised in equity and not in profit or loss.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax
regulations are subject to interpretation and establishes provisions where appropriate.
(b) Deferred tax
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts for financial reporting purposes at the reporting date.
Deferred tax liabilities are recognised for all temporary differences, except:
– when the deferred tax liability arises from the initial recognition of goodwill or an asset or liability in a transaction
that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor
taxable profit or loss; and
– in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in
joint arrangements, when the timing of the reversal of the temporary differences can be controlled and it is probable
that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits
and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit will
be available against which the deductible temporary differences, and the carry forward of unused tax credits and
unused tax losses can be utilised, except:
– when the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of
an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects
neither the accounting profit nor taxable profit or loss; and
– in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests
in joint arrangements, deferred tax assets are recognised only to the extent that it is probable that the temporary
differences will reverse in the foreseeable future and taxable profit will be available against which the temporary
differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no
longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.
Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent that it has
become probable that future taxable profits will allow the deferred tax asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset
is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted
at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items
are recognised in correlation to the underlying transaction either in OCI or directly in equity.
272 8 Financial Statements
INTEGRATED REPORT 2022
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.17 Taxes (cont’d.)
(b) Deferred tax (cont’d.)
Tax benefits acquired as part of a business combination, but not satisfying the criteria for separate recognition at that
date, are recognised subsequently if new information about facts and circumstances change. The adjustment is either
treated as a reduction in goodwill (as long as it does not exceed goodwill) if it was incurred during the measurement
period or recognised in profit or loss.
The Group offsets deferred tax assets and deferred tax liabilities if and only if it has a legally enforceable right to set
off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income
taxes levied by the same taxation authority on either the same taxable entity or different taxable entities which intend
either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities
simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to
be settled or recovered.
(c) Sales and Service Tax (“SST”)
The net amount of SST being the difference between output and input of SST, payable to or receivable from the
respective authorities at the reporting date, is included in other payables or other receivables in the statements of
financial position.
Revenue is recognised net of SST charged to customers. Expenses and assets are recognised inclusive of SST. The
amount payable to taxation authority is included as payables in the statement of financial position.
The effective date for SST in Malaysia is on 1 September 2018. Prior to this date, Malaysia was under the Goods and
Services Tax (“GST”) regime.
2.18 Employee benefits
(a) Short term benefits
Wages, salaries, bonuses and social security contributions are recognised as an expense in the year in which the
associated services are rendered by employees of the Group. Short term accumulating compensated absences such
as paid annual leave are recognised when services are rendered by employees that increase their entitlement to future
compensated absences. Short term non-accumulating compensated absences such as sick leave are recognised when
the absences occur.
(b) Defined contribution plans
The Group participates in the national pension schemes as defined by the laws of the countries in which it has
operations. The Malaysian companies in the Group make contributions to the Employee Provident Fund (“EPF”) in
Malaysia, a defined contribution pension scheme. Contributions to defined contribution pension schemes are recognised
as an expense in the period in which the related service is performed.
(c) Defined benefit plans
The net defined benefit liability or asset is the aggregate of the present value of the defined benefit obligation (derived
using a discount rate based on high quality corporate bonds) at the end of the reporting period reduced by the fair
value of plan assets (if any), adjusted for any effect of limiting a net defined benefit asset to the asset ceiling. The
asset ceiling is the present value of any economic benefits available in the form of refunds from the plan or reductions
in future contributions to the plan.
The cost of providing benefits under the defined benefit plans is determined separately for each plan using the projected
unit credit method.
8 Financial Statements 273
GAMUDA BERHAD 197601003632 (29579-T)
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.18 Employee benefits (cont’d.)
(c) Defined benefit plans (cont’d.)
Defined benefit costs comprise service costs, net interest on the net defined benefit liability or asset and remeasurements
of net defined benefit liability or asset.
Service costs which include current service costs, past service costs and gains or losses on non-routine settlements
are recognised as expense in profit or loss. Past service costs are recognised when plan amendment or curtailment
occurs.
Net interest on the net defined benefit liability or asset is the change during the period in the net defined benefit
liability or asset that arises from the passage of time which is determined by applying the discount rate based on high
quality corporate bonds to the net defined benefit liability or asset. Net interest on the net defined benefit liability or
asset is recognised as expense or income in profit or loss. Remeasurements, comprising of actuarial gains and losses,
the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the
return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised
immediately in the statement of financial position with a corresponding debit or credit to retained earnings through
OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
The amount recognised in the consolidated statements of financial position represents the present value of the defined
benefit obligations adjusted for unrecognised actuarial gains and losses and unrecognised past service costs, and
reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to the net total of any
unrecognised actuarial losses and past service costs, and the present value of any economic benefits in the form of
refunds or reductions in future contributions to the plan.
(d) Share based compensation
The Gamuda Berhad Employees’ Share Option Scheme (“ESOS”), an equity-settled, share based compensation plan,
allows the Group’s employees to acquire ordinary shares of the Company. The total fair value of share options granted
to employees is recognised as an employee cost with a corresponding increase in the share options reserve within
equity over the vesting period and taking into account the probability that the options will vest. The fair value of share
options is measured at grant date, taking into account, if any, the market vesting conditions upon which the options
were granted but excluding the impact of any non-market vesting conditions. Non-market vesting conditions are
included in assumptions about the number of options that are expected to become exercisable on vesting date.
At each reporting date, the Group revises its estimates of the number of options that are expected to become
exercisable on vesting date. It recognises the impact of the revision of original estimates, if any, in the profit or loss,
and a corresponding adjustment to equity over the remaining vesting period. The equity amount is recognised in the
share option reserve until the option is exercised, upon which it will be transferred to share premium, or until the
option expires, upon which it will be transferred directly to retained profits.
274 8 Financial Statements
INTEGRATED REPORT 2022
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.19 Revenue from contracts with customers and other income recognition
Revenue from contracts with customers is recognised when control of the goods or services is transferred to the customer
at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or
services. Other income is recognised to the extent that they are probable that the economic benefits associated with the
transaction will flow to the Group and the other income can be reliably measured. Revenue and other income are measured
at the fair value of consideration received or receivable.
(a) Revenue recognition from contracts with customers
The following specific recognition criteria must also be met before revenue and other income are recognised:
(i) Engineering and construction contracts
Revenue from engineering and construction contracts is accounted for by the stage of completion method as
described in Note 2.12 to the financial statements.
(ii) Property development
Property development contracts with customers may include multiple promises to customers and are accounted
for as separate performance obligations. Transaction price will be allocated to each performance obligation based
on the stand-alone selling prices. When these are not directly observable, they are estimated based on expected
cost-plus margin.
Revenue from property development is recognised as and when the control of the asset is transferred to the
customer. Depending on the terms of the contract and the laws that apply to the contract, control of the asset
may transfer over time or at a point in time. Control of the asset is transferred over time if the Group’s performance
does not create an asset with an alternative use to the Group and the Group has an enforceable right to payment
for performance completed to-date.
This is generally established when:
– the promised properties are specifically identified by its plot, lot and parcel number and its attributes (such as
its size and location) in the sale and purchase agreements and the attached layout plan and the purchasers
could enforce its rights to the promised properties if the Group seeks to sell the unit to another purchaser.
The contractual restriction on the Group’s ability to direct the promised residential property for another use
is substantive and the promised properties sold to the purchasers do not have an alternative use to the Group;
and
– the Group has the right to payment for performance completed to date and is entitled to continue to transfer
to the customer the development units promised and has the rights to complete the construction of the
properties and enforce its rights to full payments.
If control of the asset is transferred over time, revenue is recognised over the period of the contract by reference
to the progress towards complete satisfaction of that performance obligation. Otherwise, the Group recognises
the revenue at a point of time to the sale of completed properties and properties under contract of sale when
the control of the properties has been transferred to the customers and it is probable that the Group will collect
the consideration it is entitled to.
The Group recognises sales at a point in time for the sale of completed properties, when the control of the
properties has been transferred to the purchasers, being when the properties have been completed and delivered
to the customers.
8 Financial Statements 275
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.19 Revenue from contracts with customers and other income recognition (cont’d.)
(a) Revenue recognition from contracts with customers (cont’d.)
The following specific recognition criteria must also be met before revenue and other income are recognised: (cont’d.)
(iii) Sale of goods and services
Revenue relating to the sale of goods is recognised net of discounts upon the transfer of risks and rewards.
Revenue from services rendered is recognised net of service taxes and discount as and when the services are
performed. Sale of goods and services of the Group includes trading of construction materials and sales of
manufactured products.
(iv) Supply of water and related services
Revenue from management, operation and maintenance of dams and water treatment facilities are recognised
net of discounts as and when the services are performed.
(v) Toll concession revenue
Toll revenue includes toll collection and Government compensation. Toll collection is accounted for as and when
toll is chargeable for the usage of the Highway.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.20 Foreign currencies (cont’d.)
(b) Transactions and balances
Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency
spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in
foreign currencies are translated at the functional currency spot rates of exchange at the reporting date.
Differences arising on settlement or translation of monetary items are recognised in profit or loss with the exception
of monetary items that are designated as part of the hedge of the Group’s net investment in a foreign operation.
These are recognised in OCI until the net investment is disposed of, at which time, the cumulative amount is reclassified
to profit or loss. Tax charges and credits attributable to exchange differences on those monetary items are also
recognised in OCI.
Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency
are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on
translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on
the change in fair value of the item (i.e. translation differences on items whose fair value gain or loss is recognised
in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).

The amount of Government compensation is recognised in profit or loss for the year after taking into consideration In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part
the effects of the concession arrangement. of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the
date of the transaction is the date on which the Group initially recognises the non-monetary asset or non-monetary
(vi) Dividend income liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group
Dividend income is recognised when the right to receive payment is established. determines the transaction date for each payment or receipt of advance consideration.

(vii) Club membership entrance fees and annual fees (c) Group companies
Membership entrance fees from members represent 20% of the membership fees whereas membership annual On consolidation, the assets and liabilities of foreign operations are translated into RM at the rate of exchange prevailing
fees represent the remaining 80% of the membership fees. The membership entrance fees are received upfront at the reporting date and their statements of profit or loss are translated at exchange rates prevailing at the dates of
and recognised on a straight-line basis over the tenure of the membership. the transactions. The exchange differences arising on translation for consolidation are recognised in OCI. On disposal
of a foreign operation, the component of OCI relating to that particular foreign operation is reclassified to profit or
(b) Other income loss.
(i) Interest income
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts
Interest is recognised on a time proportion basis that reflects the effective yield on the asset.
of assets and liabilities arising on the acquisition are treated as assets and liabilities of the foreign operation and
translated at the spot rate of exchange at the reporting date.
(ii) Rental income
Rental income is recognised on a straight-line basis over the term of the lease. The aggregate cost of incentives The principal exchange rates used for every unit of foreign currency ruling at the reporting date are as follows:
provided to lessees is recognised as a reduction of rental income over the lease term on a straight-line basis.
2022 2021
2.20 Foreign currencies RM RM
(a) Functional and presentation currency United States Dollar 4.441 4.225
The Group’s consolidated financial statements are presented in Ringgit Malaysia (“RM”), which is also the parent Indian Rupee 0.056 0.057
company’s functional currency. For each entity, the Group determines the functional currency and items included in New Taiwan Dollar 0.149 0.151
the financial statements of each entity are measured using that functional currency. The Group uses the direct method Qatari Riyal 1.207 1.151
of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects Bahraini Dinar 11.780 11.119
the amount that arises from using this method. 100 Vietnam Dong 0.019 0.018
Australian Dollar 3.047 3.127
Singapore Dollar 3.183 3.126
Pound Sterling 5.327 5.906

276 8 Financial Statements 8 Financial Statements 277

GAMUDA BERHAD 197601003632 (29579-T)
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.21 Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI,
and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics
and the Group’s business model for managing them. With the exception of trade receivables that do not contain a significant
financing component or for which the Group has applied the practical expedient, the Group initially measures a financial
asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Trade
receivables that do not contain a significant financing component or for which the Group has applied the practical expedient
are measured at the transaction price determined under MFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give
rise to cash flows that are ‘solely payments of principal and interest (“SPPI”)’ on the principal amount outstanding. This
assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with cash flows that
are not SPPI are classified and measured at fair value through profit or loss, irrespective of the business model.
The Group’s business model for managing financial assets refers to how it manages its financial assets in order to generate
cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling
the financial assets, or both. Financial assets classified and measured at amortised cost are held within a business model
with the objective to hold financial assets in order to collect contractual cash flows while financial assets classified and
measured at fair value through OCI are held within a business model with the objective of both holding to collect contractual
cash flows and selling.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or
convention in the market place (regular way trades) are recognised on the trade date, i.e. the date that the Group commits
to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
– Financial assets at amortised cost (debt instruments);
– Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments);
– Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon derecognition
(equity instruments); or
– Financial assets at fair value through profit or loss.
Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the
following conditions are met:
– The financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows; and
– The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest (“EIR”) method and are subject to
impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
The Group’s financial assets at amortised cost includes trade receivables and loans to associates included under other
non-current financial assets.
278 8 Financial Statements
INTEGRATED REPORT 2022
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.21 Financial assets (cont’d.)
Financial assets at fair value through OCI (debt instruments)
The Group measures debt instruments at fair value through OCI if both of the following conditions are met:
– The financial asset is held within a business model with the objective of both holding to collect contractual cash flows
and selling; and
– The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or
reversals are recognised in profit or loss and computed in the same manner as for financial assets measured at amortised
cost. The remaining fair value changes are recognised in OCI. Upon derecognition, the cumulative fair value change
recognised in OCI is recycled to profit or loss.
The Group’s debt instruments at fair value through OCI includes investments in quoted debt instruments included under
other non-current financial assets.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value.
Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near
term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated
as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are
classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria
for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt instruments
may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces,
an accounting mismatch.
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net
changes in fair value recognised in profit or loss.
This category includes derivative instruments and listed equity investments which the Group had not irrevocably elected
to classify at fair value through OCI. Dividends on listed equity investments are also recognised as other income in profit
or loss when the right of payment has been established.
A derivative embedded in a hybrid contract, with a financial liability or non-financial host, is separated from the host and
accounted for as a separate derivative if the economic characteristics and risks are not closely related to the host; a
separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the
hybrid contract is not measured at fair value through profit or loss. Embedded derivatives are measured at fair value with
changes in fair value recognised in profit or loss. Reassessment only occurs if there is either a change in the terms of the
contract that significantly modifies the cash flows that would otherwise be required or a reclassification of a financial asset
out of the fair value through profit or loss category.
A derivative embedded within a hybrid contract containing a financial asset host is not accounted for separately. The
financial asset host together with the embedded derivative is required to be classified in its entirety as a financial asset at
fair value through profit or loss.
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GAMUDA BERHAD 197601003632 (29579-T)
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.21 Financial assets (cont’d.)
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily
derecognised (i.e. removed from the Group’s consolidated statement of financial position) when:
– The rights to receive cash flows from the asset have expired; or
– The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the
received cash flows in full without material delay to a third party under a ‘pass-through’ arrangement; and either
(a) the Group has transferred substantially all the risks and rewards of the asset, or
(b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement,
it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor
retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to
recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an
associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and
obligations that the Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum amount of consideration that the Group could be required to
repay.
2.22 Impairment of financial assets
The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through
profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract
and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest
rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that
are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk
since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next
12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since
initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure, irrespective
of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group
does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting
date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-
looking factors specific to the debtors and the economic environment.
For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date,
the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable
information that is available without undue cost or effort. In making that evaluation, the Group reassesses the internal credit
rating of the debt instrument. In addition, the Group considers that there has been a significant increase in credit risk when
contractual payments are more than 30 days past due.
280 8 Financial Statements
INTEGRATED REPORT 2022
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.22 Impairment of financial assets (cont’d.)
The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain
cases, the Group may also consider a financial asset to be in default when internal or external information indicates that
the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements
held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual
cash flows.
2.23 Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and on hand and short-term
deposits with a maturity of three months or less, which are subject to an insignificant risk of changes in value.
For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and short-term
deposits, as defined above, net of bank overdrafts as they are considered an integral part of the Group’s cash management.
2.24 Share capital and share issuance expenses
An equity instrument is any contract that evidences a residual interest in the assets of the Group and the Company after
deducting all of its liabilities. Ordinary shares are equity instruments.
Ordinary shares are recorded at the proceeds received, net of directly attributable incremental transaction costs. Ordinary
shares are accounted for in shareholders’ equity as an appropriation of retained earnings and accrued as liability in the
financial year in which the obligation to pay is established.
2.25 Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and
borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of
directly attributable transaction costs.
The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
(a) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
term. This category also includes derivative financial instruments entered into by the Group that are not designated
as hedging instruments in hedge relationships as defined by MFRS 9. Separated embedded derivatives are also classified
as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial
date of recognition, and only if the criteria in MFRS 9 are satisfied.
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Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.25 Financial liabilities (cont’d.)
Subsequent measurement (cont’d.)
The measurement of financial liabilities depends on their classification, as described below: (cont’d.)
(b) Other financial liabilities
The Group’s and the Company’s other financial liabilities include trade and other payables, loans and borrowings
including bank overdrafts.
Other financial liabilities are recognised initially at fair value plus directly attributable transaction costs and subsequently
measured at amortised cost using the effective interest method.
After initial recognition of loans and borrowings, interest-bearing loans and borrowings are subsequently measured at
amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities are
derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included as finance costs in profit or loss.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as the derecognition of the original
liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in profit or
loss.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.26 Derivative financial instruments and hedge accounting (cont’d.)
Initial recognition and subsequent measurement (cont’d.)
At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which
it wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge.
The documentation includes identification of the hedging instrument, the hedged item, the nature of the risk being hedged
and how the Group will assess whether the hedging relationship meets the hedge effectiveness requirements (including
the analysis of sources of hedge ineffectiveness and how the hedge ratio is determined).
A hedging relationship qualifies for hedge accounting if it meets all of the following effectiveness requirements:
– There is ‘an economic relationship’ between the hedged item and the hedging instrument.
– The effect of credit risk does not ‘dominate the value changes’ that result from that economic relationship.
– The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity
of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow hedge reserve,
while any ineffective portion is recognised immediately in the statement of profit or loss. The cash flow hedge reserve is
adjusted to the lower of the cumulative gain or loss on the hedging instrument and the cumulative change in fair value
of the hedged item.

Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial
position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle
on a net basis, to realise the assets and settle the liabilities simultaneously.
2.26 Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps and forward
commodity contracts, to hedge its foreign currency risks, interest rate risks and commodity price risks, respectively. Such
derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered
into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive
and as financial liabilities when the fair value is negative.
2.27 Borrowing costs
For the purpose of hedge accounting, hedges are classified as:
– Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset or liability or an
unrecognised firm commitment;
– Cash flow hedges when hedging the exposure to variability in cash flows that is either attributable to a particular risk
associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in
an unrecognised firm commitment; or
– Hedges of a net investment in a foreign operation.
To manage its risks, particularly interest rate risks and foreign currency risk, the Group has entered into cross-currency
interest rate swap arrangements with financial institutions.
The amounts accumulated in OCI are accounted for, depending on the nature of the underlying hedged transaction. If
the hedged transaction subsequently results in the recognition of a non-financial item, the amount accumulated in equity
is removed from the separate component of equity and included in the initial cost or other carrying amount of the hedged
asset or liability. This is not a reclassification adjustment and will not be recognised in OCI for the period. This also applies
where the hedged forecast transaction of a non-financial asset or non-financial liability subsequently becomes a firm
commitment for which fair value hedge accounting is applied.
For any other cash flow hedges, the amount accumulated in OCI is reclassified to profit or loss as a reclassification
adjustment in the same period or periods during which the hedged cash flows affect profit or loss.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of the asset. All other
borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other costs that
an entity incurs in connection with the borrowing of funds.

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GAMUDA BERHAD 197601003632 (29579-T)
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.28 Deferred revenue
Deferred revenue comprise the following:
(a) Advance maintenance fees and license fees
Fees received from third parties to upkeep the inter-change at the expressway and for the exclusive rights to design,
construct, operate and manage ancillary facilities along the expressway, are recognised in profit or loss on a straight
line basis over the remaining concession period.
(b) Government compensation
Compensation received from the Government for the imposition of revised toll rates lower than those as provided for
in the respective Concession Agreements, which is taken to profit or loss over the period the compensation relates.
2.29 Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. The fair value measurement is based on the presumption that the transaction
to sell the asset or transfer the liability takes place either:
(a) In the principal market for the asset or liability, or
(b) In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible to by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing
the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic
benefits by using the asset in its highest and best use or by selling it to another market participant that would use the
asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available
to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement
as a whole:
(a) Level 1 – Quoted (unadjusted) market prices in active markets for identical assets or liabilities
(b) Level 2 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable
(c) Level 3 – Valuation techniques for which the lowest level input that is significant to the fair value measurement is
unobservable
For assets and liabilities that are recognised in the financial statements at fair value on a recurring basis, the Group determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level
input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Policies and procedures are determined by the Group for both recurring fair value measurement and for non-recurring
measurement.
284 8 Financial Statements
INTEGRATED REPORT 2022
Notes to the financial statements (CONT’D.)
– 31 July 2022
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.30 Right-of-use assets – leasehold land
Leasehold land are initially measured at cost. Following initial recognition, leasehold land are measured at cost less
accumulated amortisation and any accumulated impairment losses. The leasehold land are amortised over their lease terms.
Right-of-use assets – quarry rights
The quarry rights are attributable to G.B. Kuari Sdn. Bhd. which have been granted the rights to operate quarry for a period
of 30 years ending Year 2050. The quarry rights are amortised over the lease term.
2.31 Contract assets and contract liabilities
A contract asset is the right of the Group to consideration in exchange for goods or services that it has transferred to the
customer when that right is conditional upon future performance but not through the passage of time. If the Group has
performed its obligation by transferring goods or services to a customer before the customer pays consideration or before
payment is due, a contract asset is recognised and presented net of any amounts that has been recognised as receivables.
Contract asset is the excess of cumulative revenue earned or recognised in profit or loss over the billings to date to the
customer. Contract assets are subject to impairment assessment in accordance of MFRS 9.
A contract liability is the obligation of the Group to transfer goods and services to a customer for which it has received
consideration or an amount of consideration is due from the customer. If a customer pays consideration, such as advance
payment and down payments, or the Group has a right to an amount of consideration that is unconditional before it
transfers goods or services to the customer, a contract liability is recognised when the payment is made or the payment
is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs its obligation under
the contract. Contract liability is the excess of the billings to date to the customer over the cumulative revenue earned or
recognised in profit or loss.
2.32 Financial guarantee contracts
A financial guarantee contract is a contract that requires the guarantor to make specified payments to reimburse the holder
of a guarantee for a loss it incurs because a specified guaranteed debtor fails to make payment when due in accordance
with the original or modified terms of a debt instrument.
Financial guarantee contract is recognised as a financial liability at the time the guarantee is issued. The liability is initially
measured at fair value. The fair value of a financial guarantee contract is the present value of the difference between the
net contractual cash flows required under a debt instrument, and the net contractual cash flows that would have been
required without the guarantee. The present value is calculated using a risk free rate of interest.
At the end of each subsequent reporting period, financial guarantees are measured at the higher of:
(i) the amount of the loss allowance determined in accordance with ECL; and
(ii) the amount initially recognised less cumulative amount of income recognised in accordance with the principles of
MFRS 15, where appropriate.
2.33 Contingencies
A contingent liability or asset is a possible obligation or asset that arises from past events and whose existence will be
confirmed only by the occurrence or non-occurrence of uncertain future event(s) not wholly within the control of the
Group.
Contingent liabilities and assets are not recognised in the statements of financial position except for contingent liabilities
assumed in a business combination of which the fair value can be reliably measured.
8 Financial Statements 285
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Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.) 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT’D.)
2.34 Current and non-current classification 2.35 Contract cost assets (cont’d.)
The Group presents assets and liabilities in the statements of financial position based on current and non-current classification. Impairment loss is recognised in profit or loss to the extent that the carrying amount of the contract cost exceeds:
– the remaining amount of consideration that the Group expects to receive in exchange for the goods or services to
An asset is classified as current when it is:
which the asset relates; less
(i) expected to be realised or intended to be sold or consumed in normal operating cycle;
– the costs that relate directly to providing those goods or services and that have not been recognised as expenses.
(ii) held primarily for the purpose of trading;
Before an impairment loss is recognised for contract cost, the Group shall recognise any impairment loss for assets related
(iii) expected to be realised within 12 months after the reporting period; or
to the contract that are recognised in accordance with other MFRSs, such as MFRS 102, MFRS 116 and MFRS 138. The
(iv) cash and cash equivalents unless restricted from being exchanged or used to settle a liability for at least 12 months Group shall include the resulting carrying amount of the contract cost assets in the carrying amount of the cash-generating
after the reporting period. unit to which it belongs for the purpose of applying MFRS 136: Impairment of Assets to that cash-generating unit.

All other assets are classified as non-current. An impairment loss is reversed when the impairment conditions no longer exist or have improved. Such reversal is recognised
in profit or loss.
A liability is classified as current when:
(i) it is expected to be settled in normal operating cycle;
2.36 Non-current assets held for sale and discontinued operations
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered
(ii) it is held primarily for the purpose of trading;
principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified
(iii) it is due to be settled within 12 months after the reporting period; or as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the
(iv) there is no unconditional right to defer the settlement of the liability for at least 12 months after the reporting period. incremental costs directly attributable to the disposal of an asset (“disposal group”), excluding finance costs and income
tax expense.
All other liabilities are classified as non-current.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and the asset or disposal
Deferred tax assets and liabilities are classified as non-current assets and liabilities respectively. group is available for immediate sale in its present condition. Actions required to complete the sale should indicate that it
is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. Management
2.35 Contract cost assets must be committed to the plan to sell the asset and the sale expected to be completed within one year from the date of
the classification.
(i) Incremental costs of obtaining a contract
The incremental costs of obtaining a contract are those costs that the Group incurs to obtain a contract with a Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale.
customer which they would not have incurred if the contract had not been obtained.
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.
(ii) Costs to fulfil a contract
The costs incurred in fulfilling a contract with a customer who are not within the scope of other MFRSs such as Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as
MFRS  102: Inventories, MFRS 116: Property, Plant and Equipment and MFRS 138: Intangible Assets, are recognised as profit or loss after tax from discontinued operations in the statement of profit or loss.
contract cost assets when all of the following criteria are met:
Additional disclosures are provided in Note 47. All other notes to the financial statements include amounts for continuing
– costs relate directly to a contract or to an anticipated contract that can be specifically identified; operations, unless indicated otherwise.
– the costs generate or enhance resources of the Group that will be used in satisfying (or in continuing to satisfy)
performance obligations in the future; and
– the costs are expected to be recovered.

Contract cost assets are amortised on a systematic basis that is consistent with the transfer to the customer of the goods
or services to which the asset relates. The amortisation shall be updated subsequently to reflect any significant change to
the expected timing of transfer to the customer of the goods or services to which the asset relates in accordance with
MFRS 108: Accounting Policies, Changes in Accounting Estimate and Errors.

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Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS (CONT’D.)
The preparation of the Group’s financial statements requires management to make judgements, estimates and assumptions that Key sources of estimation uncertainty (cont’d.)
affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the reporting
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a
date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
to the carrying amount of the asset or liability affected in the future.
discussed below: (cont’d.)

In the process of applying the Group’s accounting policies, management did not make any significant judgement which may have
(d) Provision for affordable housing
significant effect on the amount recognised in the financial statements.
Provision for affordable housing is recognised for anticipated losses to be incurred for the development of low cost housing
Key sources of estimation uncertainty under the requirements of the local Government attributable to a premium housing project. The Group is of the view that
the expected costs should be accrued progressively as and when the premium housing is constructed. The provision for
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a affordable housing represents the shortfall between the cost of constructing affordable housing and the economic benefits
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are expected to be received from the purchasers of affordable housing in the development of affordable housing on involuntary
discussed below: basis. This provision is capitalised in the form of common costs for development of premium housing based on the following
conditions:
(a) Revenue and cost of sales from property development activities and construction contracts
– The master and building plans is approved;
The Group and the Company recognise contract or property development revenue and expenses in the profit or loss by
using the stage of completion method. The stage of completion is determined by the proportion that contract or property – The developer commenced development; and
development costs incurred for work performed to date bear to the estimated total contract or property development costs.
– Sales of the affordable housing are controlled, whereby eligibility of buyers is dictated by the authority and the developer
has no ability to impose selling price higher than what the authority dictates.
Significant estimation is involved in determining the stage of completion, the extent of the contract or property development
costs incurred, the estimated total contract or property development revenue and costs, as well as the recoverability of the
In determining the provision for affordable housing, estimates and assumptions are made by the Group on the structure and
contracts or development projects. In making the estimation, the Group evaluates based on past experiences and by relying
construction costs in constructing the affordable housing. In making those judgements, the Group evaluates the provisions
on the work of specialists.
based on past experience.

Where the total actual revenue and cost incurred are different from the total estimated revenue and cost incurred, such
The carrying amount of the Group’s provision for affordable housing as at reporting date is disclosed in Note 37(b) to the
differences will impact the contract profit or losses recognised.
financial statements.

The carrying amount of the Group’s property development costs at the reporting date is disclosed in Note 13(b) to the
(e) Impairment of investments in subsidiaries, associated companies and joint ventures
financial statements.
The Group and the Company assess at each reporting date whether there are indicators of impairment for its investments
The carrying amount of the Group’s and the Company’s contract assets/(liabilities) for construction contracts at the reporting in subsidiaries, associated companies and joint ventures. This involves measuring the recoverable amounts which includes
date is disclosed in Note 22 to the financial statements. fair value less costs to sell and valuation techniques. Valuation techniques include the use of discounted cash flow analysis,
considering the current market value indicators and recent arms-length market transactions. These estimates provide reasonable
(b) Deferred tax assets approximations to the computation of recoverable amounts.

Deferred tax assets are recognised for all unused tax losses, unabsorbed capital allowances and other deductible temporary
The net carrying amount of the investment in GIBS as at 31 July 2022 was RM370,500,000. The Company carried out the
differences to the extent that it is probable that taxable profit will be available against which the unused tax losses, unabsorbed
impairment test based on measuring the recoverable amounts which includes fair value less costs to sell and valuation
capital allowances and other deductible temporary differences can be utilised. Significant management judgement is required
techniques. Valuation techniques involves estimates and include the use of discounted cash flow analysis with a terminal
to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future
value, considering the current market value indicators, recent arms-length market transactions and suitable terminal growth
taxable profits together with future tax planning strategies. The total carrying value of recognised and unrecognised tax losses,
rate. These estimates provide reasonable approximations to the computation of recoverable amounts.
capital allowances and other deductible temporary differences of the Group and of the Company are as disclosed in Note
32 to the financial statements.

(c) Provision for development cost

The Group recognises a provision for development cost in respect of development projects undertaken by its subsidiaries.
In determining the provision, the Group has made assumptions in relation to the development cost incurred on the completed
phases. The carrying amount of provision for development cost at the reporting date is disclosed in Note 37(a) to the financial
statements.

If the actual claims differ by 5% from management’s estimates, the Group’s profit for the year will increase/decrease by
RM1,549,000 (2021: RM1,583,000).

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GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS (CONT’D.) 3. SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS (CONT’D.)
Key sources of estimation uncertainty (cont’d.) Key sources of estimation uncertainty (cont’d.)
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below: (cont’d.) discussed below: (cont’d.)

(f) Provision for expected credit losses of trade receivables and contract assets
The Group uses a provision matrix to calculate ECLs for trade receivables and contract assets. The provision rates are based
on days past due for groupings of various customer segments that have similar loss patterns (i.e. by geography, product
type, customer type and rating, and coverage by letters of credit and other forms of credit insurance).
The provision matrix is initially based on the Group’s historical observed default rates. The Group will calibrate the matrix to
adjust the historical credit loss experience with forward-looking information. For instance, if forecast economic conditions
(i.e. gross domestic product) are expected to deteriorate over the next year which can lead to an increased number of
defaults, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated
and changes in the forward-looking estimates are analysed.
(i) Net realisable value of completed property development units classified as inventories (cont’d.)
Demand and pricing levels could change from time to time. If such factors result in an adverse effect on the Group’s products,
the Group provides additional allowances for slow moving inventories.
The carrying amount of the Group’s completed property units as at reporting date is disclosed in Note 13(c) to the financial
statements.
4. REVENUE
Revenue of the Group and of the Company consists of the following:

The assessment of the correlation between historical observed default rates, forecast economic conditions and ECLs is a Group Company
significant estimate. The amount of ECLs is sensitive to changes in circumstances and of forecast economic conditions. The
Group’s historical credit loss experience and forecast of economic conditions may also not be representative of customer’s 2022 2021 2022 2021
actual default in the future. RM’000 RM’000 RM’000 RM’000
Continuing operations
(g) Impairment assessment on property, plant and equipment (“PPE”) Engineering and construction contracts 1,975,878 1,784,789 1,318,891 997,713
The Group and the Company assess whether there are any indicators of impairment for all non-financial assets at each Sales of development properties 2,528,106 1,091,803 – –
reporting date. Trading of construction materials 61,814 75,338 – –
Sales of manufactured products 12,725 36,793 – –
The net carrying of GIBS’s property, plant and equipment as at 31 July 2022 was RM315,843,000 (2021: RM329,279,000). Quarry sales 61,123 42,855 – –
The Group carried out the impairment test based on a variety of estimation including the value in use of the cash-generating Supply of water and related services 179,663 177,227 – –
unit (“”CGU””) to which the said impaired property, plant and equipment are allocated. Estimating the value in use requires Dividend income from subsidiaries – – 90,170 541,688
the Group to make an estimate of the expected future cash flows from the CGU and also to choose a suitable discount Dividend income from associated companies – – – 218,040
rate in order to calculate the present value of those cash flows.
Dividend income from joint ventures – – 423,000 80,000
Others 82,771 60,002 4 –
(h) Non-consolidation of entity in which the Group holds more than a majority of shareholding interest
The Group does not consider that it controls Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (“SPRINT Holdings”) even 4,902,080 3,268,807 1,832,065 1,837,441
though the Group holds an effective shareholding interest of 52% in SPRINT Holdings. This is because the Group only holds Discontinued operations
a direct voting right of 30% in SPRINT Holdings. The remaining 22% of the equity share in SPRINT Holdings is held via another Toll concession revenue 241,802 248,411 – –
associated company of the Group, Lingkaran Trans Kota Holdings Berhad (“LITRAK Holdings”), vis a vis indirect interest owned Dividend income from subsidiaries – – 49,000 31,500
by the Group. The Group does not control LITRAK Holdings. As a result, the Group does not hold a majority voting right in Dividend income from associated companies – – 57,514 46,011
SPRINT Holdings and therefore, SPRINT Holdings is considered as an associated company.
241,802 248,411 106,514 77,511
(i) Net realisable value of completed property development units classified as inventories Total 5,143,882 3,517,218 1,938,579 1,914,952
Inventories held for sale are stated at the lower of cost or net realisable value. The Group estimates the net realisable value
of inventories based on an assessment of expected sales prices.
Timing of revenue recognition:
Inventories held for sale are reviewed on a regular basis and the Group will make an allowance for impairment primarily Continuing operations
based on historical trends and management estimates of expected and future product demand and related pricing. – At a point in time 780,805 617,902 513,174 839,728
– Over time 4,121,275 2,650,905 1,318,891 997,713
Discontinued operations
– At a point in time 241,802 248,411 106,514 77,511

Total 5,143,882 3,517,218 1,938,579 1,914,952

290 8 Financial Statements 8 Financial Statements 291

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

4. REVENUE (CONT’D.) 6. DIRECTORS’ REMUNERATION

Supplementary information on revenue of the Group inclusive of the Group’s share of revenue of joint ventures are as follows: Group Company
2022 2021 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Revenue of the Group 5,143,882 3,517,218 Directors
Share of revenue of joint ventures: Executive:
– Engineering and construction contracts 1,122,688 1,317,741
Salaries 8,171 8,231 7,731 7,731
– Property development and club operations 155,161 172,126
Defined contribution plans 1,149 1,146 1,083 1,083
– Water and expressway concessions 12,776 8,872
Provision for retirement benefit obligations 124 171 127 127
6,434,507 5,015,957 Share options granted under ESOS (Note 7) 1,492 – 1,212 –
Other emoluments
Analysed as: – Allowances 254 148 124 124
Continuing operations 6,179,929 4,758,674 – Benefits-in-kind 544 732 480 633
Discontinued operations 254,578 257,283 11,734 10,428 10,757 9,698
6,434,507 5,015,957
Non-executive:
Fees 786 795 786 795
5. STAFF COSTS Other emoluments
– Allowances 195 156 195 156
Group Company
– Benefits-in-kind 27 21 27 21
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 1,008 972 1,008 972

Continuing operations Total 12,742 11,400 11,765 10,670

Wages and salaries: 288,065 247,412 109,503 80,335
– Company 70,290 31,795 70,290 31,795 Analysis excluding benefits-in-kind:
– Joint operations 39,213 48,540 39,213 48,540 Total executive directors’ remuneration excluding
– Subsidiaries 178,562 167,077 – – benefits-in-kind (Note 5) 11,190 9,696 10,277 9,065
Total non-executive directors’ remuneration excluding
Bonus 27,706 – 8,588 –
benefits-in-kind (Note 7) 981 951 981 951
Directors’ remuneration (Note 6) 11,190 9,696 10,277 9,065
Short term accumulating compensated absences 1,107 4,170 186 906 Total directors’ remuneration excluding benefits-in-kind 12,171 10,647 11,258 10,016
Defined contribution plans 30,309 24,420 9,159 5,899
Provision for retirement benefit obligations 5,385 (2,700) 566 424
Share options granted under ESOS (Note 7) 15,340 – 15,620 –
Social security costs 3,428 3,436 133 228
Other staff related expenses 49,014 29,784 16,355 8,100
431,544 316,218 170,387 104,957
Less: Amount capitalised in qualifying assets:
– Property development costs (Note 13(b)) (35,286) (31,254) – –
– Costs of contract assets from construction
(Note 22(a)) (119,795) (104,574) (67,519) (48,446)
276,463 180,390 102,868 56,511
Discontinued operations
Wages and salaries and other staff related expenses 14,779 14,189 – –
Less: Amount classified as highway maintenance and
toll operations (10,495) (9,875) – –
4,284 4,314 – –
Total 280,747 184,704 102,868 56,511

292 8 Financial Statements 8 Financial Statements 293

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

6. DIRECTORS’ REMUNERATION (CONT’D.) 7. PROFIT FROM OPERATIONS

The details of the remuneration paid by the Group and the Company to each director who served during the financial years The following items have been included in arriving at profit from operations:
ended 31 July 2022 and 31 July 2021 are as follows:
Group Company
Salaries, Other
2022 2021 2022 2021
bonus and EPF Fees emoluments* Total
RM’000 RM’000 RM’000 RM’000
RM’000 RM’000 RM’000 RM’000
Continuing operations
2022
Amortisation:
Directors
– Concession development expenditure 23,555 21,520 – –
Executive:
Auditors’ remuneration:
Y Bhg Dato’ Lin Yun Ling 4,098 – 293 4,391
– Statutory audits:
Y Bhg Dato’ Ir. Ha Tiing Tai 2,357 – 177 2,534
– Group’s auditors 1,881 1,620 639 489
Encik Mohammed Rashdan bin Mohd Yusof 2,359 – 134 2,493
– Other auditors 160 105 93 10
Y Bhg Dato’ Ubull a/l Din Om 141 – 11 152
– Other services 643 655 229 363
Mr. Justin Chin Jing Ho 365 – 183 548
Property, plant and equipment
9,320 – 798 10,118 – Depreciation (Note 12) 62,972 65,828 5,566 5,810
– Write-off (Note 12) 422 2,427 – –
– Net (gain)/loss on disposal (3,391) 3 7 (13)
Non-executive:
Investment properties:
Y Bhg Dato’ Mohammed bin Haji Che Hussein – 210 132 342
– Depreciation (Note 14) 16,742 11,894 24 24
YTM Raja Dato’ Seri Eleena binti Almarhum Sultan
Azlan Muhibbuddin Shah Al-Maghfur-lah – 130 18 148 – Net gain on disposal (3,563) (6,242) – –
Y Bhg Tan Sri Dato’ Setia Haji Ambrin bin Buang – 153 24 177 Right-of-use assets (Note 15):
YM Tunku Afwida binti Tunku A.Malek – 58 12 70 – Depreciation 8,271 5,741 712 803
Puan Nazli binti Mohd Khir Johari – 160 30 190 Non-executive directors’ remuneration (Note 6) 981 951 981 951
Ms. Chan Wai Yen – 75 6 81 Share options granted under ESOS
– Employees (Note 5) 15,340 – 15,620 –
– 786 222 1,008 – Directors (Note 6) 1,492 – 1,212 –
Net provision for liabilities (Note 37) 1,400 820 – –
2021 Bid costs for projects – Australia written off – 48,094 – 48,094
Directors Expenses relating to leases (Note 31):
Executive: – Short-term leases 7,466 7,921 1,681 1,628
Y Bhg Dato’ Lin Yun Ling 4,098 – 330 4,428 – Low value assets 203 260 7 6
Y Bhg Dato’ Ir. Ha Tiing Tai 2,357 – 252 2,609 (Gain)/loss of foreign exchange:
Encik Mohammed Rashdan bin Mohd Yusof 2,359 – 176 2,535 – Realised (1,027) (1,744) 11,636 (2,358)
Y Bhg Dato’ Ubull a/l Din Om 563 – 122 685 – Unrealised 578 1,175 (12,012) (328)
Rental income in respect of investment properties (24,639) (18,924) (451) (498)
9,377 – 880 10,257 Other rental income:
– Premises (3,350) (3,454) (5,004) (4,984)
Non-executive: – Others (338) (326) (372) (870)
Y Bhg Dato’ Mohammed bin Haji Che Hussein – 210 101 311
YTM Raja Dato’ Seri Eleena binti Almarhum Sultan
Azlan Muhibbuddin Shah Al-Maghfur-lah – 130 14 144
Y Bhg Tan Sri Dato’ Setia Haji Ambrin bin Buang – 130 12 142
YM Tunku Afwida binti Tunku A.Malek – 165 26 191
Puan Nazli binti Mohd Khir Johari – 160 24 184

– 795 177 972

* Included in other emoluments are allowances and benefits-in-kind.

294 8 Financial Statements 8 Financial Statements 295

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

7. PROFIT FROM OPERATIONS (CONT’D.) 8. FINANCE COSTS

The following items have been included in arriving at profit from operations: (cont’d.) Group Company
Group Company 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 Continuing operations
Profit rate on:
Continuing operations (cont’d.)
– Islamic medium term notes 124,251 96,234 79,569 89,238
Impairment losses of investments in joint venture
– Commercial papers 2,285 15,345 2,285 15,345
(Note  19(a)) – – 49,500 –
Interest expense on:
Net (reversal)/allowance for doubtful debts (Note  21(i)) (772) 396 – –
– Revolving credits 16,673 21,540 7,034 10,461
Fair value (gain)/loss on embedded derivatives
(Note  35) (16,418) 6,182 – – – Term loans 55,694 72,717 7,924 1,009
Distribution from investment securities: Lease liabilities (Note 31) 402 594 69 58
– Islamic (6,789) (9,873) (5,575) (7,085) Unwinding of discount
– Non-Islamic (12,142) (11,157) (8,757) (8,723) – Notional interest expense on non-current payables 31,539 27,789 5,306 3,042
Profit rate from Islamic fixed deposits (7,289) (5,974) (330) (554) Others 1,363 1,112 61 1,509
Interest income arising from: 232,207 235,331 102,248 120,662
– Non-Islamic fixed deposits (82,990) (68,722) (1,433) (1,074) Less:
– Significant financing component (Note 22(b)) (190) (211) – – Interest expense capitalised into:
– Subsidiaries – – (128,653) (149,499) – Contract assets and liabilities (Note 22(a)) (4,693) (4,444) (31) (23)
Unwinding of discount – notional interest income – Property development costs (Note 13(b)) (138,423) (125,527) – –
on non-current: – Property, plant and equipment (Note 12) (2,416) (987) – –
– trade receivables (6,909) (15,272) (3,018) (349) – Investment properties (Note 14) – (4,207) – –
– amounts due from joint ventures (3,518) (3,617) – –
86,675 100,166 102,217 120,639
– amounts due to subsidiaries – – (1,213) (1,432)
Gain on deemed disposal of interest in an
associated company (10,196) (1,858) – – Discontinued operations
Profit rate on:
– Islamic medium term notes 10,118 14,296 – –
Discontinued operations
Amortisation: Total 96,793 114,462 102,217 120,639
– Concession development expenditure (Note 16(a)) 128,835 118,983 – –
Auditors’ remuneration: The capitalisation rate used to determine the amount of borrowing costs eligible for capitalisation during the financial year was
– Statutory audits: 3.62% (2021: 3.11%) per annum.
– Group’s auditors 70 70 – –
Property, plant and equipment
– Depreciation (Note 12) 481 801 – –
– Net gain on disposal (8) (22) – –
Net provision for liabilities (Note 37) 5,921 5,802 – –
Other rental income:
– Premises (54) (53) – –
– Others (431) (294) – –
Distribution from investment securities:
– Islamic (87) – – –
Profit rate from Islamic fixed deposits (5,004) (4,159) – –

296 8 Financial Statements 8 Financial Statements 297

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

9. INCOME TAX EXPENSE 9. INCOME TAX EXPENSE (CONT’D.)

Group Company A reconciliation of income tax expense applicable to profit before tax at the statutory income tax rate to income tax expense at
the effective income tax rate of the Group and of the Company is as follows:
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 2022 2021
Group RM’000 RM’000
Continuing operations
Income tax Continuing operations
Malaysian income tax 71,893 80,910 30,004 47,840 Profit before tax 897,799 610,979
Foreign income tax 47,676 73,115 (101) (233)
Under provision in prior years 1,919 8,473 215 3,615
Taxation at Malaysian statutory tax rate of 24% (2021: 24%) 215,472 146,635
Deferred tax
Effect of Cukai Makmur 1,638 –
Relating to origination and reversal of temporary
Effect of different tax rates in other countries (23,084) (22,929)
differences 37,657 (29,010) (242) (134)
Effect of income subject to RPGT 213 618
(Over)/under provision in prior years (2,760) (1,317) 962 (722)
Income not subject to tax (9,330) (8,579)
156,385 132,171 30,838 50,366 Expenses not deductible for tax purposes 36,735 24,647
Effects of tax on share of profits of associated companies and joint ventures (84,645) (55,544)
Utilisation of previously unrecognised tax losses, unabsorbed capital allowances and
Discontinued operations
other deductible temporary differences (8,551) (18,460)
Income tax
Deferred tax assets not recognised in respect of current year’s tax losses, unabsorbed
Malaysian income tax 56,128 47,598 – –
capital allowances and other deductible temporary differences 28,778 58,627
(Over)/under provision in prior years (1,902) 634 – –
Under provision of income tax in prior years 1,919 8,473
Deferred tax
Over provision of deferred tax in prior years (2,760) (1,317)
Relating to origination and reversal of temporary
differences (30,444) (26,252) – – Income tax expense for the year 156,385 132,171
Over provision in prior years (103) (90) – –

23,679 21,890 – – Discontinued operations

Profit before tax 118,311 175,271
Total 180,064 154,061 30,838 50,366

Domestic current income tax is calculated at the Malaysian statutory tax rate of 24% (2021: 24%) of the estimated assessable Taxation at Malaysian statutory tax rate of 24% (2021: 24%) 28,395 42,065
profit for the year. Taxation for other jurisdictions is calculated at the rates prevailing in respective jurisdictions. Effect of Cukai Makmur 8,749 –
Income not subject to tax (268) (277)
Expenses not deductible for tax purposes 159 508
Effects of tax on share of profits of associated companies and joint ventures (11,351) (20,950)
(Over)/under provision of income tax in prior years (1,902) 634
Over provision of deferred tax in prior years (103) (90)

Income tax expense for the year 23,679 21,890

Total income tax expense for the year 180,064 154,061

298 8 Financial Statements 8 Financial Statements 299

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

9. INCOME TAX EXPENSE (CONT’D.) 10. EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE COMPANY

2022 2021 (a) Basic

Company RM’000 RM’000 Basic earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the Company
by the weighted average number of ordinary shares in issue during the financial year.
Profit before tax 501,330 944,154

2022 2021
Taxation at Malaysian statutory tax rate of 24% (2021: 24%) 120,319 226,597
Effect of Cukai Makmur 1,638 – Profit for the year attributable to ordinary equity holders of the Company (RM’000)
Effect of different tax rates in other countries 130 (6,218) – Continuing operations 725,794 454,762
Income not subject to tax (127,324) (205,411) – Discontinued operations 80,431 133,554
Expenses not deductible for tax purposes 26,592 11,139
806,225 588,316
Deferred tax assets not recognised in respect of unutilised tax losses 8,306 21,366
Under provision of income tax in prior years 215 3,615
Under/(Over) provision of deferred tax in prior years 962 (722) Weighted average number of ordinary shares in issue (‘000) 2,530,363 2,513,528

Income tax expense for the year 30,838 50,366

Basic earnings per share (sen)
– Continuing operations 28.68 18.10
Tax savings during the financial year arising from: – Discontinued operations 3.18 5.31

Group 31.86 23.41

2022 2021
RM’000 RM’000
(b) Diluted
Utilisation of previously unrecognised tax losses (8,551) (5,837)
Diluted earnings per share is calculated by dividing the profit for the year attributable to ordinary equity holders of the
Utilisation of previously unabsorbed capital allowances – (12,623)
Company by the weighted average number of ordinary shares in issue during the financial year plus the weighted average
(8,551) (18,460) number of ordinary shares that would be issued on conversion of all dilutive potential ordinary shares from exercise of ESOS
into ordinary shares. The ESOS are deemed to have been converted into ordinary shares at the date of the issue of the
Details of deferred tax assets not recognised are stated in Note 32 to the financial statements. ESOS.

The Finance Act 2021 gazetted on 31 December 2021 enacted the prosperity tax (“Cukai Makmur”) on companies that generate There have been no other transactions involving ordinary shares between the reporting date and the date of authorisation
chargeable income up to first RM100 million will be taxed at 24% and the remaining chargeable income will be taxed at one-off of these financial statements.
rate of 33% for year of assessment 2022.
2022 2021

Profit for the year attributable to ordinary equity holders of the Company (RM’000)
– Continuing operations 725,794 454,762
– Discontinued operations 80,431 133,554

806,225 588,316

Weighted average number of ordinary shares in issue (‘000) 2,530,363 2,513,528

Adjusted for:
– Assumed shares issued from the exercise of ESOS (’000) 20,273 –

Adjusted weighted average number of ordinary shares for calculating diluted earnings
per ordinary share (’000) 2,550,636 2,513,528

Fully diluted earnings per share (sen)

– Continuing operations 28.46 18.10
– Discontinued operations 3.15 5.31

31.61 23.41

300 8 Financial Statements 8 Financial Statements 301

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

11. DIVIDENDS 12. PROPERTY, PLANT AND EQUIPMENT

Group and Company
Other
Amount
property,
2022 2021 Land and plant and Construction
RM’000 RM’000 buildings* equipment** in-progress Total
Group RM’000 RM’000 RM’000 RM’000
Dividends recognised in respect of financial year ended 31 July 2022 and 2021
At 31 July 2022
– First interim dividend of 6 sen (2021: Nil) per ordinary share declared on
21  December 2021 and paid on 8 March 2022 Cost
a) Issuance of new shares in the Company pursuant to the DRP 102,218 – As at 1 August 2021 803,398 892,688 68,331 1,764,417
b) Cash dividend 48,594 – Additions 627 17,470 187,628 205,725
Reclassification upon completion – 3,106 (3,106) –
– Second interim dividend of 6 sen (2021: Nil) per ordinary share declared on
Assets held for sale (Note 47) (8,113) (9,865) – (17,978)
29 June 2022 and paid on 2 September 2022
Disposals (1,424) (5,659) – (7,083)
a) Issuance of new shares in the Company pursuant to the DRP 119,586 –
Write-off – (1,711) – (1,711)
b) Cash dividend 33,650 –
Exchange differences 4,707 675 1,369 6,751
304,048 –
At 31 July 2022 799,195 896,704 254,222 1,950,121
Net dividends per ordinary share (sen) 12.0 –

Accumulated depreciation
The Company’s first Dividend Reinvestment Plan was completed on 9 March 2022 upon the listing and quotation of 40,402,455
As at 1 August 2021 136,381 519,249 – 655,630
new Gamuda Share at RM2.53 per ordinary share on the Main market of Bursa Malaysia Securities Berhad.
Recognised in profit or loss (a) 23,198 40,255 – 63,453
Capitalised in contract assets from construction
The Company’s second Dividend Reinvestment Plan was completed on 5 September 2022 upon the listing and quotation of
(Note  22(a)) – 9,026 – 9,026
37,138,423 new Gamuda Share at RM3.22 per ordinary share on the Main market of Bursa Malaysia Securities Berhad.
Assets held for sale (Note 47) (7,829) (8,526) – (16,355)
Disposals (335) (5,216) – (5,551)
The directors do not recommend the payment of any final dividend in respect of the current financial year.
Write-off – (1,289) – (1,289)
Exchange differences 1,115 510 – 1,625

At 31 July 2022 152,530 554,009 – 706,539

Accumulated impairment loss

At 1 August 2021/31 July 2022 63,704 84,396 – 148,100

Net carrying amount

At 31 July 2022 582,961 258,299 254,222 1,095,482

Included in the additions to property, plant and equipment are as follows:

RM’000

Office building and sales gallery 126,348

Tunnel boring machines and theme park equipments 61,279
Vehicles, office equipment, furniture and fittings 18,098

205,725

302 8 Financial Statements 8 Financial Statements 303

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.) 12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.)

Other * Land and buildings

property,
Freehold
Land and plant and Construction
land Buildings Total
buildings* equipment** in-progress Total
Group RM’000 RM’000 RM’000
Group RM’000 RM’000 RM’000 RM’000
At 31 July 2022
At 31 July 2021
Cost
Cost
As at 1 August 2021 97,091 706,307 803,398
As at 1 August 2020 774,467 869,675 42,025 1,686,167
Additions – 627 627
Additions 26,328 23,030 40,788 90,146
Assets held for sale (1,582) (6,531) (8,113)
Transfer to investment properties (Note 14) – – (711) (711)
Disposals (101) (1,323) (1,424)
Reclassification upon completion 5,838 8,002 (13,840) –
Exchange differences – 4,707 4,707
Disposals – (1,233) – (1,233)
Write-off (4,135) (6,955) – (11,090) At 31 July 2022 95,408 703,787 799,195
Exchange differences 900 169 69 1,138

At 31 July 2021 803,398 892,688 68,331 1,764,417 Accumulated depreciation

As at 1 August 2021 – 136,381 136,381
Recognised in profit or loss – 23,198 23,198
Accumulated depreciation
Assets held for sale – (7,829) (7,829)
As at 1 August 2020 113,867 426,683 – 540,550
Disposals – (335) (335)
Recognised in profit or loss (a) 25,064 41,565 – 66,629
Exchange differences – 1,115 1,115
Capitalised in contract assets from construction
(Note  22(a)) – 57,964 – 57,964 At 31 July 2022 – 152,530 152,530
Disposals – (1,104) – (1,104)
Write-off (2,727) (5,936) – (8,663)
Accumulated impairment loss
Exchange differences 177 77 – 254
At 1 August 2021/31 July 2022 – 63,704 63,704
At 31 July 2021 136,381 519,249 – 655,630
Net carrying amount
Accumulated impairment loss At 31 July 2022 95,408 487,553 582,961
At 1 August 2020/31 July 2021 63,704 84,396 – 148,100

Net carrying amount

At 31 July 2021 603,313 289,043 68,331 960,687

Included in the additions to property, plant and equipment are as follows:

RM’000

Sales gallery and sports centre 68,931

Other plant and machinery 13,139
Vehicles, office equipment, furniture and fittings 8,076

90,146

304 8 Financial Statements 8 Financial Statements 305

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.) 12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.)
* Land and buildings (cont’d.) ** Other property, plant and equipment

Freehold Office
land Buildings Total equipment,
Group RM’000 RM’000 RM’000 Motor furniture Plant and
vehicles and fittings machinery Total
At 31 July 2021
Group RM’000 RM’000 RM’000 RM’000
Cost
At 31 July 2022
As at 1 August 2020 97,091 677,376 774,467
Additions – 26,328 26,328 Cost
Reclassification upon completion – 5,838 5,838 At 1 August 2021 49,567 149,887 693,234 892,688
Write-off – (4,135) (4,135) Additions 1,798 10,326 5,346 17,470
Exchange differences – 900 900 Reclassification upon completion – 3,106 – 3,106
Assets held for sale (5,950) (3,915) – (9,865)
At 31 July 2021 97,091 706,307 803,398
Disposals (246) (1,170) (4,243) (5,659)
Write-off (11) (1,605) (95) (1,711)
Accumulated depreciation Exchange differences 22 567 86 675
As at 1 August 2020 – 113,867 113,867
At 31 July 2022 45,180 157,196 694,328 896,704
Recognised in profit or loss – 25,064 25,064
Write-off – (2,727) (2,727)
Exchange differences – 177 177 Accumulated depreciation
At 1 August 2021 34,296 109,246 375,707 519,249
At 31 July 2021 – 136,381 136,381
Recognised in profit or loss 3,193 16,363 20,699 40,255
Capitalised in contract assets from construction 1,313 803 6,910 9,026
Accumulated impairment loss Assets held for sale (5,494) (3,032) – (8,526)
At 1 August 2020/31 July 2021 – 63,704 63,704 Disposals (235) (1,124) (3,857) (5,216)
Write-off (10) (1,187) (92) (1,289)
Exchange differences (18) 349 179 510
Net carrying amount
At 31 July 2021 97,091 506,222 603,313 At 31 July 2022 33,045 121,418 399,546 554,009

Accumulated impairment loss

At 1 August 2021/31 July 2022 – – 84,396 84,396

Net carrying amount

At 31 July 2022 12,135 35,778 210,386 258,299

306 8 Financial Statements 8 Financial Statements 307

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.) 12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.)
** Other property, plant and equipment (cont’d.) (a) The Group’s depreciation charge is analysed as follows:

Office 2022 2021

equipment, Note RM’000 RM’000
Motor furniture Plant and
Recognised in income statement
vehicles and fittings machinery Total
– Continuing operations 7 62,972 65,828
Group RM’000 RM’000 RM’000 RM’000
– Discontinued operations 7 481 801
At 31 July 2021
63,453 66,629
Cost
At 1 August 2020 47,704 143,363 678,608 869,675
Additions 2,207 7,789 13,034 23,030
Reclassification upon completion – 5,955 2,047 8,002 Other
Disposals (341) (715) (177) (1,233) property,
Write-off – (6,673) (282) (6,955) Land and plant and Construction
Exchange differences (3) 168 4 169 buildings* equipment** in-progress Total
Company RM’000 RM’000 RM’000 RM’000
At 31 July 2021 49,567 149,887 693,234 892,688
At 31 July 2022

Cost
Accumulated depreciation
At 1 August 2021 159,478 255,036 – 414,514
At 1 August 2020 29,523 96,368 300,792 426,683
Additions – 3,801 61,399 65,200
Recognised in profit or loss 3,257 17,745 20,563 41,565
Disposals – (44) – (44)
Capitalised in contract assets from construction 1,819 559 55,586 57,964
Write-off – (4) – (4)
Disposals (299) (637) (168) (1,104)
Exchange differences – 174 1,164 1,338
Write-off – (4,871) (1,065) (5,936)
Exchange differences (4) 82 (1) 77 At 31 July 2022 159,478 258,963 62,563 481,004
At 31 July 2021 34,296 109,246 375,707 519,249
Accumulated depreciation
At 1 August 2021 32,407 243,184 – 275,591
Accumulated impairment loss
Recognised in profit or loss (Note 7) 3,372 2,194 – 5,566
At 1 August 2020/31 July 2021 – – 84,396 84,396
Capitalised in contract assets from construction
(Note  22(a)) – 3,050 – 3,050
Net carrying amount Disposals – (38) – (38)
At 31 July 2021 15,271 40,641 233,131 289,043 Write-off – (4) – (4)
Exchange differences – 241 – 241

At 31 July 2022 35,779 248,627 – 284,406

Net carrying amount

At 31 July 2022 123,699 10,336 62,563 196,598

Included in the additions to property, plant and equipment are as follows:

RM’000

Tunnel boring machines 57,552

Office equipment, furniture and fittings and others 7,648

65,200

308 8 Financial Statements 8 Financial Statements 309

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.) 12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.)

Other * Land and buildings

property,
Freehold
Land and plant and Construction
land Buildings Total
buildings* equipment** in-progress Total
Company RM’000 RM’000 RM’000
Company RM’000 RM’000 RM’000 RM’000
At 31 July 2022
At 31 July 2021
Cost
Cost
At 1 August 2021/31 July 2022 659 158,819 159,478
At 1 August 2020 159,404 253,258 – 412,662
Additions 74 3,654 – 3,728
Disposals – (175) – (175) Accumulated depreciation
Write-off – (1,704) – (1,704) At 1 August 2021 – 32,407 32,407
Transfer to related companies – (45) – (45) Recognised in profit or loss – 3,372 3,372
Exchange differences – 48 – 48
At 31 July 2022 – 35,779 35,779
At 31 July 2021 159,478 255,036 – 414,514
Net carrying amount
Accumulated depreciation At 31 July 2022 659 123,040 123,699
At 1 August 2020 29,104 190,512 – 219,616
Recognised in profit or loss (Note 7) 3,303 2,507 – 5,810
At 31 July 2021
Capitalised in contract assets from construction
(Note  22(a)) – 52,040 – 52,040 Cost
Disposals – (120) – (120) At 1 August 2020 659 158,745 159,404
Write-off – (1,704) – (1,704) Additions – 74 74
Transfer to related companies – (38) – (38) At 31 July 2021 659 158,819 159,478
Exchange differences – (13) – (13)

At 31 July 2021 32,407 243,184 – 275,591 Accumulated depreciation

At 1 August 2020 – 29,104 29,104
Net carrying amount Recognised in profit or loss – 3,303 3,303
At 31 July 2021 127,071 11,852 – 138,923 At 31 July 2021 – 32,407 32,407

Included in the additions to property, plant and equipment are as follows: Net carrying amount
At 31 July 2021 659 126,412 127,071
RM’000

Plant and machinery 1,990

Office equipment, furniture and fittings 1,738

3,728

310 8 Financial Statements 8 Financial Statements 311

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.) 12. PROPERTY, PLANT AND EQUIPMENT (CONT’D.)
** Other property, plant and equipment ** Other property, plant and equipment (cont’d.)

Office Office
equipment, equipment,
Motor furniture Plant and Motor furniture Plant and
vehicles and fittings machinery Total vehicles and fittings machinery Total
Company RM’000 RM’000 RM’000 RM’000 Company RM’000 RM’000 RM’000 RM’000

At 31 July 2022 At 31 July 2021

Cost Cost
At 1 August 2021 851 40,069 214,116 255,036 At 1 August 2020 937 39,380 212,941 253,258
Additions 48 3,634 119 3,801 Additions 69 1,595 1,990 3,654
Disposals – (44) – (44) Disposals (104) (71) – (175)
Write-off – (4) – (4) Write-off – (894) (810) (1,704)
Exchange differences 10 122 42 174 Transfer to related companies (45) – – (45)
Exchange differences (6) 59 (5) 48
At 31 July 2022 909 43,777 214,277 258,963
At 31 July 2021 851 40,069 214,116 255,036

Accumulated depreciation
At 1 August 2021 699 35,278 207,207 243,184 Accumulated depreciation
Recognised in profit or loss 18 2,176 – 2,194 At 1 August 2020 721 33,503 156,288 190,512
Capitalised in contract assets from construction 57 435 2,558 3,050 Recognised in profit or loss 50 2,457 – 2,507
Disposals – (38) – (38) Capitalised in contract assets from construction 48 259 51,733 52,040
Write-off – (4) – (4) Disposals (77) (43) – (120)
Exchange differences 26 156 59 241 Write-off – (894) (810) (1,704)
Transfer to related companies (38) – – (38)
At 31 July 2022 800 38,003 209,824 248,627
Exchange differences (5) (4) (4) (13)

At 31 July 2021 699 35,278 207,207 243,184

Net carrying amount
At 31 July 2022 109 5,774 4,453 10,336
Net carrying amount
At 31 July 2021 152 4,791 6,909 11,852

Included in property, plant and equipment incurred during the year are:

Group

2022 2021
RM’000 RM’000

Finance costs (Note 8) 2,416 987

312 8 Financial Statements 8 Financial Statements 313

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

13. INVENTORIES 13. INVENTORIES (CONT’D.)

Group (b) Property development costs
2022 2021
Freehold Leasehold Development
Note RM’000 RM’000
land land costs Total
Non-current Group RM’000 RM’000 RM’000 RM’000
Land held for property development (a) 3,507,908 3,305,083
At 31 July 2022

Cumulative property development costs

Current
At 1 August 2021 56,885 2,153,276 4,588,974 6,799,135
Property development cost (b) 2,011,858 2,060,166
Costs incurred during the year – 18,145 1,244,470 1,262,615
Other inventories (c) 655,437 808,562
Transfer from land held for property development
2,667,295 2,868,728 (Note 13(a)) 3,489 221,710 55,308 280,507
Reversal of completed projects – (25,480) (118,572) (144,052)
Total inventories 6,175,203 6,173,811
Transfer to completed inventories – (24,940) (111,725) (136,665)
Exchange differences – 46,267 124,576 170,843

(a) Land held for property development At 31 July 2022 60,374 2,388,978 5,783,031 8,232,383

Freehold Leasehold Development

Cumulative costs recognised in profit or loss
land land costs Total
At 1 August 2021 10,808 1,229,117 3,499,044 4,738,969
Group RM’000 RM’000 RM’000 RM’000
Recognised during the year 22,554 173,211 1,291,446 1,487,211
At 31 July 2022 Reversal of completed projects – (25,480) (118,572) (144,052)
Cost Exchange differences – 30,547 107,850 138,397
At 1 August 2021 5,731 1,881,224 1,418,128 3,305,083 At 31 July 2022 33,362 1,407,395 4,779,768 6,220,525
Cost incurred during the year – 182,600 292,907 475,507
Property development costs at 31 July 2022 27,012 981,583 1,003,263 2,011,858
Transfer to property development costs
(Note  13(b)) (3,489) (221,710) (55,308) (280,507)
Exchange differences – 7,825 – 7,825

At 31 July 2022 2,242 1,849,939 1,655,727 3,507,908

At 31 July 2021

Cost
At 1 August 2020 41,040 1,884,983 1,243,872 3,169,895
Cost incurred during the year – 8,005 287,431 295,436
Transfer to property development costs
(Note  13(b)) (35,309) (13,285) (113,175) (161,769)
Exchange differences – 1,521 – 1,521

At 31 July 2021 5,731 1,881,224 1,418,128 3,305,083

314 8 Financial Statements 8 Financial Statements 315

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

13. INVENTORIES (CONT’D.) 13. INVENTORIES (CONT’D.)

(b) Property development costs (cont’d.) (c) Other inventories
Group
Freehold Leasehold Development
land land costs Total 2022 2021
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 31 July 2021 At cost
Completed properties - properties held for sale 630,432 781,285
Cumulative property development costs
Prefabricated concrete panels 4,302 3,052
At 1 August 2020 23,414 2,321,219 4,146,394 6,491,027
Crusher run and aggregates 9,105 10,944
Costs incurred during the year – 21,638 787,170 808,808
Consumables, spares and materials 11,598 13,281
Reclassification – (78,355) 78,355 –
Transfer from land held for property development 655,437 808,562
(Note 13(a)) 35,309 13,285 113,175 161,769
Transfer to investment property (Note 14) – – (60,515) (60,515) During the financial year, the amount of inventories recognised as an expense by the Group was RM432,160,000 (2021:
Transfer to right-of-use assets (Note 15) – – (3,203) (3,203) RM534,268,000).
Reversal of completed projects (327) (89,034) (320,825) (410,186)
Transfer to completed inventories (1,511) (44,229) (174,130) (219,870) In the previous financial year, inventories of RM74,948,000 were transferred to investment properties due to change of
Exchange differences – 8,752 22,553 31,305 management intention to lease out the properties.
At 31 July 2021 56,885 2,153,276 4,588,974 6,799,135
Company

Cumulative costs recognised in profit or loss 2022 2021

At 1 August 2020 1,194 1,263,407 3,379,212 4,643,813 RM’000 RM’000
Recognised during the year 9,941 49,035 420,562 479,538 Consumables and spares 661 647
Reversal of completed projects (327) (89,034) (320,825) (410,186)
Exchange differences – 5,709 20,095 25,804
During the financial year, the amount of inventories recognised as an expense by the Company was RM14,000 (2021:
At 31 July 2021 10,808 1,229,117 3,499,044 4,738,969 RM3,877,000).

Property development costs at 31 July 2021 46,077 924,159 1,089,930 2,060,166

Included in land held for development and property development costs incurred during the year are:

Group

2022 2021
RM’000 RM’000

Staff costs (Note 5) 35,286 31,254

Finance costs (Note 8) 138,423 125,527

Freehold land of the Group with a carrying value of RM27,338,000 (2021: RM47,892,000) has been pledged as securities for
loan facility as set out in Note 34(c)(i) to the financial statements.

The leasehold lands under development of the Group with a carrying value of RM298,344,000 (2021: RM237,795,000) has
been pledged as securities for term loans as disclosed in Note 34(a)(i) and Note 34(a)(ii) to the financial statements.

316 8 Financial Statements 8 Financial Statements 317

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

14. INVESTMENT PROPERTIES 14. INVESTMENT PROPERTIES (CONT’D.)

Freehold Leasehold Construction Freehold Leasehold Construction

land land Buildings in-progress Total land land Buildings in-progress Total
Group RM’000 RM’000 RM’000 RM’000 RM’000 Group RM’000 RM’000 RM’000 RM’000 RM’000
At 31 July 2022 At 31 July 2021
Cost Cost
At 1 August 2021 19,342 59,676 676,138 710 755,866 At 1 August 2020 20,284 59,206 230,175 178,298 487,963
Additions – – 2,658 – 2,658 Additions – 262 132,562 2,143 134,967
Disposals – – (3,332) – (3,332) Transfer from property development
Exchange differences – 1,084 (932) – 152 costs (Note 13(b)) – – – 60,515 60,515
Transfer from property, plant and
At 31 July 2022 19,342 60,760 674,532 710 755,344
equipment (Note 12) – – – 711 711
Transfer from other inventories
Accumulated depreciation (Note  13(c)) – – 74,978 – 74,978
At 1 August 2021 – 5,907 38,435 – 44,342 Disposals (942) – (5,362) – (6,304)
Recognised in profit or loss (Note 7) – 1,413 15,329 – 16,742 Reclassification upon completion – – 240,970 (240,970) –
Disposals – – (113) – (113) Exchange differences – 208 2,815 13 3,036
Exchange differences – 215 2,664 – 2,879
At 31 July 2021 19,342 59,676 676,138 710 755,866
At 31 July 2022 – 7,535 56,315 – 63,850
Accumulated depreciation
Net carrying amount At 1 August 2020 – 4,610 27,852 – 32,462
At 31 July 2022 19,342 53,225 618,217 710 691,494 Recognised in profit or loss (Note 7) – 1,265 10,629 – 11,894
Disposals – – (137) – (137)
Exchange differences – 32 91 – 123
Fair value
At 31 July 2022 33,408 96,109 843,185 710 973,412 At 31 July 2021 – 5,907 38,435 – 44,342

Net carrying amount

At 31 July 2021 19,342 53,769 637,703 710 711,524

Fair value
At 31 July 2021 34,205 92,462 689,041 710 816,418

318 8 Financial Statements 8 Financial Statements 319

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

14. INVESTMENT PROPERTIES (CONT’D.) 14. INVESTMENT PROPERTIES (CONT’D.)

The following are recognised in profit or loss in respect of investment properties:
Freehold
land Buildings Total
Group Company
Company RM’000 RM’000 RM’000
2022 2021 2022 2021
At 31 July 2022
RM’000 RM’000 RM’000 RM’000
Cost
At 1 August 2021/31 July 2022 5,697 7,583 13,280 Rental income (24,639) (18,924) (451) (498)
Direct operating expenses 13,838 15,191 36 19

Accumulated depreciation
At 1 August 2021 – 3,492 3,492
Included in investment properties incurred during the year are:
Recognised in profit or loss (Note 7) – 24 24

At 31 July 2022 – 3,516 3,516 Group

2022 2021
Net carrying amount RM’000 RM’000
At 31 July 2022 5,697 4,067 9,764
Finance costs (Note 8) – 4,207

Fair value The fair value of the investment properties are within Level 3 of the fair value hierarchy in accordance with MFRS 13.
At 31 July 2022 49,878 14,551 64,429
Valuation technique used by internal appraisal or valuation performed by independent professional valuers is the market approach
or sales comparison approach based on comparable land and buildings in close proximity. The most significant input of this
At 31 July 2021
valuation approach is price per square foot. The price per square foot is adjusted for differences in key attributes such as property
Cost size, location and directions.
At 1 August 2020/31 July 2021 5,697 7,583 13,280
Other details of fair value of investment properties are further disclosed in Note 43 to the financial statements.

Accumulated depreciation
At 1 August 2020 – 3,468 3,468
Recognised in profit or loss (Note 7) – 24 24

At 31 July 2021 – 3,492 3,492

Net carrying amount

At 31 July 2021 5,697 4,091 9,788

Fair value
At 31 July 2021 49,636 14,498 64,134

320 8 Financial Statements 8 Financial Statements 321

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

15. RIGHT-OF-USE ASSETS 16. CONCESSION DEVELOPMENT EXPENDITURE

The Group and the Company have lease contracts for land, office spaces and office equipments with contract terms ranging
Expressway Water Total
from 2 to 99 years and do not contain variable lease payments.
Group RM’000 RM’000 RM’000

The carrying amounts of right-of-use assets recognised and the movements during the year are as follows: Cost At 31 July 2022

Cost
Group Company
At 1 August 2021 1,858,362 192,388 2,050,750
2022 2021 2022 2021 Additions 479 9,537 10,016
RM’000 RM’000 RM’000 RM’000 Assets held for sale (Note 47) (1,858,841) – (1,858,841)
Cost At 31 July 2022 – 201,925 201,925
At 1 August 97,364 88,274 9,862 8,686
Additions of leasehold land 177 2,962 – –
Accumulated amortisation
Additions of operating lease 5,963 2,766 5,007 1,147
At 1 August 2021 781,478 41,246 822,724
Transfer from property development costs (Note 13(b)) – 3,203 – –
Amortisation for the year (a) 128,835 23,555 152,390
Exchange differences 706 159 24 29
Assets held for sale (Note 47) (910,313) – (910,313)
At 31 July 104,210 97,364 14,893 9,862
At 31 July 2022 – 64,801 64,801

Accumulated depreciation
Net carrying amount
At 1 August 14,687 7,587 4,666 2,512
At 31 July 2022 – 137,124 137,124
Recognised in profit or loss (Note 7) 8,271 5,741 712 803
Capitalised in contract assets from construction
(Note  22(a)) 1,930 1,343 1,930 1,343 At 31 July 2021
Exchange differences 3 16 16 8
Cost
At 31 July 24,891 14,687 7,324 4,666 At 1 August 2020 1,858,362 179,331 2,037,693
Additions – 13,057 13,057
Net carrying amount At 31 July 2021 1,858,362 192,388 2,050,750
At 31 July 79,319 82,677 7,569 5,196

Accumulated amortisation
In the previous financial year, included in the additions of leasehold land is a land premium paid by a subsidiary on the renewal
At 1 August 2020 662,495 19,726 682,221
and extension of lease term.
Amortisation for the year (a) 118,983 21,520 140,503

The right-of-use assets consist of the following: At 31 July 2021 781,478 41,246 822,724

Group Company
Net carrying amount
2022 2021 2022 2021 At 31 July 2021 1,076,884 151,142 1,228,026
RM’000 RM’000 RM’000 RM’000

Land 73,872 79,307 4,501 4,521 The expressway development expenditure is pledged as securities for borrowings as disclosed in Note 33(b) to the financial
Building and office space 4,073 2,092 3,018 427 statements.
Plant and machineries 113 – – –
Motor vehicles 585 722 – –
Office equipment 676 556 50 248

79,319 82,677 7,569 5,196

322 8 Financial Statements 8 Financial Statements 323

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

16. CONCESSION DEVELOPMENT EXPENDITURE (CONT’D.) 17. INVESTMENTS IN SUBSIDIARIES (CONT’D.)

(a) The Group’s amortisation charge is analysed as follows: (b) Previous financial year

2022 2021 (i) Additional investment in a subsidiary company

Note RM’000
Recognised in income statement
– Continuing operations 7 23,555
– Discontinued operations 7 128,835
152,390
RM’000 The Company had injected additional cash of RM25,492,000 (GBP4,737,000) as consideration for new ordinary shares
in Gamuda (Luxembourg) S.a.r.l., a wholly-owned subsidiary of the Company to acquire a residential building in Central
London, United Kingdom.
21,520
118,983
(ii) Reduction of shares
140,503 The issued share capital of Jade Homes Sdn. Bhd., a wholly-owned subsidiary of the Company was reduced from
RM321,980,000 comprising 321,250,000 ordinary shares to RM301,980,000 comprising 301,250,000 ordinary shares.

17. INVESTMENTS IN SUBSIDIARIES (c) Interests in subsidiaries

Company The Company’s interests in the subsidiaries are analysed as follows:

2022 2021 Proportion of

Note RM’000 RM’000 ownership
Unquoted shares, at cost 4,918,873 4,730,084 2022 2021
Less: Accumulated impairment losses (355,215) (355,215) Name of company % % Principal/Economic activities
4,563,658 4,374,869
Subsidiaries incorporated in Malaysia

Classified as assets held from sale (Note 47): Gammau Construction Sdn. Bhd. 100 100 Property investment
Unquoted shares, at cost (ii) 385,134 – Ganaz Bina Sdn. Bhd.* 100 100 Dormant

Gamuda Land Sdn. Bhd. 100 100 Property investment and holding company
(a) Current financial year Gamuda Land Leisure Sdn. Bhd. 100 100 Theme park operator
(i) Capital injection/(reduction) in subsidiaries Gamuda Land Property Services Sdn. Bhd.* 100 100 Provision of property maintenance and
The Company has undertaken subscription of new ordinary shares/(reduction) of ordinary shares in the following management services
subsidiaries during the financial year.
Usaha Era Fokus Sdn. Bhd.* 100 100 Security services

2022 2021 Gamuda Parks Sdn. Bhd. 100 100 Supplying and planting of landscaping materials
RM’000 RM’000 and provision of landscaping services for
property development
Jade Homes Sdn. Bhd. – (20,000)
Gamuda (Luxembourg) S.a.r.l. 3,245 25,492 Highway Management Services Sdn. Bhd. 100 100 Business management consultancy services and
Gamuda Healthcare Sdn. Bhd. (Formerly Gamuda Laboratories Sdn. Bhd.) – 1 (Formerly Gamuda Paper Industries Sdn. Bhd.) rental of properties
Gamuda Land Vietnam LLC 315,567 – GPI Trading Sdn. Bhd.* 100 100 Dormant
Gamuda Land (Kemuning) Sdn. Bhd. 78,400 –
Bandar Serai Development Sdn. Bhd. 24,660 – Gamuda Water Sdn. Bhd. (“Gamuda Water”) 80 80 Management, operation and maintenance of
Gamuda Land (T12) Sdn. Bhd. 77,051 – dams and water treatment facilities and the
Gamuda Land Sdn. Bhd. 75,000 – treatment, production and supply of water

573,923 5,493 Gamuda Industrial Building System Sdn. Bhd. 100 100 Manufacturing and installation of prefabricated
(“GIBS”) concrete panels for construction of buildings
The Company had converted the advances to Gamuda Land Vietnam LLC amounting to RM315,567,000 (VND Jade Homes Sdn. Bhd. 100 100 Property development of Jade Hills
1,757,292,292,000) for additional ordinary shares in Gamuda Land Vietnam LLC.
Jade Homes Resort Berhad 100 100 Proprietor and operator of a clubhouse
(ii) Investment in a subsidiary held for sale Gamuda Land Facilities Management Sdn. Bhd.* 100 100 Facilities maintenance services
Kesas Holdings Berhad (being the “Concession Holding Company”) have accepted the offer from Amanat Lebuhraya (Formerly Jade Homes Property Services Sdn.
Rakyat Berhad (“ALR”) to acquire all the securities of its wholly-owned subsidiary, Kesas Sdn. Bhd. (being the “Expressway Bhd.)
Concession Company”) as disclosed in Note 42 to the financial statements. Consequently, Kesas Holdings Berhad and
Kesas Sdn. Bhd. have been classified as assets held for sale. Further details are disclosed in Note 42 to the financial
statements.

324 8 Financial Statements 8 Financial Statements 325

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

17. INVESTMENTS IN SUBSIDIARIES (CONT’D.) 17. INVESTMENTS IN SUBSIDIARIES (CONT’D.)

(c) Interests in subsidiaries (cont’d.) (c) Interests in subsidiaries (cont’d.)
The Company’s interests in the subsidiaries are analysed as follows: (cont’d.) The Company’s interests in the subsidiaries are analysed as follows: (cont’d.)

Proportion of Proportion of
ownership ownership

2022 2021 2022 2021

Name of company % % Principal/Economic activities Name of company % % Principal/Economic activities

Subsidiaries incorporated in Malaysia (cont’d.) Subsidiaries incorporated in Malaysia (cont’d.)

Gamuda Land (Botanic) Sdn. Bhd. 100 100 Property development of Bandar Botanic and Gamuda Land (T12) Sdn. Bhd. 100 100 Property development of Gamuda Cove
Kundang Estates
Discovery Wetlands Sdn. Bhd.* 100 100 Operate and maintain the Wetlands reserve
Bandar Botanic Resort Berhad 100 100 Proprietor and operator of a clubhouse
Kesas Holdings Berhad (“KESAS Holdings”)** 70 70 Investment holding; holding company to the
Botanic Property Services Sdn. Bhd.* 100 100 Property maintenance services concession holder of an expressway

Masterpave Sdn. Bhd. 100 100 Road surfacing works, manufacture and supply of Kesas Sdn. Bhd.** 70 70 Design, construction and maintenance of Shah
concrete, beams and surfacing materials Alam Expressway, and development and
management of toll operations
Megah Capital Sdn. Bhd. (“Megah Capital”) 100 100 Investment holding and trading
G.B. Kuari Sdn. Bhd. 100 100 Quarrying, manufacturing of premix and laying of
Megah Management Services Sdn. Bhd. 100 100 Insurance agent
road operations
Megah Sewa Sdn. Bhd. 100 100 Hiring, distribution and repairing plant, machinery
Gamuda Trading Sdn. Bhd. 100 100 Trading of construction materials
and equipment
Gamuda Naim Engineering and Construction 65 65 Undertake civil engineering and building
Valencia Development Sdn. Bhd.* 100 100 Property development of Valencia
(GNEC) Sdn. Bhd. construction of Pan Borneo Highway project
Valencia Township Sdn. Bhd.* 100 100 Management of a gated residential townships and Batang Lupar Bridge project in Sarawak
including a clubhouse, golf course and other
SRS Consortium Sdn. Bhd. 60 60 Undertake the role of project delivery partner for
common properties, services and facilities
the implementation of an alternative transport
contained therein
master plan compromising different public
Madge Mansions Sdn. Bhd. 100 100 Property development of Madge Mansions transport components in Penang and the
provision of new reclamation sites
Highpark Development Sdn. Bhd. 100 100 Property development of HighPark Suites
SRS PD Sdn. Bhd. 100 100 Investment holding
Idaman Robertson Sdn. Bhd. 100 100 Property development of The Robertson
Intensif Inovatif Sdn. Bhd.* 100 100 Dormant
Gamuda Land (Kemuning) Sdn. Bhd. 100 100 Property development of twentyfive.7 and mall
(“GL Kemuning”) operator Gamuda Engineering Sdn. Bhd. 100 100 Civil engineering and building construction

Gamuda Land (HCMC) Sdn. Bhd. 100 100 Property investment Gamuda Geo Sdn. Bhd.* 100 100 Sub-structure and geotechnical works

Bandar Serai Development Sdn. Bhd. 100 100 Property development of Gamuda Gardens Gamuda M&E Sdn. Bhd.* 100 100 Provision and maintenance of mechanical and
(“Bandar Serai”) electrical services

Dinamik Atlantik Sdn. Bhd. 100 100 Property development of Bukit Bantayan Gamuda Building Ventures Sdn. Bhd.* 100 100 Building construction
Residences
Gamuda Tunnel Engineering Sdn. Bhd.* 100 100 Undertake tunneling works
Lifestyle Heritage Sdn. Bhd.* 100 100 Dormant

Gamuda Healthcare Sdn. Bhd.* 100 100 To provide medical laboratories and healthcare
(Formerly Gamuda Laboratories Sdn. Bhd.) services

326 8 Financial Statements 8 Financial Statements 327

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

17. INVESTMENTS IN SUBSIDIARIES (CONT’D.) 17. INVESTMENTS IN SUBSIDIARIES (CONT’D.)

(c) Interests in subsidiaries (cont’d.) (c) Interests in subsidiaries (cont’d.)
The Company’s interests in the subsidiaries are analysed as follows: (cont’d.) The Company’s interests in the subsidiaries are analysed as follows: (cont’d.)

Proportion of Proportion of
ownership ownership

2022 2021 2022 2021

Name of company % % Principal/Economic activities Name of company % % Principal/Economic activities

Subsidiaries unincorporated in Malaysia Subsidiaries incorporated in the Socialist

Republic of Vietnam (cont’d.)
Held by Gamuda Engineering Sdn. Bhd.:

Held by Gamuda M&E Sdn. Bhd.: Held by Gamuda Land (HCMC) Sdn. Bhd.:

GME-CI (GIBS2) Joint Venture* 55 55 Undertake the Mechanical and Electrical works of Gamuda Land (HCMC) Joint Stock Company 100 100 Undertakes development of Celadon City in Ho
new Gamuda Industrial Building System (“GIBS”) (“HCMCJSC”)#^ Chi Minh City, Socialist Republic of Vietnam

GME-CI (Serai) Joint Venture* 55 55 Undertake the Mechanical and Electrical works of Gamuda Land Binh Duong Company Limited#^ 100 – Undertakes development of Artisan Park in Binh
Gamuda Gardens Duong, Socialist Republic of Vietnam

GME-CI (HKLCP) Joint Venture* 55 55 Undertake construction works for the “Hospital
Kuala Lumpur Car Park” project Subsidiary incorporated in Singapore

GME-CI (T12TP) Joint Venture* 55 55 Undertake construction works for the project Gamuda (Singapore) Pte. Ltd. (“GB Singapore”)^ 100 100 Investment holding
“Gamuda Cove Toll Plaza”

GME-CI (TTWS) Joint Venture*
GME-CI (KBNS) Joint Venture*
60 60 Undertake the Mechanical and Electrical works of Subsidiaries incorporated in Australia
Mass Rapid Transit 2 (“MRT 2”) project
(Titiwangsa Station) Gamuda (Australia) Pty Ltd (“GB Australia”)^ 100 100 Property development of 661 Chapel St. & The
Canopy on Normanby, Melbourne
60 60 Undertake the Mechanical and Electrical works of
MRT 2 project (Escape Shaft 2) Gamuda (Melbourne) Pty Ltd^ 100 – Property development

GME-CI (UGW) Joint Venture* 60 60 Undertake the Mechanical and Electrical works of Gamuda Engineering (Australia) Pty Ltd* 100 100 Civil engineering and construction
MRT 2 project (Escape Shaft 3)
Subsidiaries incorporated in Luxembourg
Subsidiary incorporated in British Virgin Islands Gamuda (Luxembourg) S.a.r.l.* 100 100 Investment holding
Gamuda Overseas Investment Ltd.* 100 100 Investment holding Gamuda Yoo Development Aldgate S.a.r.l.* 90 90 Property investment

GB Astir S.a.r.l.* 85 100 Property development of West Hampstead

Subsidiary incorporated in Mauritius Central, London

Gamuda (Offshore) Private Limited* 100 100 Investment holding

Subsidiary unincorporated in Taiwan

Subsidiary incorporated in India
Held by Gamuda (Offshore) Private Limited:
Gamuda – WCT (India) Private Limited*#
Subsidiaries incorporated in the Socialist
Republic of Vietnam
Gamuda Land Vietnam Limited Liability Company
(“GLVN”)#^
Dong-Pi Gamuda Joint Venture (“Dong-Pi”)^ 70 70 Undertakes civil engineering and construction
works for Marine Bridge Project in Taiwan
* Audited by firms of auditors other than Ernst & Young PLT, Malaysia
70 70 Civil engineering # Financial year end which does not coincide with that of its holding company
^ Audited by member firms of Ernst & Young Global in the respective countries
** Interests in subsidiary classified as assets held for sale. Other details of the assets held for sale are further disclosed in Note 47 to the financial statements.
For the purpose of consolidating the subsidiaries with different financial year ends, the audited financial statements of the
subsidiaries for the financial period from 1 August 2021 to 31 July 2022 have been used for consolidation for the Group’s
100 100 Undertakes the Yen So Park, sewage treatment financial statements.
plant and Gamuda City Development in Hanoi,
Socialist Republic of Vietnam

328 8 Financial Statements 8 Financial Statements 329

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

17. INVESTMENTS IN SUBSIDIARIES (CONT’D.) 18. INTERESTS IN ASSOCIATED COMPANIES

(d) Non-controlling interests (“NCI”) in subsidiaries Group Company
The summarised financial information of the subsidiaries that have non-controlling interests which are material to the Company
2022 2021 2022 2021
before intra-group elimination are as follows:
RM’000 RM’000 RM’000 RM’000
Other subsidiaries – Unquoted shares, in Malaysia:
Gamuda Water Kesas Holdings Dong-Pi individually immaterial Total
At cost:
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 – Ordinary shares 5,104 3,304 3,004 3,304
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 – Redeemable preference shares – 190,290 – 190,290
NCI percentage of ownership
5,104 193,594 3,004 193,594
interest and voting interest
(%) 20 20 30 30 30 30
Dividend paid to NCI (18,400) (108,437) (21,000) (13,500) – – – (511) (39,400) (122,448) Group’s share of post-acquisition reserve,
Carrying amount of NCI 32,179 40,989 248,113 254,912 16,839 11,279 52,313 44,965 349,444 352,145 net of dividends receivable 22,145 2,401 – –
Total comprehensive income 27,249 195,995 3,004 193,594
allocated to NCI 9,590 8,452 14,201 19,971 5,560 6,179 (620) 9,951 28,731 44,553

Summarised statements of Unquoted shares, outside Malaysia:

financial position
At cost:
Non-current assets 244,252 254,740 959,257 1,083,890 35,149 – 97,752 103,130 1,336,410 1,441,760
– Ordinary shares 11 11 – –
Current assets 87,048 119,471 327,222 346,989 155,012 173,383 560,074 439,288 1,129,356 1,079,131
– Redeemable preference shares 25,967 25,967 – –
Non-current liabilities (68,997) (70,694) (351,186) (463,002) (88,360) (94,453) (186,060) (71,147) (694,603) (699,296)
Current liabilities (101,408) (98,571) (110,265) (118,167) (45,672) (41,333) (269,364) (315,453) (526,709) (573,525) 25,978 25,978 – –
Net assets 160,895 204,946 825,028 849,710 56,129 37,597 202,402 155,818 1,244,454 1,248,071
Group’s share of post-acquisition reserve,
Summarised statements of net of dividends receivable 24,379 22,311 – –
comprehensive income
50,357 48,289 – –
Revenue 179,663 177,227 241,802 248,411 287,722 342,609 324,416 317,800 1,033,603 1,086,047
Profit for the year 49,478 41,942 93,849 113,494 19,127 19,707 (1,191) 26,234 161,263 201,377
Total comprehensive income/ Total unquoted shares 77,606 244,284 3,004 193,594
(loss) 47,949 42,260 47,336 66,571 18,533 20,597 (7,656) 29,864 106,162 159,292

Summarised statements of
cash flows Quoted shares, in Malaysia:
Cash flows generated from/ At cost:
(used in) operating activities 78,969 633,813 114,475 66,092 (6,882) 2,335 (579) 9,591 185,983 711,831 – Ordinary shares – 59,624 – 59,624
Cash flows generated from/ Group’s share of post-acquisition capital reserves – 155,379 – –
(used in) investing activities 10,109 (86,101) 6,128 48,834 – – (5,126) (40,317) 11,111 (77,584) Group’s share of post-acquisition reserve,
Cash flows (used in)/generated net of dividends receivable – 321,139 – –
from financing activities (92,090) (542,183) (160,000) (90,000) – – 3,367 91,382 (248,723) (540,801)
– 536,142 – 59,624
Net (decrease)/increase in cash
and cash equivalents (3,012) 5,529 (39,397) 24,926 (6,882) 2,335 (2,338) 60,656 (51,629) 93,446 Total 77,606 780,426 3,004 253,218

Market value:
Quoted shares, in Malaysia – 842,010 – 842,010

330 8 Financial Statements 8 Financial Statements 331

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

18. INTERESTS IN ASSOCIATED COMPANIES (CONT’D.) 18. INTERESTS IN ASSOCIATED COMPANIES (CONT’D.)

Group Company (a) Interest in associated companies

The Group’s and the Company’s interests in the associated companies are analysed as follows:
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 Proportion of
Classified as assets held for sale (Note 47): ownership
Unquoted shares, in Malaysia: 2022 2021
At cost: Name of company % % Principal/Economic activities
– Ordinary shares 300 – 300 –
– Redeemable preference shares 190,290 – 190,290 – Associated companies
190,590 – 190,590 –
Incorporated in Malaysia
Group’s share of post-acquisition reserve,
net of dividends receivable (20,125) – – – Syarikat Pengeluar Air Selangor 40 40 Investment holding and provision of management
Holdings Berhad (“SPLASH Holdings”) services
170,465 – 190,590 –
Sistem Penyuraian Trafik KL Barat 30 30 Investment holding; holding company to the
Holdings Sdn. Bhd. (“SPRINT Holdings”)^ concession holder of an expressway – SPRINT
Quoted shares, in Malaysia:
Highway
At cost:
– Ordinary shares 59,624 – 59,624 – Lingkaran Trans Kota Holdings Berhad 44 44 Investment holding and provision of management
Group’s share of post-acquisition capital reserves 165,575 – – – (“LITRAK Holdings”)^ services; holding company to the concession
Group’s share of post-acquisition reserve, (Quoted shares in Malaysia) holder of an expressway – Damansara –
net of dividends receivable 346,531 – – – Puchong Highway (“LDP”)

571,730 – 59,624 – Via LITRAK Holdings

Sistem Penyuraian Trafik KL Barat 22 22 Investment holding; holding company to the
Total 742,195 – 250,214 – Holdings Sdn. Bhd. (“SPRINT Holdings”)^ concession holder of an expressway – SPRINT
Highway
Lingkaran Trans Kota Holdings Berhad and Sistem Penyuraian Trafik KL Barat Holdings Sdn. Bhd. (being the “Concession Holding
Company” respectively) have accepted the offer from ALR to acquire all the securities of its wholly-owned subsidiary, Lingkaran Naim Gamuda (NAGA) JV Sdn. Bhd. (“NAGA”) 30 30 Civil engineering and construction
Trans Kota Sdn. Bhd. and Sistem Penyuraian Trafik KL Barat Sdn. Bhd. (being the “Expressway Concession Company” respectively)
Held by Gamuda Engineering Sdn. Bhd.:
as disclosed in Note 42 to the financial statements. Consequently, Lingkaran Trans Kota Holdings Berhad and Sistem Penyuraian
Bumi Fantasia Sdn. Bhd.* 36 – Sea sand mining and in particular extraction of
Trafik KL Barat Holdings Sdn. Bhd. have been classified as assets held for sale. Further details are disclosed in Note 42 to the
sand
financial statements.

Unincorporated in Malaysia

Held by Gamuda Engineering Sdn. Bhd.:

Lim Hoo Seng 30 30 Civil engineering and construction
– Gamuda Engineering Joint Venture*

Incorporated in Mauritius

Held by Gamuda (Offshore) Private Limited:

Suria Holding (O) Pvt. Ltd*# 50 50 Investment holding; holding company to the
concession holder of Durgapur Expressway,
India

Gamuda – WCT (Offshore) Private Limited*# 50 50 Investment holding; holding company to the
concession holder of Panagarh-Palsit, India
* Audited by firms other than Ernst & Young PLT, Malaysia
# Financial year end of 31 July
^ Interests in associated companies held as assets for sale

332 8 Financial Statements 8 Financial Statements 333

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

18. INTERESTS IN ASSOCIATED COMPANIES (CONT’D.) 18. INTERESTS IN ASSOCIATED COMPANIES (CONT’D.)
(a) Interest in associated companies (cont’d.) (b) Summarised financial information of material associated companies (cont’d.)
All associated companies have financial year end of 31 March/31 December, other than those marked with #. For the purpose The summarised financial information of the material associated companies in the previous financial year which are accounted
of applying the equity method for associated companies with financial year end of 31 March/31 December, the last audited for using the equity method are as follows:
financial statements available and the management financial statements to 31 July of the associated companies have been
used. Other
associates
(b) Summarised financial information of material associated companies LITRAK SPRINT – individually
Holdings Holdings* immaterial Total
The summarised financial information of the material associated companies which are accounted for using the equity method 2021 RM’000 RM’000 RM’000 RM’000
are as follows:
Summarised statements of financial position
Other Non-current assets 1,284,126 1,294,806 83,872 2,662,804
associates Current assets 583,769 276,372 164,147 1,024,288
– individually Non-current liabilities (406,247) (1,125,773) – (1,532,020)
immaterial, Current liabilities (220,962) (166,450) (88,713) (476,125)
representing
total Net assets 1,240,686 278,955 159,306 1,678,947
2022 RM’000

Summarised statements of financial position Summarised statements of comprehensive

Non-current assets 16,734 income
Current assets 237,217 Results
Current liabilities (80,226) Revenue 390,963 196,508 15,134 602,605
Profit for the year 199,974 30,212 6,412 236,598
Net assets 173,725

Reconciliation of net to carrying amount

Summarised statements of comprehensive income as at year end
Results Group’s share of net assets 535,728 83,686 70,475 689,889
Revenue 409,810 Fair value on acquisition in excess of net assets 90,537 – – 90,537
Profit for the year 15,375
Carrying amount in statements of financial position 626,265 83,686 70,475 780,426

Reconciliation of net to carrying amount as at year end

Group’s net share of profit for the year 86,349 9,063 2,459 97,871
Group’s share of net assets 75,863
Fair value on acquisition in excess of net assets 1,743
Other information
Carrying amount in statements of financial position 77,606
– Group’s share of dividend 46,011 – 226,454 272,465

* Amounts represent 30% direct interest in SPRINT Holdings

Group’s net share of profit for the year 6,008

Other information
– Group’s share of dividend –

334 8 Financial Statements 8 Financial Statements 335

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

19. INTERESTS IN JOINT ARRANGEMENTS 19. INTERESTS IN JOINT ARRANGEMENTS (CONT’D.)

Group Company (c) Details of the joint arrangements are as follows:

Proportion of
2022 2021 2022 2021 ownership
RM’000 RM’000 RM’000 RM’000
2022 2021
Unquoted shares at cost: Name of joint operations % % Principal/Economic activities
– Malaysia 194,103 355,603 128,127 289,627
– Outside Malaysia 7,538 7,538 – – Unincorporated in Malaysia
Advances to joint ventures 176,383 176,383 – – Malaysia Mining Corporation Berhad 50 50 Undertake engineering, procurement, and
Group’s share of post-acquisition reserves, net of – Gamuda Berhad Joint Venture Electrified construction of the Electrified Double –
dividends receivable 555,039 599,837 – – Double Track Project (“MMC – Gamuda Tracking from Ipoh to Padang Besar Project
Less: Accumulated impairment losses – (98,452) – (112,000) JV 2T”)
MMC – Gamuda KVMRT (UGW) 50 50 Undertake the tunneling, underground works and
933,063 1,040,909 128,127 177,627
Joint Venture such other works in relation to the
underground works package for the Klang
Classified as assets held for sale (Note 47): Valley Mass Rapid Transit Project Sungai Buloh
Unquoted shares at cost: 161,500 – 161,500 – – Kajang Line (“KVMRT Line 1”) and Klang Valley
Mass Rapid Transit Project Sungai Buloh –
– Malaysia
Serdang – Putrajaya Line (“KVMRT Line 2”)
Group’s share of post-acquisition reserves, net of
dividends receivable (63,048) – – – Held by Gamuda Engineering Sdn. Bhd.:
Less: Accumulated impairment losses (98,452) – (161,500) – Held by Gamuda M&E Sdn. Bhd.:
Assets held for sale – – – – GME-SE Joint Venture (STW)* 50 50 Undertake the construction works of Sentul West
Station and Escape Shaft 1
Advances to joint ventures are related to projects in Singapore and have no fixed term of repayment, unsecured and non-interest Lim Hoo Seng – Gamuda Engineering 50 50 Undertake the construction works for the high
bearing. The advances represent long term investments, hence, capital in nature. As a result, in substance, the advances form (Stonor 3) Joint Venture* rise residential project at Jalan Stonor
part of the Group’s interest in joint arrangements. Lim Hoo Seng – Gamuda Engineering 50 50 Undertake the construction works for expansion
(SCM) Joint Venture* of the existing Setia City Mall located at Setia
(a) Current financial year Alam, Selangor
Investment in a joint arrangement held for sale Gamuda Engineering – Lim Hoo Seng 50 50 Undertake the construction works for IOI Resort
(GEMS) Joint Venture* City project
Projek SMART Holdings Sdn. Bhd. (being the “Concession Holding Company”) has accepted the offer from ALR to acquire
all the securities of its wholly-owned subsidiary, Syarikat Mengurus Air Banjir & Terowong Sdn. Bhd. (being the “Expressway Gamuda Engineering – Lim Hoo Seng 50 50 Undertake the construction of water theme park
Concession Company”) as disclosed in Note 42 to the financial statements. Consequently, Projek SMART Holdings Sdn. Bhd. (Theme Park) Joint Venture* for Gamuda Land Leisure Sdn. Bhd.
has been classified as assets held for sale. Further details are disclosed in Note 42 to the financial statements. The Group’s Kerjaya Gamuda Joint Venture 50 – Undertake the construction of Gurney Marine
share of post-acquisition reserves, net of dividends receivables is inclusive of the Group’s share of impairment loss of Bridge
RM26,186,000 recognised by Projek SMART Holdings Sdn. Bhd.. In addition, the Company had recognised additional impairment Held by Masterpave Sdn. Bhd.:
loss of RM49,500,000 during the financial year in respect of its interest in Projek SMART Holdings Sdn. Bhd.
Wai Fong – Masterpave (SSP UG) Joint Venture 50 50 Undertake the concrete works for KVMRT Line 2
(b) Previous financial year Unincorporated in Qatar
Repayment of advance by a joint venture Gamuda Berhad – WCT Engineering Berhad 51 51 Undertake civil engineering construction of a
GEM Homes Pte. Ltd., a 50% joint venture of the Group had repaid an amount of RM24,510,000 (SGD8,282,000) to its Joint Venture (“Gamuda – WCT JV”)^ new highway from the town of Shahaniya to
holding company, Gamuda (Singapore) Pte. Ltd. upon completion of the project. the existing Zekreet interchange near the
Dukhan industrial area in the State of Qatar

Unincorporated in Singapore
Greatearth-Gamuda Joint Venture^(i) – 45 Undertake construction of Gali Batu Multi-Storey
Bus Depot in Singapore

Unincorporated in Taiwan
Feng Shun – Gamuda Joint Venture^ 50 – Undertakes civil engineering and construction
works for 161kV Songshu to Guangfeng
Underground Transmission Line

336 8 Financial Statements 8 Financial Statements 337

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

19. INTERESTS IN JOINT ARRANGEMENTS (CONT’D.) 19. INTERESTS IN JOINT ARRANGEMENTS (CONT’D.)
(c) Details of the joint arrangements are as follows: (cont’d.) (c) Details of the joint arrangements are as follows: (cont’d.)

Proportion of Proportion of
ownership ownership

2022 2021 2022 2021

Name of joint ventures % % Principal/Economic activities Name of joint ventures % % Principal/Economic activities

Incorporated in Malaysia Incorporated in Singapore

Projek SMART Holdings Sdn. Bhd. 50 50 Investment holding of Syarikat Mengurus Air Held by Gamuda (Singapore) Pte. Ltd.:
(“SMART Holdings”) Banjir & Terowong Sdn. Bhd. which undertake,
carry out and implement the Stormwater GEM Homes Pte. Ltd.^# 50 50 Property development of GEM Residences in
Management and Road Tunnel Project (“GEM Homes”) Singapore
(“SMART”) Anchorvale Pte. Ltd.^# 50 50 Property development of OLA Executive Condo
MMC – Gamuda Joint Venture Sdn. Bhd. 50 50 Undertake, carry out and implement the (“Anchorvale”) in Singapore
Electrified Double-Tracking from Ipoh to * Audited by firms other than Ernst & Young PLT
Padang Besar Project ^ Audited by member firms of Ernst & Young Global in the respective countries
# Financial year end of 31 July
Horizon Hills Development Sdn. Bhd. 50 50 Property development of Horizon Hills
(“Horizon Hills”):
All joint arrangements have financial year end of 31 March/31 December, other than those marked with #.
Horizon Hills Resort Berhad 50 50 Undertake the management of a club and golf
course
For the purpose of applying equity method for the joint ventures with financial year end of 31 December, the last audited
Horizon Hills Property Services Sdn. Bhd. 50 50 Undertake the management and maintenance of financial statements available and the management financial statements to 31 July of the joint ventures have been used.
the properties
MMC Gamuda KVMRT (PDP) Sdn. Bhd. 50 50 Undertake the role of a project delivery partner Pursuant to MFRS 11: Joint Arrangements, Sinohydro-Gamuda-WCT JV and Gamuda-WCT JV are deemed to be joint operations
(“KVMRT (PDP)”) to deliver fully functional operating railway of Gamuda Berhad as the parties involved are undertaking economic activities that are subject to joint control.
system for KVMRT Line 1
(i) Greatearth-Gamuda Joint Venture
MMC Gamuda KVMRT (PDP SSP) Sdn. Bhd. 50 50 Undertake the role of a turnkey contractor to
(“KVMRT (PDP SSP)”) deliver fully functional operating railway system During the financial year, the Company’s 55% joint venture partner, Greatearth Corporation filed a statutory declaration
for KVMRT Line 2 on 3 September 2021 of their company’s inability to continue business and notified the Company of their intention to
withdraw from the Gali Batu Multi-Storey Bus Depot. Subsequent to the novation of all duties, obligations, claims and
MMC Gamuda KVMRT (T) Sdn. Bhd. 50 50 Undertake the tunneling, underground works and liabilities of Greatearth Corporation to the Company, the Company gained control over Greatearth-Gamuda Joint Venture
(“Tunnel SB”) such other works in relation to the as it now has 100% interest in the joint venture and accounts for the Greatearth-Gamuda Joint Venture as an unincorporated
underground works package for KVMRT Line 1 subsidiary.
and KVMRT Line 2
Hicom-Gamuda Development Sdn. Bhd. 50 50 Property development of Kota Kemuning
Danau Permai Resort Berhad 50 50 Undertake the management of a club and golf
course
Kota Kemuning Nursery & Landscaping Sdn. Bhd. 50 50 Supply and planting of landscaping materials and
providing landscaping services for property
development

Held by Gamuda Land Sdn. Bhd.:

Gamuda GM Sdn. Bhd.# 50 50 Operating and building management of
Tower 1 of The Robertson Suites, Bukit Bintang
commercial complex
Gamuda GM Klang Sdn. Bhd.# 50 50 Developer and operator of a wholesale hub in
GM Klang Wholesale City located at Bandar
Botanic, Klang
MRCB Gamuda Sdn. Bhd.* 50 50 Dormant

338 8 Financial Statements 8 Financial Statements 339

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

19. INTERESTS IN JOINT ARRANGEMENTS (CONT’D.) 19. INTERESTS IN JOINT ARRANGEMENTS (CONT’D.)
(d) Summarised financial information of material joint ventures (d) Summarised financial information of material joint ventures (cont’d.)
The summarised financial information of the material joint ventures which are accounted for using the equity method are The summarised financial information of the material joint ventures which are accounted for using the equity method are
as follows: as follows: (cont’d.)

Other joint Other joint

KVMRT Tunnel SB ventures - KVMRT Tunnel SB ventures -
Horizon (PDP SSP) (Line 1 & 2) individually Horizon (PDP SSP) (Line 1 & 2) SMART individually
Hills Anchorvale (Line 2) (Underground) immaterial Total Hills Anchorvale (Line 2) (Underground) Holdings immaterial Total
2022 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2021 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Summarised statements of financial Summarised

position statements of
Non-current assets 273,271 6,912 716,444 319,416 495,874 1,811,917 financial position
Current assets 797,713 1,828,571 2,106,937 560,136 365,099 5,658,456 Non-current assets 276,648 10,489 1,297,372 310,130 373,013 498,154 2,765,806
Non-current liabilities (217,565) (825,345) (588,156) (2,477) (229,458) (1,863,001) Current assets 842,348 1,532,066 3,097,342 1,065,139 35,188 567,180 7,139,263
Current liabilities (178,057) (654,020) (1,834,385) (682,216) (260,019) (3,608,697) Non-current liabilities (36,963) (902,638) (588,193) (6,922) (304,839) (272,630) (2,112,185)
Current liabilities (223,600) (289,512) (3,555,617) (1,117,110) (38,832) (391,989) (5,616,660)
Net assets 675,362 356,118 400,840 194,859 371,496 1,998,675
Net assets 858,433 350,405 250,904 251,237 64,530 400,715 2,176,224
The above amounts of assets and liabilities include the following:
The above amounts of assets and liabilities include the following:
Cash and cash equivalents 59,428 247,695 51,433 158,814 97,124 614,494
Cash and cash
equivalents 91,382 135,903 50,579 231,957 28,488 251,220 789,529
Current financial liabilities (excluding
trade and other payables and
provision) – – – – (29,746) (29,746) Current financial
liabilities (excluding
trade and other
Non-current financial liabilities payables and
(excluding trade and other provision) (28,048) – – – (10,000) (15,715) (53,763)
payables and provision) (182,764) (825,344) – – (57,556) (1,065,664)

Non-current financial
Summarised statements of liabilities (excluding
comprehensive income trade and other
Results payables and
Revenue 209,628 – 3,328,072 1,000,254 110,086 4,648,040 provision) – (902,638) – – (304,839) (62,622) (1,270,099)
Profit/(loss) for the year 43,216 (5,551) 635,935 43,746 (29,696) 687,650
Summarised
The above profit for the year includes the following: statements of
Depreciation and amortisation (2,379) (4,460) (3,604) (5,710) (25,129) (41,282) comprehensive
income
Interest income 4,820 – 37,504 28,013 2,021 72,358
Results
Income tax expense (13,845) 480 (193,663) (4,830) (2,157) (214,015)
Revenue 192,247 – 4,403,556 1,235,724 17,745 113,873 5,963,145
Finance costs (630) – – – (12,699) (13,329)
Profit/(loss) for the
year 42,207 (7,901) 373,541 57,539 (16,244) (13,500) 435,642

The above profit for the year includes the following:

Depreciation and
amortisation (2,575) (7,747) (3,774) (7,979) (6,400) (23,948) (52,423)
Interest income 4,315 – 52,161 29,243 905 1,449 88,073
Income tax expense (14,619) 2,602 (110,200) (10,646) – 423 (132,440)
Finance costs (2,158) – – – (17,623) (13,031) (32,812)

340 8 Financial Statements 8 Financial Statements 341

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

19. INTERESTS IN JOINT ARRANGEMENTS (CONT’D.) 20. OTHER INVESTMENTS

(d) Summarised financial information of material joint ventures (cont’d.) Group Company
The summarised financial information of the material joint ventures which are accounted for using the equity method are
2022 2021 2022 2021
as follows: (cont’d.)
RM’000 RM’000 RM’000 RM’000
Other joint Investment in transferable club memberships 683 762 683 683
KVMRT Tunnel SB ventures - Others 7,119 50 7,119 50
Horizon (PDP SSP) (Line 1 & 2) individually
Hills Anchorvale (Line 2) (Underground) immaterial Total 7,802 812 7,802 733
2022 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Reconciliation of net assets to The fair value of other investments are disclosed in Note 43 to the financial statements.
carrying amount as at year end
Group’s share of net assets 320,431 178,059 200,420 97,429 136,724 933,063
21. RECEIVABLES AND OTHER FINANCIAL ASSETS

Group’s share of profit/(loss) for the Group Company

year 21,608 (2,775) 317,968 21,873 (14,849) 343,825
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000
Other information – Group’s share of
dividend (Note 4) 130,000 – 243,000 50,000 – 423,000 Current
(i) Receivables (a)
Trade 1,616,447 1,356,886 620,418 496,346
Less: Allowance for impairment (70,617) (67,378) (68,928) (64,917)
Other joint
KVMRT Tunnel SB ventures - 1,545,830 1,289,508 551,490 431,429
Horizon (PDP SSP) (Line 1 & 2) SMART individually Non-trade 891,247 456,956 319,277 303,346
Hills Anchorvale (Line 2) (Underground) Holdings immaterial Total
2021 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Total current receivables and
other financial assets 2,437,077 1,746,464 870,767 734,775
Reconciliation of
net assets to
carrying amount Non-current
as at year end (i) Receivables (b)
Group’s share of net Trade 189,371 230,420 7,519 23,192
assets 429,215 175,202 125,452 125,618 32,266 153,156 1,040,909 Non-trade 32,515 29,483 5,070 3,333

221,886 259,903 12,589 26,525

Group’s share of
profit/(loss) for the
year 21,104 (3,950) 186,771 27,734 (8,122) (6,751) 216,786 (ii) Other financial assets
Other financial assets at amortised cost (c) 102,767 100,504 – –
Other information Total non-current receivables and other
– Group’s share of financial assets 324,653 360,407 12,589 26,525
dividend (Note 4) – – 80,000 – – 106,206* 186,206
Total receivables and other financial
* Dividend was distributed to the Group via Gamuda (Singapore) Pte. Ltd., a wholly owned subsidiary.
assets 2,761,730 2,106,871 883,356 761,300

342 8 Financial Statements 8 Financial Statements 343

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

21. RECEIVABLES AND OTHER FINANCIAL ASSETS (CONT’D.) 21. RECEIVABLES AND OTHER FINANCIAL ASSETS (CONT’D.)
Receivables of the Group and of the Company are analysed as follows: Receivables of the Group and of the Company are analysed as follows: (cont’d.)
(a) Current (b) Non-current

Group Company Group Company

2022 2021 2022 2021 2022 2021 2022 2021

Note RM’000 RM’000 RM’000 RM’000 Note RM’000 RM’000 RM’000 RM’000

Trade receivables Trade receivables

Third parties 972,276 648,930 289,489 41,338 Third parties 85,169 96,505 – –
Associated companies (ii) 32,703 19,397 – – Joint ventures (iii) 44,272 80,336 – –
Joint ventures (iii) 264,489 409,658 222,292 395,868 Retention sums 59,930 37,865 7,519 23,192
Joint venture partners 7,181 16,270 – 7,630 Stakeholder funds – 15,714 – –
Advances to subcontractors 241,645 177,478 46,350 12,551
189,371 230,420 7,519 23,192
Retention sums 86,712 76,946 62,287 38,959
Stakeholder funds 11,441 8,207 – –
Non-trade receivables
(i) 1,616,447 1,356,886 620,418 496,346
Joint ventures (iii) 13,750 13,071 – –
Deposits 18,063 11,522 5,062 3,325
Less: Allowance for impairment (70,617) (67,378) (68,928) (64,917)
Sundry receivables – 3 – –
1,545,830 1,289,508 551,490 431,429 Prepayments 702 4,887 8 8

32,515 29,483 5,070 3,333

Non-trade receivables
221,886 259,903 12,589 26,525
Associated companies (ii) 555 389 151 328
Joint ventures (iii) 86,518 65,769 11,332 10,993
Deposits 418,713 22,084 4,861 4,328
(c) Other financial assets at amortised cost
Prepayments 171,722 168,817 142,331 142,393
Sundry receivables 213,739 199,897 160,602 145,304 As part of the terms of the asset-backed securities (“ABS”) exercise, Gamuda Water was required to subscribe to the junior
notes of the ABS. The financial asset is measured at amortised cost with an effective interest rate of 4.71% (2021: 4.71%)
891,247 456,956 319,277 303,346
per annum.
2,437,077 1,746,464 870,767 734,775
The asset-backed medium-term notes has a variable coupon rate and a term of 8 years. The Group receives coupon payment
In the current financial year, included in current trade receivables from third parties was an amount of RM54,248,000 (2021: semi-annually, with the principal being paid to the Group on maturity date of 23 March 2029.
RM50,490,000) for the supply of treated water by Gamuda Water to Air Selangor under the new operations and maintenance
agreement. The amount shall be settled based on the credit terms of 60 days.

344 8 Financial Statements 8 Financial Statements 345

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

21. RECEIVABLES AND OTHER FINANCIAL ASSETS (CONT’D.) 21. RECEIVABLES AND OTHER FINANCIAL ASSETS (CONT’D.)
(c) Other financial assets at amortised cost (cont’d.) (c) Other financial assets at amortised cost (cont’d.)
(i) Current (i) Current (cont’d.)
Trade receivables Trade receivables (cont’d.)
Trade receivables are non-interest bearing and are generally on 14 to 90 days (2021: 14 to 90 days) terms. Other credit Receivables that are past due but not impaired
terms are assessed and approved on a case-by-case basis. They are recognised at their original invoice amounts which The Group and the Company have trade receivables amounting to RM229,341,000 (2021: RM168,182,000) and RM34,101,000
represent their fair values on initial recognition. (2021: RM14,420,000) respectively that are past due at the reporting date but not impaired. The receivables are related
to customers with on-going transactions and/or progressive payments, and unsecured in nature.
Ageing analysis of trade receivables
The ageing analysis of the Group’s and the Company’s trade receivables are as follows: An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses.
Group The provision rates are based on days past due for grouping of various customer segments with similar loss patterns.
The calculation reflects the probability-weighted outcome, the time value of money and reasonable and supportable
2022 2021 information that is available at the reporting date about past events, current conditions and for more than one year and
RM’000 RM’000 forecasts of future economic conditions. Generally, trade receivables are written-off if past due for more than one year
and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date is the carrying
Neither past due nor impaired 1,316,489 1,121,326
value of each class of financial assets disclosed above.
1 to 30 days past due not impaired 70,730 51,677
31 to 60 days past due not impaired 23,845 22,967 Receivables that are impaired
61 to 90 days past due not impaired 15,757 13,646 The Group’s and the Company’s trade receivables that are individually impaired at the reporting date and the movement
91 to 120 days past due not impaired 20,784 9,937 of the allowance accounts used to record the impairment are as follows:
More than 120 days past due not impaired 98,225 69,955
Group
229,341 168,182
2022 2021
Impaired 70,617 67,378
RM’000 RM’000
1,616,447 1,356,886
Trade receivables – nominal amounts 70,617 67,378
Less: Allowance for impairment (70,617) (67,378)

– –
Company

2022 2021
Movement in allowance accounts:
RM’000 RM’000

Neither past due nor impaired 517,389 417,009 At 1 August 2021/2020 67,378 132,083
Net (reversal)/charge for the year (Note 7) (772) 396
1 to 30 days past due not impaired 10,505 10,506
Amount written off – (64,469)
91 to 120 days past due not impaired 3,057 1,916
Exchange difference 4,011 (632)
More than 120 days past due not impaired 20,539 1,998
At 31 July 70,617 67,378
34,101 14,420
Impaired 68,928 64,917

620,418 496,346

Receivables that are neither past due nor impaired

Trade and other receivables that are neither past due nor impaired are creditworthy debtors with good payment records
with the Group and the Company. None of the Group’s and the Company’s trade receivables that are neither past due
nor impaired have been renegotiated during the financial year.

346 8 Financial Statements 8 Financial Statements 347

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

21. RECEIVABLES AND OTHER FINANCIAL ASSETS (CONT’D.) 21. RECEIVABLES AND OTHER FINANCIAL ASSETS (CONT’D.)
(c) Other financial assets at amortised cost (cont’d.) (c) Other financial assets at amortised cost (cont’d.)
(i) Current (cont’d.) (iii) Due from joint ventures
Trade receivables (cont’d.) Group Company
Receivables that are impaired (cont’d.)
2022 2021 2022 2021
The Group’s and the Company’s trade receivables that are individually impaired at the reporting date and the movement
RM’000 RM’000 RM’000 RM’000
of the allowance accounts used to record the impairment are as follows: (cont’d.)
Company Current
Trade 264,489 409,658 222,292 395,868
2022 2021 Non-trade 86,518 65,769 11,332 10,993
RM’000 RM’000
351,007 475,427 233,624 406,861
Trade receivables – nominal amounts 68,928 64,917
Less: Allowance for impairment (68,928) (64,917)
Non-current
– – Trade 44,272 80,336 – –
Non-trade 13,750 13,071 – –
Movement in allowance accounts: 58,022 93,407 – –

409,029 568,834 233,624 406,861

At 1 August 2021/2020 64,917 130,018
Amount written off – (64,469)
Exchange difference 4,011 (632)
Current
At 31 July 68,928 64,917
Included in the trade receivables of the Group and of the Company is an amount of RM222,289,000 (2021: RM395,840,000)
due from its 50% owned joint venture, MMC Gamuda KVMRT (T) Sdn. Bhd. (“Tunnel SB”). Tunnel SB is the contractor
Trade receivables that are individually determined to be impaired at the reporting date relate to debtors that have for the underground works of KVMRT Line 2.
defaulted in payments. These receivables are not secured by any collateral or credit enhancements.
Included in the trade receivables of the Group is an amount due from the sale of lands to a joint venture, Gamuda GM
(ii) Due from associated companies Klang Sdn. Bhd. (“GMKSB”) by Gamuda Land (Botanic) Sdn. Bhd., a subsidiary of the Company. The amount of RM41,625,000
Group Company is unsecured and repayable on 27 April 2023.

2022 2021 2022 2021 Included in the non-trade receivables of the Group and of the Company are amounts due from joint ventures which
RM’000 RM’000 RM’000 RM’000 are unsecured, interest free and repayable on demand.
Current
Non-current
Trade 32,703 19,397 – –
Non-trade 555 389 151 328 Included in the trade receivables of the Group is an amount due from the sale of lands to a joint venture, Gamuda GM
Klang Sdn. Bhd. (“GMKSB”), by Gamuda Land (Botanic) Sdn. Bhd., a subsidiary of the Company. The amount of RM37,029,000
33,258 19,786 151 328 (2021: RM75,136,000) is unsecured and repayable on 27 April 2024.

The trade amounts due from associated companies are non-interest bearing and are generally on 30 days (2021: 30 days) Included in the non-trade receivables of the Group represents a loan amounting to RM13,750,000 (2021: RM13,071,000),
terms. given to GMKSB by Megah Capital Sdn. Bhd., a subsidiary of the Company. The loan is unsecured and repayable in 5
years or such other day mutually agreed upon. The interest of the loan is charged at 5.20% (2021: 5.20%) per annum.
The amounts due from associated companies are unsecured, interest free and repayable on demand.
Other details of fair value of non-current receivables are further disclosed in Note 43 to the financial statements.

348 8 Financial Statements 8 Financial Statements 349

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

21. RECEIVABLES AND OTHER FINANCIAL ASSETS (CONT’D.) 21. RECEIVABLES AND OTHER FINANCIAL ASSETS (CONT’D.)
The following table analyses the financial assets of the Group and of the Company in the statements of financial position by the The following table analyses the financial assets of the Group and of the Company in the statements of financial position by the
class of financial instrument to which they are assigned, and therefore by the measurement basis: class of financial instrument to which they are assigned, and therefore by the measurement basis: (cont‘d.)

Financial Financial
Fair value assets at Fair value assets at
through amortised through amortised
profit or loss cost Total profit or loss cost Total
Group Note RM’000 RM’000 RM’000 Group Note RM’000 RM’000 RM’000

At 31 July 2022 At 31 July 2021

Other investments 20 7,802 – 7,802 Other investments 20 812 – 812
Investment securities 23 700,782 – 700,782 Investment securities 23 881,337 – 881,337
Current receivables 21(a) Current receivables 21(a)
Third parties – 972,276 972,276 Third parties – 648,930 648,930
Associated companies – 33,258 33,258 Associated companies – 19,786 19,786
Joint ventures – 351,007 351,007 Joint ventures – 475,427 475,427
Joint venture partners – 7,181 7,181 Joint venture partners – 16,270 16,270
Retention sums – 86,712 86,712 Retention sums – 76,946 76,946
Stakeholder funds – 11,441 11,441 Stakeholder funds – 8,207 8,207
Deposits – 418,713 418,713 Deposits – 22,084 22,084
Sundry receivables – 213,739 213,739 Sundry receivables – 199,897 199,897
Non-current receivables 21(b) Non-current receivables 21(b)
Third parties – 85,169 85,169 Third parties – 96,505 96,505
Joint ventures – 58,022 58,022 Joint ventures – 93,407 93,407
Retention sums – 59,930 59,930 Retention sums – 37,865 37,865
Deposits – 18,063 18,063 Stakeholder funds – 15,714 15,714
Other financial assets at amortised cost 21(c) – 102,767 102,767 Deposits – 11,522 11,522
Cash and bank balances 25 – 2,794,348 2,794,348 Sundry receivables – 3 3
Other financial assets at amortised cost 21(c) – 100,504 100,504
Total financial assets 708,584 5,212,626 5,921,210
Cash and bank balances 25 – 2,656,658 2,656,658

Total financial assets 882,149 4,479,725 5,361,874

350 8 Financial Statements 8 Financial Statements 351

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

21. RECEIVABLES AND OTHER FINANCIAL ASSETS (CONT’D.) 22. CONTRACT ASSETS/(LIABILITIES)
The following table analyses the financial assets of the Group and of the Company in the statements of financial position by the Group Company
class of financial instrument to which they are assigned, and therefore by the measurement basis: (cont‘d.)
2022 2021 2022 2021
Financial Note RM’000 RM’000 RM’000 RM’000
Fair value assets at
through amortised Contract assets:
profit or loss cost Total Construction (a) 816,855 842,832 39,535 45,825
Company Note RM’000 RM’000 RM’000 Property development (b) 1,878,792 851,311 – –

At 31 July 2022 2,695,647 1,694,143 39,535 45,825

Other investments 20 7,802 – 7,802
Investment securities 23 606,192 – 606,192 Analysed as:
Current receivables 21(a) Current 2,695,647 1,694,143 39,535 45,825
Third parties – 289,489 289,489
Associated companies – 151 151
Contract liabilities:
Joint ventures – 233,624 233,624
Construction (a) (1,410,490) (1,000,672) (1,245,163) (856,448)
Joint venture partners – – –
Property development (b) (16,186) (14,429) – –
Retention sums – 62,287 62,287
Deferred revenue (c) (24,731) (39,139) – –
Deposits – 4,861 4,861
Sundry receivables – 160,602 160,602 (1,451,407) (1,054,240) (1,245,163) (856,448)
Non-current receivables 21(b)
Retention sums – 7,519 7,519
Analysed as:
Deposits – 5,062 5,062
Current (1,429,921) (1,028,619) (1,245,163) (856,448)
Due from subsidiaries 24 – 4,136,151 4,136,151
Non-current (21,486) (25,621) – –
Cash and bank balances 25 – 722,856 722,856
(1,451,407) (1,054,240) (1,245,163) (856,448)
Total financial assets 613,994 5,622,602 6,236,596

At 31 July 2021
Other investments 20 733 – 733
Investment securities 23 743,716 – 743,716
Current receivables 21(a)
Third parties – 41,338 41,338
Associated companies – 328 328
Joint ventures – 406,861 406,861
Joint venture partners – 7,630 7,630
Retention sums – 38,959 38,959
Deposits – 4,328 4,328
Sundry receivables – 145,304 145,304
Non-current receivables 21(b)
Retention sums – 23,192 23,192
Deposits – 3,325 3,325
Due from subsidiaries 24 – 4,208,529 4,208,529
Cash and bank balances 25 – 135,105 135,105

Total financial assets 744,449 5,014,899 5,759,348

352 8 Financial Statements 8 Financial Statements 353

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

22. CONTRACT ASSETS/(LIABILITIES) (CONT’D.) 22. CONTRACT ASSETS/(LIABILITIES) (CONT’D.)

(a) Contract assets/(liabilities) from construction (b) Contract assets/(liabilities) from property development

Group Company Group

2022 2021 2022 2021 2022 2021

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Construction contract costs incurred to date 15,351,092 13,101,864 8,696,618 7,436,024 Contract assets 1,878,792 851,311
Recognised profits less recognised losses 1,763,224 1,612,006 1,361,056 1,230,871
– Accrued billings 1,844,232 828,783
Progress billings received and receivables (17,707,951) (14,871,710) (11,263,302) (9,477,518)
– Others 34,560 22,528
(593,635) (157,840) (1,205,628) (810,623)
Contract liabilities (16,186) (14,429)
Represented by: – Progress billings (5,755) (384)
Contract assets 816,855 842,832 39,535 45,825 – Others (10,431) (14,045)
Contract liabilities (1,410,490) (1,000,672) (1,245,163) (856,448)
1,862,606 836,882
(593,635) (157,840) (1,205,628) (810,623)

Others relate to consideration payable to customers including rebates and legal fees, are accounted for as a reduction to
Analysed as: transaction price and recognised to profit or loss when performance obligations are satisfied.
Contract assets
Due within 1 year 816,855 842,832 39,535 45,825
Group

Contract liabilities 2022 2021

Due within 1 year (1,410,490) (1,000,672) (1,245,163) (856,448) RM’000 RM’000

At beginning of the year 836,882 824,943

Consideration payable to customers 50,548 25,470
The costs incurred to date on construction contracts include the following charges made during the financial year: Revenue recognised during the year 2,528,106 1,091,803
Interest income relating to significant financing component (Note 7) 190 211
Group Company Progress billings during the year (1,572,340) (1,109,806)
2022 2021 2022 2021 Exchange differences 19,220 4,261
RM’000 RM’000 RM’000 RM’000 At end of the year 1,862,606 836,882
Depreciation:
– Property, plant and equipment (Note 12) 9,026 57,964 3,050 52,040 Analysed as:
– Right-of-use assets (Note 15) 1,930 1,343 1,930 1,343 Contract assets
Staff costs (Note 5) 119,795 104,574 67,519 48,446 Due within 1 year 1,878,792 851,311
Finance costs (Note 8) 4,693 4,444 31 23
Short-term leases: Contract liabilities
– Rental of premises 2,354 2,534 827 977 Due within 1 year (16,186) (14,429)
– Hire of plant and equipment 8,139 15,992 378 321

Included in contract assets from construction is an amount due from the Government of Socialist Republic of Vietnam
(“GOVT”) to a subsidiary, Gamuda Land Vietnam Limited Liability Company (“GLVN”) amounting to RM201,841,000 (2021:
RM194,723,000) which is pending issuance of investment certificates for property development in Hanoi, Vietnam as
consideration for the construction works by GLVN.

The directors do not foresee any issue in obtaining the investment certificates and therefore are of the opinion that this
amount is recoverable.

354 8 Financial Statements 8 Financial Statements 355

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

22. CONTRACT ASSETS/(LIABILITIES) (CONT’D.) 22. CONTRACT ASSETS/(LIABILITIES) (CONT’D.)

(b) Contract assets/(liabilities) from property development (cont’d.) (c) Contract liabilities from deferred revenue (cont’d.)
Unsatisfied performance obligations: (ii) Concession revenue
Revenue expected to be recognised in the future relating to performance obligations that are unsatisfied (or partially satisfied) As at 31 July 2022, deferred revenue in relation to Kesas Sdn. Bhd. has been classified as liabilities directly associated
as at the reporting date, are as follows: with the assets held for sale as disclosed in Note 47 to the financial statements.

Group In the previous financial year, deferred revenue comprises advance maintenance fees, license fees, and government
compensation in relation to Kesas Sdn. Bhd.. Compensation received from the Government of Malaysia for the imposition
2022 2021
of revised toll rates lower than those as provided for in the Concession Agreement, which is taken to profit or loss over
RM’000 RM’000
the period the compensation relates.
Within 1 year 1,886,093 1,721,541
Between 1 – 4 years 324,761 1,406,623
Advance
2,210,854 3,128,164 Advance maintenance Government
license fees fees compensations Total
Group RM’000 RM’000 RM’000 RM’000
(c) Contract liabilities from deferred revenue At 31 July 2021

Group At 1 August 2020 (1,679) (1,085) (23,799) (26,563)

Amount recognised
2022 2021
– As revenue – – 11,000 11,000
Note RM’000 RM’000
– As other income 554 255 – 809
Advance membership (i) (24,731) (24,385)
(1,125) (830) (12,799) (14,754)
Concession revenue (ii) – (14,754)

(24,731) (39,139)
Analysed as:
Due within 1 year (554) (245) (11,000) (11,799)
Analysed as: Due after 1 year (571) (585) (1,799) (2,955)
Due within 1 year (3,245) (13,518)
(1,125) (830) (12,799) (14,754)
Due after 1 year (21,486) (25,621)

(24,731) (39,139)

(i) Advance membership

Advance membership fees received are in connection with the provision of services by way of sporting and other
recreational facilities. The advance membership fees are recognised as income over the tenure of the membership period
which expires on 30 November 2066 and 30 September 2070 for Bandar Botanic Resort Berhad and Jade Homes Resort
Berhad respectively.

Group

2022 2021
RM’000 RM’000

Analysed as:
Due within 1 year (3,245) (1,719)
Due after 1 year (21,486) (22,666)

(24,731) (24,385)

356 8 Financial Statements 8 Financial Statements 357

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

23. INVESTMENT SECURITIES 24. DUE FROM SUBSIDIARIES

2022 2021 Company

Fair value Fair value 2022 2021

Carrying of quoted Carrying of quoted RM’000 RM’000
amount investments amount investments
Non-current
RM’000 RM’000 RM’000 RM’000
Redeemable unsecured loan stocks (“RULS”) – 900,000
Group Due from subsidiaries
Current – Non-trade 1,150,000 1,274,536
Portfolios:
1,150,000 2,174,536
Held in investment funds placements
– Islamic 272,388 272,388 306,001 306,001
Current
– Non-Islamic 398,634 398,634 377,236 377,236
Redeemable unsecured loan stocks (“RULS”) 900,000 –
Others
Due from subsidiaries
– Islamic – – 83,917 83,917
– Non-trade 2,086,151 2,033,993
– Non-Islamic 29,760 29,760 114,183 114,183
2,986,151 2,033,993
700,782 700,782 881,337 881,337
4,136,151 4,208,529
Company
Current
Portfolios: RULS:
Held in investment funds placements
Amount drawdown Issuance tenure Yield at Issuance
– Islamic 246,264 246,264 227,352 227,352
RM’000 Issuance Date Maturity Date (years) date %
– Non-Islamic 359,928 359,928 346,334 346,334
Others
– Islamic – – 83,918 83,918 500,000 23.11.2017 22.11.2022 5 5.32
– Non-Islamic – – 86,112 86,112 400,000 16.03.2018 16.03.2023 5 5.35

606,192 606,192 743,716 743,716 900,000

As at 31 July 2022, investment securities in relation to Kesas Holdings Berhad and Kesas Sdn. Bhd. have been classified as assets
held for sale as disclosed in Note 47 to the financial statements.
Investment securities represent funds placed with licensed fund managers. The portfolio of securities managed by the fund
managers comprise of money market funds, commercial papers, government bonds and fixed deposits. Their fair values are
determined based on the quoted prices from the respective investment funds.
Other details of fair value of investment securities are further disclosed in Note 43 to the financial statements.
The RULS are measured at amortised cost using effective interest rates at the rates mentioned above. The interest on RULS
charged to the subsidiary, Megah Capital Sdn. Bhd. is recognised as interest income arising from subsidiaries, as disclosed in
Note  7 to the financial statements.
The trade amounts due from subsidiaries have a normal credit term which ranges from 30 to 90 days (2021: 30 to 90 days).
The non-trade amounts due from subsidiaries are unsecured, interest free and are repayable on demand except for advances of
RM2,775,720,000 (2021: RM2,964,666,000) given to subsidiaries which bear interest at 2.31% to 5.35% (2021: 2.60% to 5.50%) per
annum. They are measured at amortised cost using the respective effective interest rates.

358 8 Financial Statements 8 Financial Statements 359

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

25. CASH AND BANK BALANCES 25. CASH AND BANK BALANCES (CONT’D.)

Group Company Housing Development Accounts held pursuant to Section 7A of the Housing Development (Control and Licensing) Act 1966 and
therefore, restricted from use in other operations.
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 The weighted average effective interest rates of deposits as at reporting date were as follows:
Cash in hand and at banks Group Company
– Interest bearing 480,947 295,568 320,535 88,461
– Non-interest bearing 74,277 54,439 35,479 20,709 2022 2021 2022 2021
% % % %
Housing Development Accounts: Licensed banks:
– Islamic 245,831 183,217 – – Malaysia 1.98 1.67 2.05 1.52
– Non-Islamic 25,658 19,829 – – India 5.06 5.13 – –
826,713 553,053 356,014 109,170 Australia 1.73 0.06 1.75 0.05
Deposits with licensed banks with Singapore 1.30 0.05 – –
– Tenures of less than 3 months Vietnam 4.73 4.44 – –
– Islamic 176,083 418,281 24,463 10,300
– Non-Islamic 695,654 338,963 342,379 15,635
– Tenures of more than 3 months The range of maturities of deposits as at reporting date were as follows:
– Islamic 6,069 225,378 – –
– Non-Islamic 1,089,829 1,120,983 – – Group Company

Total cash and bank balances 2,794,348 2,656,658 722,856 135,105 2022 2021 2022 2021
Days Days Days Days
As at 31 July 2022, cash and bank balances in relation to Kesas Holdings Berhad and Kesas Sdn. Bhd. have been classified as Licensed banks 3 - 396 3 - 367 3 - 64 3 - 31
assets held for sale as disclosed in Note 47 to the financial statements.

For the purpose of statements of cash flows, cash and cash equivalents comprise the following as at reporting date: 26. SHARE CAPITAL
Group Company Number of ordinary shares Amount
2022 2021 2022 2021 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 ’000 ’000 RM’000 RM’000
Total cash and bank balances 2,794,348 2,656,658 722,856 135,105 Issued and fully paid:
Cash and bank balances classified as assets held for sale At 1 August 2021/2020 2,513,529 2,513,528 3,620,949 3,620,946
(Note 47) 277,884 – – – Conversion of warrants – 1 – 3
Less: Deposits with tenures of more than 3 months (1,095,898) (1,346,361) – – Issuance on dividend reinvestment plan 40,402 – 102,218 –
Less: Deposits with tenures of more than 3 months
classified as assets held for sale (67,900) – – – At 31 July 2,553,931 2,513,529 3,723,167 3,620,949

Total cash and cash equivalents 1,908,434 1,310,297 722,856 135,105

Included in total cash and bank balances of the Group and of the Company are interest bearing balances amounting to
RM2,720,071,000 (2021: RM2,602,219,000) and RM687,377,000 (2021: RM114,396,000) respectively.
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per
share at meetings of the Company. All ordinary shares rank equally with regard to the Company’s residual assets.
(a) Under Companies Act 2016 in Malaysia, which came into effect on 31 January 2017, the concept of authorised share capital
is no longer applicable.

360 8 Financial Statements 8 Financial Statements 361

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

26. SHARE CAPITAL (CONT’D.) 26. SHARE CAPITAL (CONT’D.)

(b) In accordance with Section 74 of the Companies Act 2016 in Malaysia, the Company’s shares no longer have a par or nominal
value with effect from 31 January 2017.
Pursuant to Section 618 of the Companies Act 2016 in Malaysia, the amount standing to the credit of the Company’s share
premium account of RM997,407,000 became part of the Company’s share capital. There is no impact on the number of
shares in issue or the relative entitlement of any members of the Company as a result of this transition.
(c) During the financial year, the Company increased its issued and paid-up share capital from RM3,620,950,423 to RM3,723,168,634
by way of issuance of 40,402,455 new ordinary shares pursuant to the dividend reinvestment plan at the price of RM2.53
per ordinary share.
(d) On 7 March 2016, the Company allotted and issued 400,984,509 new Warrants 2016/2021 (“Warrants”) at an issue price of
RM0.25 per Warrant on the basis of 1 Warrant for every 6 existing ordinary shares held in the Company (“Rights Issue of
Warrants”).
The Warrants are valid for exercise for a period of 5 years from issue date and expired on 5 March 2021 being the last
market day immediately preceding the date which is the fifth anniversary of the issue of Warrants (which falls on Saturday,
6 March 2021, a non-market day) pursuant to the provisions of the Deed Poll dated 22 January 2016. During this period,
each Warrant entitles the registered holder to subscribe for 1 new ordinary share in the Company at any time on or after
7  March 2016 to 5 March 2021, at an exercise price of RM4.05 per Warrant in accordance with the Deed Poll. Any Warrants
not exercised by its expiry date will lapse thereafter and cease to be valid for all purposes. As at 5 March 2021, 387,220,949
Warrants 2016/2021 remain unexercised and have lapsed.
The total number of warrants converted and lapsed during the year are as follows:
Warrants
2016/2021
(e) The principal features of the ESOS were as follows: (cont’d.)
(iii) The aggregate maximum number of shares which may be made available under the scheme shall not in aggregate
exceed 10% of the total number of issued shares at any point of time during the duration of the scheme.
(iv) The exercise price for the new shares under the ESOS shall be the volume weighted average market price of the shares
as quoted on the main market of Bursa Malaysia Securities Berhad for the 5 market days immediately preceding the
award date, without any discount being recorded.
(v) The aggregate number of shares to be offered to an eligible person shall be determined at the discretion of the ESOS
Committee after taking into consideration, amongst others, the provisions of the Listing Requirements or other applicable
regulatory requirements prevailing during the duration of the scheme and after taking into consideration the performance,
targets, position, annual appraised performance, seniority and length of service, contribution, category or grade of
employment of the Eligible Person or such other matters which the ESOS Committee may in its sole and absolute
discretion deem fit.
(vi) The number of shares comprised in the ESOS options which remained unexercised or the exercise prices or both may
be adjusted following any alteration in the capital structure of the Company during the duration of the scheme, whether
by way of rights issue, bonus issue or capitalisation of profit or reserves, consolidation or subdivision of shares or
reduction or any other alteration in the capital structure of the Company or otherwise howsoever taking place.
(vii) The options shall not carry any right to vote at any general meeting of the Company and a grantee shall not be entitled
to any dividends, right or other entitlements on his unexercised options.
(viii) The options granted under ESOS are not assignable.
(ix) A Grantee shall be allowed to exercise the options granted to him/her at any point of time within the option period.
(x) If the accepted options are not exercised by the dates below (Expiry Date), the relevant accepted options shall expire
as follows:

2022 2021 Expiry Date 31-Jan-24 31-Jan-25 31-Jan-26 31-Jan-27

’000 ’000 % of options accepted 40% 20% 20% 20%
At 1 August 2021/2020 – 387,221
Converted – (1) (xi) A Grantee is only allowed to sell a 20% portion of the shares issued pursuant to the exercise of options at each annual
Lapsed – (387,220) anniversary of award date over the next five years.

At 31 July – – (xii) The new shares allotted and issued upon any exercise of the options shall rank pari passu in all respects with the existing
issued shares of the Company, save and except that the shares so allotted and issued will not be entitled to any dividend,
right, allotment or other distributions, which may be declared, made or paid to shareholders, the entitlement date of
which is prior to the date of allotment and issuance of such new shares.
(e) The Gamuda Berhad Employees’ Share Option Scheme (“ESOS”) was approved by the shareholders at the Extraordinary General
Meeting held on 8 December 2021 and became effective on 9 December 2021. With effect from 9  December 2021, the (xii) Options to subscribe for ordinary shares under the ESOS were granted on the following dates:
Company issued options under the new ESOS for the eligible executive directors and employees of Gamuda Berhad and its
subsidiaries. The ESOS will be expired on 31 January 2027 and balance unexercised will be lapsed. Number of
Exercise price options
The principal features of the ESOS were as follows: Grant date RM ‘000 Exercise period

(i) Full-time and confirmed employees within Gamuda Group and executive directors of Gamuda (“eligible person”) are 9 December 2021 2.85 180,472 9 December 2021 – 31 January 2027
eligible to participate in the ESOS. Participation, however, is subject to the discretion of the ESOS Committee. 24 January 2022 2.83 10,678 24 January 2022 – 31 January 2027
(ii) The ESOS shall be in force until 31 January 2027, subject however to any extension of the ESOS. On or before the date 191,150
of expiry, the Board shall have the discretion, without having to obtain approval of the Company’s shareholders, to
extend the duration of the ESOS provided that the initial period of the ESOS and such extension of the ESOS shall not
in aggregate exceed the duration of 10 years from the effective date of the ESOS.

362 8 Financial Statements 8 Financial Statements 363

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

26. SHARE CAPITAL (CONT’D.) 27. OTHER RESERVES (NON-DISTRIBUTABLE)

(f) The number and weighted average exercise prices (“WAEP”) of, and movements in, share options during the financial year Group Company
are as follows:
2022 2021 2022 2021
Number of share options
RM’000 RM’000 RM’000 RM’000
Movement during the year
Foreign exchange reserve
Outstanding and Outstanding and
exercisable at exercisable at At 1 August 222,622 192,167 7,063 (320)
1 August 2021 Granted 31 July 2022 Foreign currency translation 114,276 30,760 663 7,383
ESOS exercise price ‘000 ‘000 ‘000 Share of associated companies foreign currency
translation (978) 375 – –
RM2.85 – 180,472 180,472 Non-controlling interests 1,089 (680) – –
RM2.83 – 10,678 10,678
At 31 July 337,009 222,622 7,726 7,063
– 191,150 191,150
Warrants reserve
WAEP – 2.85 2.85 At 1 August – 96,806 – 96,806
Conversion of warrants – (1) – (1)
Transfer to retained profits upon expiry of warrants – (96,805) – (96,805)
(g) Fair value of share options granted At 31 July – – – –

The fair value of the share options granted under the ESOS is estimated at grant date using a binomial option pricing model, Total other reserves 337,009 222,622 7,726 7,063
taking into account the terms and conditions upon which the instruments were granted.

The fair value of share options measured at the respective date and the assumptions are as follows:
(i) Foreign exchange reserve
ESOS
This reserve represents the foreign currency translation differences arising from the translation of the financial statements of
BATCH 1 2 foreign operations whose functional currencies are different from the Group’s presentation currency.

Exercise price of ESOS (RM)

– Grant date: 9 December 2021 2.85
28. RETAINED PROFITS
– Grant date: 24 January 2022 2.83
The Company may distribute dividends out of its entire retained earnings under the single tier system.
Fair value of share options, at the following expiry dates (RM)
– 31 January 2024 0.470 0.393 Included in the retained profits is a dilution gain arising from the deemed disposal of the interest in an associated company,
– 31 January 2025 0.511 0.441 amounting to RM164,024,000 (2021: RM153,828,000).
– 31 January 2026 0.546 0.474
– 31 January 2027 0.555 0.494

Expected volatility
– Grant date: 9 December 2021 30.00% 29.40%
– Grant date: 24 January 2022 29.40% 29.40%

Risk free rate at expiry dates

– 31 January 2024 2.07% 2.28%
– 31 January 2025 2.34% 2.62%
– 31 January 2026 2.53% 2.79%
– 31 January 2027 2.66% 2.93%

Expected dividend yield# 2.50% 2.50%

The expected volatility is based on historical data and is not necessarily indicative of exercise patterns that may occur.

# Expected dividend yield is assumed on the expected term of the options as at grant dates.

364 8 Financial Statements 8 Financial Statements 365

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

29. RETIREMENT BENEFIT OBLIGATIONS 29. RETIREMENT BENEFIT OBLIGATIONS (CONT’D.)

The Group operates an unfunded, defined benefit Retirement Benefit Scheme (“the Scheme”) for its employees. Under the Scheme, Movements in the net liabilities in the current year were as follows:
eligible employees are entitled to retirement benefits of 2.5% on the last drawn monthly basic salary for each completed months Group Company
of services on attainment of the retirement age of 60.
2022 2021 2022 2021
The amounts recognised in the statements of financial position are determined as follows: RM’000 RM’000 RM’000 RM’000
Group Company At 1 August 2021/2020 44,227 55,607 5,215 6,162
Recognised in profit or loss 5,804 (2,155) 693 551
2022 2021 2022 2021
Effect of re-measurement gain in other comprehensive
RM’000 RM’000 RM’000 RM’000
income (3,767) (4,423) (368) (1,331)
Present value of unfunded defined benefit obligations, Contributions paid (1,795) (4,767) – (167)
representing net liability 42,139 44,227 5,540 5,215 Exchange differences 21 (35) – –

44,490 44,227 5,540 5,215

Analysed as:
Liabilities directly associated with the assets held for
Current (Note 30(b)) 1,087 1,488 – 69
sale (Note 47) (2,351) – – –

Non-current: At 31 July 42,139 44,227 5,540 5,215

More than one year and less than two years 1,832 1,444 334 144
More than two years and less than five years 5,143 2,786 1,202 87
Five years or more 34,077 38,509 4,004 4,915 The sensitivity analysis on the present value of the retirement benefit obligations below has been determined based on reasonably
possible changes of each significant assumption on the defined benefit obligation as of the end of the reporting period, assuming
Amount included in payables (Note 30(a)) 41,052 42,739 5,540 5,146
if all other assumptions were held constant:
Total 42,139 44,227 5,540 5,215
Increase/ 2022 Increase/ 2021
Group (decrease) RM’000 (decrease) RM’000
The amounts recognised in profit or loss are determined as follows: Discount rate +1% (5,283) +1% (4,920)
Group Company -1% 6,307 -1% 5,886

2022 2021 2022 2021 Expected rate of salary +1% 6,653 +1% 5,727
RM’000 RM’000 RM’000 RM’000 increases -1% (5,664) -1% (4,893)

Continuing operations:
Current service cost 3,674 (4,608) 460 291
Principal actuarial assumptions used:
Interest cost 1,835 2,079 233 260

Total, included in staff costs and directors’ remuneration 2022 2021

(Notes 5 and 6) 5,509 (2,529) 693 551 % %

Discount rate 5.2 4.5

Discontinued operations: Expected rate of salary increases 6.0 - 10.0 6.0 - 10.0
Current service cost 193 267 – –
Interest cost 102 107 – –
The average duration of the defined benefit plan obligation at the end of the reporting year is 12 years (2021: 12 years).
Total 295 374 – –

Total 5,804 (2,155) 693 551

366 8 Financial Statements 8 Financial Statements 367

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

30. PAYABLES 30. PAYABLES (CONT’D.)

Group Company Group Company

2022 2021 2022 2021 2022 2021 2022 2021

Note RM’000 RM’000 RM’000 RM’000 Note RM’000 RM’000 RM’000 RM’000

Non-current payables (a) (b) Current payables

Trade 144,863 155,867 42,363 67,719
Trade
Non-trade 57,977 57,014 7,277 5,198
Trade payables 432,310 332,668 126,403 38,559
202,840 212,881 49,640 72,917 Associated company 750 – – –
Joint venture partners 30,779 4,585 16,090 3,349
Current payables (b) Retention sums 201,543 152,491 48,147 13,006
Trade 1,970,735 1,287,347 443,688 173,385 Advances received on contracts 158,142 10,860 158,142 –
Non-trade 695,846 458,247 226,655 46,469 Accruals 1,147,211 786,743 94,906 118,471
2,666,581 1,745,594 670,343 219,854 1,970,735 1,287,347 443,688 173,385

Total payables 2,869,421 1,958,475 719,983 292,771

Non-trade
Associated companies 5,002 77 – –
(a) Non-current payables Retirement benefit obligations (Note 29) 1,087 1,488 – 69
Lease liabilities (Note 31) 4,587 4,032 1,350 630
Trade
Sundry payables 318,456 301,340 22,223 14,515
Trade payables 788 – 6 –
Dividend payables 153,236 – 153,236 –
Retention sums 143,980 155,791 42,357 67,719
Accruals 213,478 151,310 49,846 31,255
Accruals 95 76 – –
695,846 458,247 226,655 46,469
144,863 155,867 42,363 67,719
2,666,581 1,745,594 670,343 219,854
Non-trade
Retirement benefit obligations (Note 29) 41,052 42,739 5,540 5,146 The normal trade credit term granted to the Group and the Company ranges from 30 to 90 days (2021: 30 to 90 days).
Lease liabilities (Note 31) 5,819 6,695 1,737 52
Sundry payables 2,615 4,601 – – The amounts due to associated companies are unsecured, interest free and repayable on demand.
Accruals 8,491 2,979 – –

57,977 57,014 7,277 5,198

202,840 212,881 49,640 72,917

368 8 Financial Statements 8 Financial Statements 369

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

30. PAYABLES (CONT’D.) 31. LEASE LIABILITIES

The following table analyses the financial liabilities of the Group and of the Company in the statements of financial position by Lease liabilities are analysed as follows:
the class of financial instruments to which they are assigned, and therefore by the measurement basis. Group Company

2022 2021 2022 2021

Group Company
RM’000 RM’000 RM’000 RM’000
2022 2021 2022 2021
Current (Note 30(b)) 4,587 4,032 1,350 630
Note RM’000 RM’000 RM’000 RM’000
Non-current (Note 30(a)) 5,819 6,695 1,737 52
Financial liabilities at amortised costs
10,406 10,727 3,087 682
Current payables 30(b)
Trade payables 432,310 332,668 126,403 38,559
Associated companies 5,752 77 – – The lease liabilities are analysed as follows:
Joint venture partners 30,779 4,585 16,090 3,349
Group Company
Retention sums 201,543 152,491 48,147 13,006
Advances received on contracts 158,142 10,860 158,142 – 2022 2021 2022 2021
Sundry payables 318,456 301,340 22,223 14,515 RM’000 RM’000 RM’000 RM’000
Dividend payables 153,236 – 153,236 – Not more than 1 year 4,587 4,032 1,350 573
Accruals and provisions 1,360,689 938,053 144,752 149,726 Later than 1 year but not later than 2 years 4,912 6,625 1,029 163
Lease liabilities 31 4,587 4,032 1,350 630 Later than 2 years but not later than 5 years 1,309 664 777 –
Non-current payables 30(a)
Trade payables 788 – 6 – Undiscounted lease liabilities 10,808 11,321 3,156 736
Retention sums 143,980 155,791 42,357 67,719 Less: Unexpired finance charges (402) (594) (69) (54)
Sundry payables 2,615 4,601 – – Discounted lease liabilities 10,406 10,727 3,087 682
Accruals 8,586 3,055 – –
Lease liabilities 31 5,819 6,695 1,737 52
The incremental borrowing rate to measure lease liabilities is 4.3% (2021: 4.6%) per annum.
Islamic debts 33 2,958,902 3,435,000 1,758,902 2,150,000
Conventional debts 34 1,821,162 1,792,794 554,284 257,987 The remaining maturities of the lease liabilities are as follows:
Due to subsidiaries 36 – – 109,548 143,486 Group Company
7,607,346 7,142,042 3,137,177 2,839,029 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000

Not more than 1 year 4,587 4,032 1,350 630

31. LEASE LIABILITIES
Later than 1 year but not later than 2 years 4,912 6,625 1,028 52
The carrying amounts of lease liabilities and the movements during the year is as follows: Later than 2 years but not later than 5 years 907 66 709 –
Group Company Later than 5 years – 4 – –

2022 2021 2022 2021 10,406 10,727 3,087 682

RM’000 RM’000 RM’000 RM’000

At 1 August 2021/2020 10,727 14,279 682 1,586

Additions 5,301 2,375 4,159 706
Interest expense (Note 8) 402 594 69 58
Payment made during the year (6,113) (6,564) (1,831) (1,690)
Exchange differences 89 43 8 22

At 31 July 10,406 10,727 3,087 682

370 8 Financial Statements 8 Financial Statements 371

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

31. LEASE LIABILITIES (CONT’D.) 32. DEFERRED TAX LIABILITIES/(ASSETS) (CONT’D.)

The Group and the Company have total cash outflows from leases of RM13,782,000 (2021: RM14,745,000) and RM3,519,000 The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows:
(2021: RM3,324,000) respectively.
Deferred tax liabilities of the Group:

Group Company Fair value

adjustment on
2022 2021 2022 2021 Accelerated expressway
RM’000 RM’000 RM’000 RM’000 capital development
Total cash outflow for leases Receivables allowances expenditure Land Total
Payment of lease liabilities (6,113) (6,564) (1,831) (1,690) RM’000 RM’000 RM’000 RM’000 RM’000
Payment of short-term leases (7,466) (7,921) (1,681) (1,628) At 1 August 2021 164,521 164,428 89,303 – 418,252
Payment of low value assets (203) (260) (7) (6) Recognised in profit or loss (10,855) (1,578) (27,437) 15 (39,855)
(13,782) (14,745) (3,519) (3,324) Exchange differences 5,626 31 – – 5,657

159,292 162,881 61,866 15 384,054

Less: Liabilities directly associated with
32. DEFERRED TAX LIABILITIES/(ASSETS) the assets held for sale (Note 47) – (151,427) (61,866) – (213,293)

Group Company At 31 July 2022 159,292 11,454 – 15 170,761

2022 2021 2022 2021

RM’000 RM’000 RM’000 RM’000 At 1 August 2020 126,436 163,935 117,172 2,876 410,419
Recognised in profit or loss 37,143 487 (27,869) (2,876) 6,885
At 1 August 2021/2020 238,379 295,239 (6,520) (5,565) Exchange differences 942 6 – – 948
Recognised in profit or loss 4,350 (56,669) 720 (856)
Recognised in other comprehensive income 163 731 88 319 At 31 July 2021 164,521 164,428 89,303 – 418,252
Exchange differences 1,822 (922) 19 (418)

At 31 July 244,714 238,379 (5,693) (6,520)

Deferred tax assets of the Group:

Presented after appropriate offsetting as follows: Unutilised Retirement

Deferred tax assets (72,890) (57,775) (5,693) (6,520) Unutilised capital benefit Provisions
Less: Assets held for sale (Note 47) 8,644 – – – tax losses allowances obligations and accruals Total
RM’000 RM’000 RM’000 RM’000 RM’000
(64,246) (57,775) (5,693) (6,520)
At 1 August 2021 (20,323) (9,887) (3,746) (145,917) (179,873)
Deferred tax liabilities 317,604 296,154 – – Recognised in profit or loss (1,619) (795) (231) 46,850 44,205
Less: Liabilities directly associated with the assets held Recognised in other comprehensive
for sale (Note 47) (213,293) – – – income – – 163 – 163
104,311 296,154 – – Exchange differences – – (1,329) (2,506) (3,835)

40,065 238,379 (5,693) (6,520) (21,942) (10,682) (5,143) (101,573) (139,340)

Less: Assets held for sale (Note 47) – – 482 8,162 8,644

At 31 July 2022 (21,942) (10,682) (4,661) (93,411) (130,696)

The Group’s deferred tax liabilities/(assets) recognised in profit or loss is analysed as follows:
Group Company At 1 August 2020 (19,558) (8,331) (4,152) (83,139) (115,180)
2022 2021 2022 2021 Recognised in profit or loss (765) (1,556) (325) (60,908) (63,554)
RM’000 RM’000 RM’000 RM’000 Recognised in other comprehensive
income – – 731 – 731
Recognised in income statement (Note 9) Exchange differences – – – (1,870) (1,870)
– Continuing operations 34,897 (30,327) 720 (856)
– Discontinued operations (30,547) (26,342) – – At 31 July 2021 (20,323) (9,887) (3,746) (145,917) (179,873)

4,350 (56,669) 720 (856)

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Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

32. DEFERRED TAX LIABILITIES/(ASSETS) (CONT’D.) 32. DEFERRED TAX LIABILITIES/(ASSETS) (CONT’D.)
The components and movements of deferred tax liabilities and assets during the financial year prior to offsetting are as follows: Deferred tax assets have not been recognised in respect of the following items:
(cont’d.) Group Company
Deferred tax liabilities of the Company:
2022 2021 2022 2021
Accelerated RM’000 RM’000 RM’000 RM’000
capital Unutilised tax losses 431,805 383,552 113,516 78,907
allowances Unutilised investment tax allowances 389,323 389,322 – –
RM’000 Unabsorbed capital allowances 121,196 98,151 – –
At 1 August 2021 7,926 Other deductible temporary differences 58,687 45,708 – –
Recognised in profit or loss 427 1,001,011 916,733 113,516 78,907
At 31 July 2022 8,353
Year of expiry is analysed as follows:
At 1 August 2020 7,975
Recognised in profit or loss (49) Unutilised tax losses
Indefinite 113,515 78,907 113,516 78,907
At 31 July 2021 7,926 Expired by 2025 – 13,492 – –
Expired by 2026 – 75,385 – –
Expired by 2027 – 156,692 – –
Deferred tax assets of the Company: Expired by 2028 10,706 59,076 – –
Expired by 2029 54,948 – – –
Unutilised Retirement
Expired by 2030 129,937 – – –
Unutilised capital benefit Provisions
Expired by 2031 49,657 – – –
tax losses allowances obligations and accruals Total
Expired by 2032 73,042 – – –
RM’000 RM’000 RM’000 RM’000 RM’000
431,805 383,552 113,516 78,907
At 1 August 2021 (3,291) (7,714) (1,251) (2,190) (14,446)
Recognised in profit or loss – (573) (166) 1,031 292
Recognised in other comprehensive Indefinite
income – – 88 – 88 Unutilised investment tax allowances 389,323 389,322 – –
Exchange differences – – – 20 20 Unabsorbed capital allowances 121,196 98,151 – –
Other deductible temporary differences 58,687 45,708 – –
At 31 July 2022 (3,291) (8,287) (1,329) (1,139) (14,046)
569,206 533,181 – –
At 1 August 2020 (3,291) (7,059) (1,641) (1,549) (13,540) Total 1,001,011 916,733 113,516 78,907
Recognised in profit or loss – (655) 71 (223) (807)
Recognised in other comprehensive The availability of the unutilised tax losses and unabsorbed capital allowances for offsetting against future taxable profits of the
income – – 319 – 319 Group are subject to no substantial changes in shareholdings of the respective companies under the Income Tax Act, 1967, and
Exchange differences – – – (418) (418) guidelines issued by the tax authority.
At 31 July 2021 (3,291) (7,714) (1,251) (2,190) (14,446)
The Malaysia Finance Act 2018 gazetted on 27 December 2018 imposed a time limitation to restrict the carry forward of the
unutilised tax losses to a maximum period of 7 consecutive Year of Assessment (“YA”), effective YA 2019. Based on the latest
Malaysia Finance Act 2021, gazetted on 31 December 2021, the time limit for the carry forward of the unutilised tax losses has
been extended from 7 years to 10 years. As a result of this change, the unutilised tax losses accumulated up to the YA 2018 are
allowed to be carried forward for 10 consecutive years of assessment. Any balance of the unutilised tax losses thereafter shall be
disregarded.

Deferred tax assets have not been recognised in respect of the above items as it is not probable that future taxable profits will
be available in the Company and certain subsidiaries against which the Group can utilise the benefits.

374 8 Financial Statements 8 Financial Statements 375

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

33. ISLAMIC DEBTS 33. ISLAMIC DEBTS (CONT’D.)

Group Company Medium term notes (“MTNs”) (cont’d.)

The amount drawdown, maturity date and yield as at issuance dates of the MTNs are as follows:
2022 2021 2022 2021
Note RM’000 RM’000 RM’000 RM’000 (a) Murabahah MTN – unsecured

Non-current (i) Gamuda Berhad

Medium term notes Amount Issuance Yield at
– Unsecured (a) 1,950,000 2,450,000 850,000 1,750,000 drawdown Issuance date Maturity date tenure issuance date
– Secured (b) – 195,000 – – RM’000 (years) %
1,950,000 2,645,000 850,000 1,750,000 Current
Issue No.9 500,000 23.11.2017 23.11.2022 5 4.83
Current Issue No.10 400,000 16.03.2018 16.03.2023 5 4.79
Medium term notes
– Unsecured (a) 900,000 – 900,000 – Non-current
– Secured (b) – 90,000 – – Issue No.11 100,000 27.11.2018 27.11.2023 5 4.79
Commercial papers 100,000 700,000 – 400,000 Issue No.12 200,000 18.11.2019 18.11.2026 7 4.12
Revolving credit Issue No.13 300,000 18.11.2019 16.11.2029 10 4.26
– Unsecured 8,902 – 8,902 – Issue No.15 250,000 29.06.2020 28.06.2030 10 4.10
1,008,902 790,000 908,902 400,000 1,750,000

Total Islamic debts 2,958,902 3,435,000 1,758,902 2,150,000 Issue No.1 to No.8 and No.14 were redeemed upon maturity in previous years.

(ii) Bandar Serai

Medium term notes (“MTNs”)
Amount Issuance Yield at
The MTNs are drawdown by: drawdown Issuance date Maturity date tenure issuance date
Group Company RM’000 (years) %

2022 2021 2022 2021 Non-current

Note RM’000 RM’000 RM’000 RM’000 Tranche No.3 100,000 28.08.2018 28.08.2023 5 4.69

Gamuda Berhad (a) 1,750,000 1,750,000 1,750,000 1,750,000

The Islamic MTNs were drawdown by Bandar Serai, a subsidiary of the Company for the purpose of financing the
Bandar Serai Development Sdn. Bhd.
acquisition of leasehold land for Gamuda Gardens project in Rawang, Selangor. The facilities are unconditionally guaranteed
(“Bandar Serai”) (a) 100,000 100,000 – –
by the Company.
Kesas Sdn. Bhd. (b) – 285,000 – –
Gamuda Land (T12) Sdn. Bhd. (a) 1,000,000 600,000 – –

2,850,000 2,735,000 1,750,000 1,750,000

As at 31 July 2022, Islamic debts of Kesas Sdn. Bhd. has been classified as liabilities directly associated with the assets held for
sale as disclosed in Note 47 to the financial statements pursuant to the Proposed Disposals (Note 42). Further details of the
medium term notes are as follows:
Group

2022
Note RM’000

Classified as liabilities directly associated with assets held for sale (Note 47):
Medium term notes
– Secured (b) 195,000

376 8 Financial Statements 8 Financial Statements 377

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

33. ISLAMIC DEBTS (CONT’D.) 33. ISLAMIC DEBTS (CONT’D.)

Medium term notes (“MTNs”) (cont’d.) Medium term notes (“MTNs”) (cont’d.)
The amount drawdown, maturity date and yield as at issuance dates of the MTNs are as follows: (cont’d.) (b) Sukuk Musharakah Medium Term Notes (“Sukuk”) – secured (cont’d.)
(a) Murabahah MTN – unsecured (cont’d.) On 2 October 2014, Kesas Sdn. Bhd. issued its Islamic MTNs with an aggregate nominal amount of RM735 million. The Sukuk
is constituted by a Sukuk Musharakah Trust Deed dated 2 October 2014. The Sukuk were issued in 8 series, with maturities
(iii) Gamuda Land (T12) Sdn. Bhd.
from October 2016 to August 2023. The profit rate ranges from 4.20% to 4.85% (2021: 4.65% to 4.85%) per annum.
Amount Issuance Yield at
drawdown Issuance date Maturity date tenure issuance date The Sukuk was issued to fully redeem its previously issued bonds (“BaIDS”), government support loan and redeemable
RM’000 (years) % convertible unsecured loan stock (‘’RCULS’’).

Non-current
The borrowings are secured by the following:
Series No.1 300,000 11.10.2021 11.10.2027 6 4.2
Series No.2 450,000 11.10.2021 11.10.2028 7 4.4 (i) whole or any part of the undertakings, revenues, rights and all the assets and properties of the subsidiary (both present
Series No.3 250,000 12.08.2020 12.08.2030 10 3.9 and future);

1,000,000 (ii) subject to any necessary authorisation under Section 7 of the Federal Roads (Private Management) Act 1984, all the
rights to demand, collect and retain toll as more particularly stated in Clause 2.1(c) (Grant of Concession) of the
Concession Agreement;
Series No.1 and 2 were drawndown during the financial year, Series 3 was drawndown in the previous financial year.
(iii) all the subsidiary’s rights, title and benefits in respect of other contracts entered or to be entered by the subsidiary in
(b) Sukuk Musharakah Medium Term Notes (“Sukuk”) – secured relation to the operation and maintenance of the Expressway and proceeds received thereunder; and

Group (iv) all the subsidiary’s rights, interests, title and benefits in respect of the Designated Accounts.

2022 2021
RM’000 RM’000
Primary Sukuk – 285,000
Secondary Sukuk – 188,184
– 473,184
Less: Unamortised profit element – (16,190)
– 456,994
Less: Accumulated profit element charged to profit or loss – (171,994)
– 285,000
In accordance with Clause 13.2(t) of the Sukuk Musharakah Trust Deed, no declaration or distribution of dividend (“Distribution”)
is allowed unless all of the following conditions have been complied with:
(i) no Dissolution Event has occurred or would occur following such payment or distribution of the Distributions;
(ii) the Projected Financial Service Cover Ratios (“FSCR”) as calculated on each Distribution Date shall not fall below two
point two five (2.25) times after such payment of the Distributions and for the purposes of testing the compliance of
the projected FSCR, the subsidiary shall submit a Compliance Certificate duly signed by a director of the subsidiary in
relation to the compliance of the Projected FSCR to the Facility Agent and the Sukuk Trustee;
(iii) the balance standing to the credit of the FSCR Account after such payment of the Distributions will not be less than
the minimum required balance; and
(iv) such Distribution, in the reasonable opinion of the Sukuk Trustee would not have a material adverse effect.

The remaining maturities of the borrowings are as follows: The weighted average effective interest rates for long term and short term borrowings (per annum) as at reporting date are as
follows:
Group
Group Company
2022 2021
RM’000 RM’000 2022 2021 2022 2021
% % % %
Less than one year – 90,000
More than one year and less than two years – 90,000 MTNs 4.50 4.39 4.53 4.54
More than two years and less than five years – 105,000 Commercial papers 2.93 2.12 – 2.09
Revolving credit 3.23 – 3.23 –
– 285,000

378 8 Financial Statements 8 Financial Statements 379

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

34. CONVENTIONAL DEBTS 34. CONVENTIONAL DEBTS (CONT’D.)

Group Company (a) Term loans – secured (cont’d.)

(i) On 31 May 2022, 29 June 2022 and 31 July 2022, GB Astir, a subsidiary of the Company had drawdown the term loan
2022 2021 2022 2021
for the purpose of part financing the acquisition of a leasehold land and construction cost of the project. GB Astir had
Note RM’000 RM’000 RM’000 RM’000
drawdown a term loan of RM125,274,765 during the financial year. The term loan bore an interest of Sterling Overnight
Non-current Index Average (“SONIA”) + 2.45% per annum.
Term loans
– secured (a) 193,977 190,620 – – (ii) On 30 June 2016, GL Kemuning, a subsidiary of the Company had drawdown the term loan for the purpose of part
– unsecured (b) 1,083,610 916,830 300,000 100,000 financing the acquisition of a leasehold land. On 17 November 2017, the Company had drawdown term loans for the
purpose of part financing of the twenty.five.7 project. GL Kemuning had repaid term loan of RM125,019,000 during the
1,277,587 1,107,450 300,000 100,000 financial year. The term loans bore interest rate at a range of 3.31% to 3.61% per annum (2021: 4.42% to 4.80% per
Revolving credits annum).
– secured (c) 3,140 23,180 – –
The term loan is secured by leasehold land under development as disclosed in Note 13 to the financial statements.
1,280,727 1,130,630 300,000 100,000
Term loans are repayable as follows:
Current
Secured Group
Term loans (a) 122,273 125,374 – –
2022 2021
Revolving credits (c) 4,879 18,511 – –
RM’000 RM’000
127,152 143,885 – –
Less than one year 122,273 125,374
More than two years and less than five years 193,977 190,620
Unsecured
Term loans (b) 14,000 215,292 – – 316,250 315,994
Revolving credits (c) 399,283 302,987 254,284 157,987

413,283 518,279 254,284 157,987

(b) Term loans – unsecured
Total current borrowing 540,435 662,164 254,284 157,987
The term loans are drawdown by:

Total borrowings 1,821,162 1,792,794 554,284 257,987 Group

2022 2021
Note RM’000 RM’000
(a) Term loans – secured
Gamuda Berhad (i) 300,000 100,000
The term loans are drawdown by: Megah Capital Sdn. Bhd. (“Megah Capital”) (ii) 755,035 985,703
Gamuda Yoo Development Aldgate S.a.r.l. (iii) 42,575 46,419
Group
1,097,610 1,132,122
2022 2021
Note RM’000 RM’000
(i) On 10 March 2021, Gamuda Berhad had drawdown the term loan of RM100,000,000 for the purpose of refinancing
GB Astir S.a.r.l. (“GB Astir”) (i) 125,275 – existing loan. The term loan bore an interest of 3.19% to 3.34% per annum. The term loan matures in tranches within
Gamuda Land (Kemuning) Sdn. Bhd. (“GL Kemuning”) (ii) 190,975 315,994 3 to 5 years from the date of first drawdown. Gamuda Berhad had swapped the floating interest rate to fixed interest
rate of 2.68% per annum.
316,250 315,994
On 19 November 2021, Gamuda Berhad had drawdown the term loan of RM200,000,000 for the purpose of refinancing
existing loan. The term loan bore an interest of 2.86% per annum. The term loan matures in tranches within 5 to 7
years from the date of first drawdown.

380 8 Financial Statements 8 Financial Statements 381

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

34. CONVENTIONAL DEBTS (CONT’D.) 34. CONVENTIONAL DEBTS (CONT’D.)

(b) Term loans – unsecured (cont’d.) (c) Revolving credits (cont’d.)
(ii) On 30 October 2016 and 21 March 2017, as disclosed in Note 35 to the financial statements, Megah Capital had swapped Revolving credits are repayable as follows:
its term loans of USD50,000,000 and USD50,000,000 respectively, at floating USD interest rate through cross currency Group
interest rate swap into RM207,000,000 and RM221,500,000 at fixed rate of 4.33% and 4.48% per annum, respectively.
Megah Capital had repaid the term loan of USD50,000,000 (equivalent to RM214,250,000) in previous financial year and 2022 2021
had fully repaid the remaining term loan of USD50,000,000 (equivalent to RM214,250,000) during the financial year. RM’000 RM’000

Less than one year 4,879 18,511

On 31 December 2020 and 26 March 2021, as disclosed in Note 35 to the financial statements, Megah Capital had
Later than one year but not later than two years 3,140 23,180
further swapped its term loan of USD40,000,000 and USD60,000,000 respectively, at floating USD interest rate of LIBOR
plus 1.30% per annum through cross currency interest rate swap into RM169,000,000 and RM253,500,000 at fixed rate 8,019 41,691
of 3.66% and 4.03% per annum, respectively.
(i) On 1 August 2016, Jade Homes, a subsidiary of the Company, had drawdown the revolving credit from Public Bank
The term loans mature five years from the date of first drawdown and is subject to offsetting arrangements as disclosed Berhad for the development cost of ongoing projects. The revolving credit is secured with a parcel of vacant development
in Note 43 to the financial statements. land and bore interest rate of 3.38% (2021: 3.31%) per annum.

On 30 December 2020, Megah Capital had drawndown the term loan of RM350,000,000 for the purpose of partial The revolving credit is secured by freehold land as disclosed in Note 13 to the financial statements.
refinancing of existing loan. The term loan bore an interest rate of 3.06% per annum. The term loan matures 7 years
from the date of first drawdown. The revolving credits are drawdown by:
Group Company
(iii) On 5 February 2021, Gamuda Yoo Development S.a.r.l, a subsidiary of the Company had drawdown the term loan of
GBP7,860,000 (approximately RM46,419,000) for the purpose of partial financing the acquisition of land and property 2022 2021 2022 2021
in UK. The term loan bore an interest of Sterling Overnight Index Average (“SONIA”) + 2.35% per annum. The term loan RM’000 RM’000 RM’000 RM’000
matures 3 years from the date of the first drawdown.
Unsecured
Term loans are repayable as follows: Gamuda Berhad 254,284 157,987 254,284 157,987
Gamuda Naim Engineering and Construction
Group (“GNEC”) Sdn. Bhd. 144,999 145,000 – –
2022 2021 399,283 302,987 254,284 157,987
RM’000 RM’000

Less than one year 14,000 215,292

Later than one year but not later than two years 124,075 14,000 The weighted average effective interest rates for long term and short term borrowings (per annum) as at reporting date are
More than two years and less than five years 688,535 694,080 as follows:
More than five years 271,000 208,750 Group Company
1,097,610 1,132,122 2022 2021 2022 2021
% % % %

(c) Revolving credits Revolving credits

Secured
The revolving credits are drawdown by: – Ringgit Malaysia 3.82 3.31 – –
Group Unsecured
– Ringgit Malaysia 3.15 2.60 – –
2022 2021
– US Dollar – 1.63 – 1.63
Note RM’000 RM’000
– Taiwan Dollar 1.58 1.34 – –
Secured Term loans
Jade Homes Sdn. Bhd. (“Jade Homes”) (i) 8,019 41,691 – Ringgit Malaysia 3.67 3.55 2.64 1.01
– Great British Pound 3.43 2.40 – –

382 8 Financial Statements 8 Financial Statements 383

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

35. DERIVATIVE ASSETS/(LIABILITIES) 35. DERIVATIVE ASSETS/(LIABILITIES) (CONT’D.)

Group Contract amount CCIRS Maturity

2022 2021 (d) USD60,000,000 (i) Pays fixed RM interest rate of 4.03% per annum on the RM 31 December 2025
RM’000 RM’000 (RM247,680,000) contract amount in exchange for receiving floating USD interest
rate of 1-month LIBOR plus 1.70% per annum on the USD contract
Cross currency interest rate swaps 4,165 (12,253)
amount; and
(ii) Receives USD in exchange for paying RM at a predetermined rate
of RM4.128 to USD1.000; according to the scheduled principal
The Group uses cross currency interest rate swap to manage some of the transaction exposure. and interest repayment.
Effectively, the Group had swapped the USD60,000,000 loan at floating USD interest rate of LIBOR plus 1.70% per annum
These contracts are not designated as cash flow or fair value hedges and are entered into for periods consistent with currency based on RM247,680,000 loan fixed at RM interest rate of 4.03% per annum.
transaction exposure and fair value changes exposure. Such derivatives do not qualify for hedge accounting.

At the reporting date, the Group loans denominated in United States Dollar (“USD”) amounting to USD100,000,000 (“USD loan”) Derivatives are neither past due nor impaired and are placed with or entered into with reputable financial institutions with high
and at the same time entered into a cross currency interest rate swap (“CCIRS”). The CCIRS is to hedge against interest rate and credit ratings and no history of default.
foreign exchange movements for the USD loan. This facility has been accounted for as embedded derivative and measured at
fair value through profit or loss. During the financial year, the Group recognised a gain of RM16,418,000 (2021: loss of RM6,182,000) arising from fair value changes
of derivative. The fair value changes are attributable to changes in interest rate and foreign exchange rate. The Group’s USD loan
and CCIRS’s offset arrangement and the method of assumptions applied in determining the fair values of derivatives are disclosed
Contract amount CCIRS Maturity in Note 43 to the financial statements.
(a) USD50,000,000 (i) Pays fixed RM interest rate of 4.33% per annum on the RM 29 October 2021
(RM207,000,000) contract amount in exchange for receiving floating USD interest
rate on the USD contract amount; and 36. DUE TO SUBSIDIARIES
Balance as at (ii) Receives USD in exchange for paying RM at a predetermined rate 29 October 2021
Company
31 July 2022: Nil of RM4.14 to USD1.000; according to the scheduled principal
and interest repayment. 2022 2021
Effectively, the Group had swapped the USD50,000,000 loan to RM207,000,000 loan at RM fixed of 4.33% per annum and RM’000 RM’000
has made repayment of USD25,000,000 on 30 September 2020. Subsequently, the balance of USD25,000,000 has been
Non-current
repaid on 29 October 2021.
Due to subsidiaries
(b) USD50,000,000 (i) Pays RM fixed interest rate of 4.48% per annum on the RM 29 October 2021 – trade 1,892 12,256
(RM221,500,000) contract amount in exchange for receiving floating USD interest
rate on the USD contract amount; and Current
Balance as at (ii) Receives USD in exchange for paying RM at a predetermined rate 29 October 2021 Due to subsidiaries
31 July 2022: Nil of RM4.43 to USD1.000; according to the scheduled principal – trade 20,541 17,353
and interest repayment. – non-trade 87,115 113,877
Effectively, the Group had swapped the USD50,000,000 loan to RM221,500,000 loan at RM fixed of 4.48% per annum and
has made repayment of USD25,000,000 on 30 September 2020. Subsequently, the balance of USD25,000,000 has been 107,656 131,230
repaid on 29 October 2021. Total amounts due to subsidiaries 109,548 143,486
(c) USD40,000,000 (i) Pays fixed RM interest rate of 3.66% per annum on the RM 31 December 2025
(RM161,520,000) contract amount in exchange for receiving floating USD interest The trade amounts due to subsidiaries have a normal credit term which ranges from 30 to 90 days (2021: 30 to 90 days).
rate of 1-month LIBOR plus 1.70% per annum on the USD contract
amount; and The non-trade amounts due to subsidiaries are unsecured, interest free and repayable on demand.
(ii) Receives USD in exchange for paying RM at a predetermined rate
of RM4.038 to USD1.000; according to the scheduled principal
and interest repayment.
Effectively, the Group had swapped the USD40,000,000 loan at floating USD interest rate of LIBOR plus 1.70% per annum
based on RM161,520,000 loan fixed at RM interest rate of 3.66% per annum.

384 8 Financial Statements 8 Financial Statements 385

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

37. PROVISION FOR LIABILITIES 37. PROVISION FOR LIABILITIES (CONT’D.)

Provision for liabilities of the Group is analysed as follows: (a) Provision for development costs
Group Provision for development costs is in respect of development projects undertaken by its subsidiaries as they had a present
obligation as a result of a past event and it was probable that an outflow of resources embodying economic benefits will
2022 2021
be required to settle the obligation.
RM’000 RM’000

Continuing operations (b) Provision for affordable housing

Current 160,434 158,183
The provision for affordable housing represents the present obligation for construction of low cost houses.
Non-current 99,262 116,542

259,696 274,725 (c) Provision for club membership

Certain subsidiaries of the Group are obliged to offer club membership via incentive schemes offered.

Provision for (d) Provision for heavy repairs

Provision for Provision for Provision for Provision for rehabilitation
Provision for heavy repairs relates to the estimated costs of the contractual obligations to maintain and restore the highway
development affordable club Provision for foreseeable and
infrastructure to a specified standard of serviceability.
costs housing membership heavy repairs losses restoration
Note (a) Note (b) Note (c) Note (d) Note (e) Note (f) Total
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 (e) Provision for foreseeable losses

At 1 August 2021 31,666 60,242 1,230 25,073 6,909 149,605 274,725 Provision for foreseeable losses represents the present obligation for losses expected to be incurred for construction contracts.
Provision during the year 8,204 13,100 1,400 5,921 – 20,010 48,635
Utilisation during the year (8,883) 316 – – (4,152) (19,681) (32,400) (f) Provision for rehabilitation and restoration
Unused amount reversed – – (270) – – – (270) Provision for rehabilitation and restoration relates to the estimated cost of contractual obligations to maintain and restore
Liabilities directly associated the water treatment infrastructure to a specified standard of serviceability.
with the assets held for sale
(Note 47) – – – (30,994) – – (30,994)

At 31 July 2022 30,987 73,658 2,360 – 2,757 149,934 259,696 38. COMMITMENTS
(a) Capital commitments
At 1 August 2020 41,513 40,655 760 23,389 8,218 168,434 282,969
Group
Provision during the year 10,532 26,084 820 5,802 – 24,847 68,085
Utilisation during the year (14,806) – (80) (4,118) (1,309) (43,676) (63,989) 2022 2021
Unused amount reversed (5,573) (6,497) (270) – – – (12,340) RM’000 RM’000

At 31 July 2021 31,666 60,242 1,230 25,073 6,909 149,605 274,725 Approved and contracted for:
Property, plant and equipment 18,170 5,340
Land for property development 154,264 –
Recognised in profit or loss during the financial year: Information technology 4,314 –

2022 2021
Note RM’000 RM’000

Net provision for club membership 1,400 820

Provision for heavy repairs 5,921 5,802

7,321 6,622

Analysed as:
– Continuing operations 7 1,400 820
– Discontinued operations 7 5,921 5,802

7,321 6,622

386 8 Financial Statements 8 Financial Statements 387

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

38. COMMITMENTS (CONT’D.) 41. SIGNIFICANT RELATED PARTY TRANSACTIONS

(b) Operating commitments – as lessor (a) In addition to transactions detailed elsewhere in the financial statements, the Group and the Company had the following
transactions with related parties during the financial year:
The Group has entered into operating leases on its premises. These leases have terms of between one to five years.
Group Company
Future minimum rentals receivable under non-cancellable operating leases as at 31 July are as follows:
2022 2021 2022 2021
Group Company RM’000 RM’000 RM’000 RM’000
2022 2021 2022 2021 Professional services rendered by Raja Eleena,
RM’000 RM’000 RM’000 RM’000 Siew Ang & Associates, a firm in which a
director, YTM Raja Dato’ Seri Eleena binti
Within one year 17,658 15,883 6,168 5,854
Almarhum Sultan Azlan Muhibbuddin Shah
After one year but not more than five years 14,092 12,932 7,104 –
Al-Maghfur-lah, has interest 664 268 – –
After five years 63 – – –
Rental received from subsidiaries – – (5,376) (5,356)
31,813 28,815 13,272 5,854 Interest receivable from subsidiaries – – (128,653) (149,499)
Dividend received from:
– subsidiaries – – (139,170) (573,188)
39. GUARANTEES – associates (57,514) (272,465) (57,514) (264,051)
– joint ventures (423,000) (186,206) (423,000) (80,000)
(a) The Company and its joint venture partner, MMC Corporation Berhad (“MMC”), issued parent company guarantees to guarantee
the due performance and obligations of MMC – Gamuda KVMRT (T) Sdn. Bhd. (“Tunnel SB”) in the underground works
packages of the Klang Valley Mass Rapid Transit Project Sungai Buloh-Kajang Line (“KVMRT Line 1”) and Klang Valley Mass The directors are of the opinion that the transactions above have been entered into in the normal course of business.
Rapid Transit Project Sungai Buloh-Serdang-Putrajaya Line (“KVMRT Line 2”). Tunnel SB is equally owned by MMC and the
Company. (b) Compensation of key management personnel (“KMP”):

(b) The Company and its joint venture partner, MMC, have also issued parent company guarantees to guarantee the due Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the
performance and obligations of MMC – Gamuda KVMRT (PDP SSP) Sdn. Bhd. (“PDP SSP”) as the PDP of KVMRT Line 2 and activities of the entity either directly or indirectly.
subsequently, as the Turnkey Contractor of KVMRT Line 2 following the conversion from PDP model to Turnkey model. PDP
SSP is equally owned by MMC and the Company. The remuneration of key management personnel during the year was as follows:
Total KMPs’ remuneration
(c) The Company and its joint venture partner, Naim Engineering Sdn. Bhd. (“NAIM”) have issued parent company guarantees to
guarantee the due performance and obligations of Naim Gamuda (NAGA) JV Sdn Bhd (“NAGA”) in the works package contract Group Company
for the development and upgrading of Pan Borneo Highway, Sarawak – WPC-04 (Pantu Junction to Btg Skrang). The Company
2022 2021 2022 2021
owns a 30% stake in NAGA and balance 70% stake is owned by NAIM.
RM’000 RM’000 RM’000 RM’000
The guarantees issued by the Company for the contracts in (a), (b) and (c) have not crystallised because the performance and Total 11,190 9,696 10,277 9,065
obligations of Tunnel SB, PDP SSP and NAGA have been fulfilled in compliance with the progress and requirements based on the
terms of the contract. The details of Board of Directors’ remuneration are disclosed in Note 6 to the financial statements.

The directors are of the opinion that the transactions above have been entered into in the normal course of business.

The possibility of the cash outflow is remote at this juncture because the performance guarantees are unlikely to be called.

40. MATERIAL LITIGATION

The Group and the Company are not engaged in any material litigation.

388 8 Financial Statements 8 Financial Statements 389

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

42. SIGNIFICANT AND SUBSEQUENT EVENT
Proposed Disposal of Highway Concession
On 4 April 2022, Hong Leong Investment Bank Berhad (HLIB) had, on behalf of our Board, announced that:
(a) Kesas Holdings Berhad (“Kesas Holdings”), a 70.0% owned subsidiary of Gamuda, had on 2 April 2022, received a Conditional
Letter Of Offer (“CLOO”) from Amanat Lebuhraya Rakyat Berhad (“ALR”) in respect of ALR’s offer to acquire all the Securities
(including all ordinary shares, preference shares and loan stocks, where applicable) (“Securities”) of Kesas, a wholly-owned
subsidiary of Kesas (“Kesas Offer”);
(b) Sistem Penyuraian Trafik KL Barat Holdings Sdn Bhd (“SPRINT Holdings”), Gamuda’s 51.6% associated company, had on 2
April 2022, received a Conditional Letter Of Offer (“CLOO”) from ALR in respect of ALR’s offer to acquire all the Securities
of SPRINT, a wholly-owned subsidiary of SPRINT Holdings (“SPRINT Offer”);
(c) Lingkaran Trans Kota Holdings Berhad (“LITRAK Holdings”), Gamuda’s 43.2% associated company, had on 2 April 2022, received
a Conditional Letter Of Offer (“CLOO”) from ALR in respect of ALR’s offer to acquire all the Securities of LITRAK, a wholly-
owned subsidiary of LITRAK Holdings (“LITRAK Offer”); and
42. SIGNIFICANT AND SUBSEQUENT EVENT (CONT’D.)
Approval from the shareholders of the Company was obtained in an Extraordinary General Meeting (“EGM”) of the Company
conducted on 27 July 2022 in relation to the Proposed Disposals of all the securities of Kesas by Kesas Holdings, SPRINT by
SPRINT Holdings and SMART by SMART Holdings. Subsequently, approval to the Proposed Disposals of LITRAK Holdings’ securities
was obtained on 5 August 2022.
Following the approval of the shareholders for the Proposed Disposals, all the conditions prior to the execution of Finalised SSPAs
as set out in the respective CLOOs has been fulfilled on 5 August 2022. Accordingly, on same date, each of the Concession
Holding Company had entered into the respective Finalised SSPAs with ALR for the Proposed Disposals.
The Offers as finally agreed and reflected in the Finalised SSPAs shall be subject to the following conditions precedent being
satisfied:
(a) approval from existing lenders of each Expressway Concession Company and/or Concession Holding Company (where
relevant) being obtained for the refinancing of each Expressway Concession Company’s and/or Concession Holding Company’s
indebtedness;

(d) Projek SMART Holdings Sdn Bhd (“SMART Holdings”), Gamuda’s 50.0% joint venture company, had on 2 April 2022, received (b) a successful fund-raise by ALR to have the necessary funds to make all payments required to complete each Proposed
a Conditional Letter Of Offer (“CLOO”) from ALR in respect of ALR’s offer to acquire all the Securities of SMART, a wholly- Disposal in accordance with the terms of the respective Finalised SSPA; and
owned subsidiary of SMART Holdings (“SMART Offer”).
(c) any other relevant authorities or parties, if required.
(Kesas Offer, SPRINT Offer, LITRAK Offer and SMART Offer shall collectively be referred to as the “Offers” and each an “Offer”)
(collectively known as “Proposed Disposal”).
Each of the Concession Holding Company and ALR via separate letters dated 3 October 2022, mutually agreed to extend the
Long Stop Date up until 31 October 2022 or such other date as may be mutually agreed upon in writing by the Parties for the
(Kesas, SPRINT, LITRAK and SMART shall collectively be referred to as the “Expressway Concession Companies” and each an
remaining Condition Precedent to be satisfied, being the successful fund raise by ALR to make all payments required to be made
“Expressway Concession Company”, and Kesas Holdings, SPRINT Holdings, LITRAK Holdings and SMART Holdings shall collectively
to the respective Concession Holding Companies under the SSPAs (“Remaining Condition Precedent”).
be referred to as the “Concession Holding Companies” and each a “Concession Holding Company”).

Each of the Kesas Offer, SPRINT Offer, LITRAK Offer and SMART Offer has been given by ALR on a standalone basis and is As at the date of this report (12 October 2022), the fulfilment of the conditions precedent as set out in the Finalised SSPAs are
mutually exclusive from each other. still ongoing and the Proposed Disposals are yet to be completed.

On 18 April 2022, the Board announced that all the Concession Holding Companies have each separately accepted the respective
Offers and have delivered the written acceptances to ALR.

On 7 June 2022, each of the Concession Holding Companies and ALR have agreed and finalised the terms and conditions of
the draft Share Sale and Purchase Agreement (“Finalised SSPA”) which would have to be executed by 31 July 2022 or such other
extended date as may be mutually agreed between the each Expressway Concession Companies and ALR.

On 8 July 2022, ALR and each Expressway Concession Companies had agreed to extend the Definitive Agreement Execution
Date from 31 July 2022 to 30 August 2022.

The Proposed Disposals were subject to the following conditions being satisfied prior to the execution of the Finalised SSPAs:
(a) the completion of due diligence exercise on each Expressway Concession Companies, to the satisfaction of ALR;

(b) approval by the relevant regulatory authority (including the Government of Malaysia) for each offer to the satisfaction of ALR;

(c) execution by each Expressway Concession Companies and the GoM of a Supplemental Concession Agreement (“SCA”) based
on terms and conditions to be approved by ALR;

(d) approval of an income tax exemption and stamp duty exemption from GoM (or such relevant government authority) for ALR
and each Expressway Concession Company upon completion of each offer, to the satisfaction of ALR; and

(e) the requisite shareholders’ approval(s) of the respective shareholders of the Concession Holding Companies for the disposal
of each Expressway Concession Companies by the respective Concession Holding Companies in accordance with the terms
of the respective Finalised SSPAs.

390 8 Financial Statements 8 Financial Statements 391

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

43. FAIR VALUE 43. FAIR VALUE (CONT’D.)

Fair value of financial instruments by classes that are not carried at fair value and whose carrying amounts are reasonable The following methods and assumptions are used to estimate fair values of the following classes of financial instruments:
approximation of fair value.
(i) Non-current receivables, payables and borrowings
The fair value of these financial instruments are estimated by discounting expected future cash flows at market incremental
Group Company
lending rate/profit rate for similar types of lending or borrowing arrangements or Islamic debts at the reporting date.
Carrying Carrying
amount Fair value amount Fair value (ii) Cash and bank balances, current receivables and current payables
Note RM’000 RM’000 RM’000 RM’000
The carrying amounts of these financial assets and liabilities are reasonable approximation of fair values due to their short-
At 31 July 2022 term nature.

Financial assets: (iii) Financial guarantees

Current receivables 21 2,094,327 2,094,327 751,014 751,014
Fair value is determined based on probability weighted discounted cash flow method. The probability has been estimated
Non-current receivables and other financial and assigned for the following key assumptions:
assets 21 323,951 323,951 12,581 12,581
Cash and bank balances 25 2,794,348 2,794,348 722,856 722,856 – The likelihood of the guaranteed party defaulting within the guaranteed period;
– The exposure on the portion that is not expected to be recovered due to the guaranteed party’s default; and
Financial liabilities: – The estimated loss exposure if the party guaranteed were to default.
Current payables 30 2,665,494 2,665,494 670,343 670,343
Non-current payables 30 161,788 161,788 44,100 44,100 Fair value hierarchy
Due to subsidiaries 36 – – 109,548 109,548
The Group’s and the Company’s financial instruments are analysed in a three level fair value hierarchy based on the significance
Islamic debts:
of inputs.
– Medium term notes 33 2,850,000 2,850,000 1,750,000 1,750,000
– Commercial papers 33 100,000 100,000 – –
The three level of fair value measurement hierarchy are:
– Revolving credits 8,902 8,902 8,902 8,902
Conventional debts: Level 1: 
Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group and the Company can
– Term loans 34 1,413,860 1,413,860 300,000 300,000 access at the measurement date
– Revolving credits 34 407,302 407,302 254,284 254,284 Level 2: Input other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e.
as prices) or indirectly (i.e. derived from prices)
At 31 July 2021 Level 3: Input for the asset or liability that are not based on observable market data (unobservable input)

Financial assets:
Current receivables 21 1,467,547 1,467,547 644,748 644,748
Non-current receivables and other financial
assets 21 355,520 355,520 26,517 26,517
Due from subsidiaries 24 – – 4,208,529 4,208,529
Cash and bank balances 25 2,656,658 2,656,658 135,105 135,105

Financial liabilities:
Current payables 30 1,744,106 1,744,106 219,785 219,785
Non-current payables 30 170,142 170,142 67,771 67,771
Due to subsidiaries 36 – – 143,486 143,486
Islamic debts:
– Medium term notes 33 2,735,000 2,735,000 1,750,000 1,750,000
– Commercial papers 33 700,000 700,000 400,000 400,000
Conventional debts:
– Term loans 34 1,448,116 1,448,116 100,000 100,000
– Revolving credits 34 344,678 344,678 157,987 157,987

392 8 Financial Statements 8 Financial Statements 393

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

43. FAIR VALUE (CONT’D.) 43. FAIR VALUE (CONT’D.)

Quantitative disclosures of fair value measurement hierarchy for assets and liabilities: Quantitative disclosures fair value measurement hierarchy for assets and liabilities: (cont’d.)

Fair value measurement using Fair value measurement using

Quoted Quoted
prices in Significant Significant prices in Significant Significant
active observable unobservable active observable unobservable
markets inputs inputs markets inputs inputs
Total (Level 1) (Level 2) (Level 3) Total (Level 1) (Level 2) (Level 3)
Group Note RM’000 RM’000 RM’000 RM’000 Company Note RM’000 RM’000 RM’000 RM’000

At 31 July 2022 At 31 July 2022

Assets not carried at fair values but for Assets not carried at fair values but for
which fair values are disclosed which fair values are disclosed

Investment properties 14 973,412 – – 973,412 Investment properties 14 64,429 – – 64,429

Quoted interests in an associated company 18 – – – – Quoted interests in an associated company 18 – – – –

Assets measured at fair value Assets measured at fair value

Other investment 20 7,802 – 7,802 –

Other investments 20 7,802 – 7,802 –
Investment securities 23 700,782 700,782 – –
Investment securities 23 606,192 606,192 – –

Liability measured at fair value

At 31 July 2021
Derivative liabilities 35 4,165 – 4,165 –
Assets not carried at fair values but for
which fair values are disclosed
At 31 July 2021
Investment properties 14 64,134 – – 64,134
Assets not carried at fair values but for
which fair values are disclosed Quoted interests in an associated company 18 842,010 842,010 – –

Investment properties 14 816,418 – – 816,418

Assets measured at fair value
Quoted interests in an associated company 18 842,010 842,010 – –
Other investments 20 733 – 733 –

Assets measured at fair value Investment securities 23 743,716 743,716 – –

Other investments 20 812 – 812 –

Investment securities 23 881,337 881,337 – – Derivative and other investments

The fair values of derivatives and other investments are based on price quotes for similar instruments or valuation techniques
Liability measured at fair value
based on market observable inputs (Level 2) as quoted prices of identical instruments from an active market (Level 1) are not
Derivative liabilities 35 (12,253) – (12,253) – available.

394 8 Financial Statements 8 Financial Statements 395

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

43. FAIR VALUE (CONT’D.)
Investment properties
The fair value of the investment properties are based on the following valuation techniques depending on the location and types
of properties:
(a) Comparison method
The comparison method seeks to determine the value of the property being valued by comparing and adopting as a yardstick
transactions and sales evidences involving other similar properties in the vicinity. Due considerations, are given for such
factors including location, plot size, improvements made if any, surrounding developments, facilities and amenities available.
(b) Income approach
The income approach uses valuation techniques to convert estimated future amounts of cash flows or income to a single
present value (discounted) amount. To this estimated future amounts of cash flows or income, an appropriate, market-derived
discount rate is applied to establish the present value of the income stream associated with the real property.
44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group and the Company are exposed to financial risks arising from their operations and the use of financial instruments.
The key financial risks include credit risk, liquidity risk, interest rate risk, market risk and foreign currency risk.
The Group operates within clearly defined guidelines that are approved by the Board.
The following sections provide details regarding the Group’s and Company’s exposure to the above-mentioned financial risks and
the objectives, policies and processes for the management of these risks.
(a) Credit risk
Credit risk is the risk of loss that a counterparty will not meet its obligations under a financial instrument or customer contract,
leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receivables) and
from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions, other
financial instruments and guarantees and performance guarantees given on behalf of the subsidiaries and joint ventures.

(c) Depreciable replacement cost method Trade receivables and contract assets
Completed buildings are valued by reference to the current estimates on construction costs to erect equivalent buildings, Customer credit risk is managed by each business unit subject to the Group’s established policy, procedures and control
taking into consideration of similar buildings in terms of size, construction, finishes, contractors’ overheads, fees and profits. relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating
Appropriate adjustments are then made for the factors of obsolescence and existing physical condition of the building. scorecard and individual credit limits are defined in accordance with this assessment. Outstanding customer receivables and
contract assets are regularly monitored.
Valuation techniques Significant unobservable inputs Range
An impairment analysis is performed at each reporting date using provision matrix to measure expected credit losses. The
Land and Comparison method Adjustment factors to prices of comparable -55.00% to 35.00% provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e. by
building properties geographical region, product type, customer type and rating). The calculation reflects the probability-weighted outcome, the
Building Depreciable replacement Construction cost per square foot RM120.00 to RM500.00 time value of money and reasonable and supportable information that is available at the reporting date about past events,
cost method Depreciation rate 1.50% current conditions and forecasts of future economic conditions. Generally, trade receivables are written-off if past due for
more than one year and are not subject to enforcement activity. The maximum exposure to credit risk at the reporting date
Land and Income approach Estimated rental value square foot RM1.30 to RM20.98 is the carrying value of each class of financial assets disclosed in Note 21 to the financial statements. The Group does not
building per month hold collateral as security. The Group evaluates the credit risk with respect to trade receivables and contract assets as low
Capitalisation rate/discount rate 5.00% to 6.25% as there is no concentration of trade receivables except as disclosed in Note 21 to the financial statements. The directors
Void rate 5.00% to 20.00% do not foresee any issue in recovering the receivable amount.

Financial instruments and cash deposits

Financial instruments subject to offsetting arrangements Credit risk from balances with banks and financial institutions is managed by the Group’s treasury department in accordance
The Group entered into a Cross Currency Interest Rate Swap (“CCIRS”) to hedge against foreign currency and interest rate with the Group’s policy. The Group invests only on quoted debt securities with very low credit risk.
movements for term loans which have an arrangement to settle simultaneously on due dates at a net basis.
The Group’s maximum exposure to credit risk for the components of the statement of financial position at 31 July 2022 and
The Group’s borrowings and derivatives that are off-set are as follows: 2021 is the carrying amount as illustrated in Note 21 to the financial statements except for derivative financial instruments.
The Group’s maximum exposure relating to financial derivative instruments is noted in the liquidity table below.
Gross Gross
carrying amounts Net Financial guarantees
amount offset amounts For financial guarantees and similar contracts granted, it is the maximum amount that the Group and the Company would
RM’000 RM’000 RM’000 have to pay if the guarantees were called upon. The maximum exposure has been disclosed in Note 44(b) to the financial
statements.
As at 31 July 2022

Derivatives (Note 35) 4,165 (4,165) –

Borrowings (Note 34(b)) (409,200) 4,165 (405,035)

As at 31 July 2021

Derivatives (Note 35) (12,253) 12,253 –

Borrowings (Note 34(b)) (623,450) (12,253) (635,703)

396 8 Financial Statements 8 Financial Statements 397

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.) 44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.)
(a) Credit risk (cont’d.) (b) Liquidity risk
Credit risk concentration profile Liquidity risk is the risk that the Group or the Company will encounter difficulty in meeting financial obligations due to
The Group determines concentrations of credit risk by monitoring the country and industry sector profile of its trade receivables shortage of funds. The Group’s and the Company’s exposure to liquidity risk arises primarily from mismatches of the maturities
on an ongoing basis. The credit risk concentration profile of the Group’s trade receivables at the reporting date are as follows: of financial assets and liabilities. The Group’s and the Company’s objective is to maintain a balance between continuity of
funding and flexibility through the use of stand-by bank borrowings.
Group
At the reporting date, approximately 32% (2021: 28%) of the Group’s debts and borrowings (Notes 33 and 34) will mature in
2022 2021
less than one year based on the carrying amount reflected in the financial statements. Approximately 50% (2021: 23%) of
RM’000 % of total RM’000 % of total the Company’s debts and borrowings (Notes 33 and 34) will mature in less than one year at the reporting date.

By country:
Analysis of financial instruments by remaining contractual maturities
Malaysia 947,502 67% 957,205 74% The table below summarises the maturity profile of the Group’s and the Company’s liabilities at the reporting date based on
Australia 245,578 17% – 0% contractual undiscounted repayment obligations.
Vietnam 208,097 14% 328,034 25%
India 18,771 1% 18,983 1% 2022
Others 18,292 1% – 0%
On demand
1,438,240 100% 1,304,222 100% or within One to Over five
one year five years years Total
By industry sectors: Group RM’000 RM’000 RM’000 RM’000

Engineering and construction 620,937 43% 563,935 43% Financial liabilities:

Property development and club operations 641,518 45% 551,931 43% Trade and other payables 2,665,494 161,788 – 2,827,282
Water and expressway concessions 175,785 12% 188,356 14% Islamic debts
1,438,240 100% 1,304,222 100% – Principal 1,008,902 550,000 1,400,000 2,958,902
– Profit 101,964 270,884 104,310 477,158
Conventional debts
For the purpose of the above analysis, the following are included: – Principal 540,435 1,009,727 271,000 1,821,162
– Interest 52,780 117,922 5,744 176,446
Group
Total undiscounted financial liabilities 4,369,575 2,110,321 1,781,054 8,260,950
2022 2021
RM’000 RM’000

Trade receivables – third parties 986,828 678,057

2021
Other financial assets at amortised cost 102,767 100,504
Due from associated companies – trade 32,703 19,397 On demand
Due from joint venture partners – trade 7,181 16,270 or within One to Over five
Due from joint ventures – trade 308,761 489,994 one year five years years Total
Group RM’000 RM’000 RM’000 RM’000
1,438,240 1,304,222
Financial liabilities:

Trade and other payables 1,744,106 170,142 – 1,914,248

Islamic debts
– Principal 790,000 1,645,000 1,000,000 3,435,000
– Profit 128,451 247,661 129,965 506,077
Borrowings
– Principal 662,164 921,880 208,750 1,792,794
– Interest 45,935 87,039 3,318 136,292

Total undiscounted financial liabilities 3,370,656 3,071,722 1,342,033 7,784,411

398 8 Financial Statements 8 Financial Statements 399

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.) 44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.)
(b) Liquidity risk (cont’d.) (b) Liquidity risk (cont’d.)
Analysis of financial instruments by remaining contractual maturities (cont’d.) Analysis of financial instruments by remaining contractual maturities (cont’d.)
Maturity analysis of financial guarantees is disclosed as follows:
2022

On demand 2022 2021

or within One to Over five RM’000 RM’000
one year five years years Total
Within one year 395,697 596,858
Company RM’000 RM’000 RM’000 RM’000
One to five years 1,410,608 1,204,810
Financial liabilities: More than five years 982,957 994,451

Trade and other payables 670,343 44,100 – 714,443 2,789,262 2,796,119

Due to subsidiaries 107,656 1,892 – 109,548
Islamic debts
– Principal 908,902 300,000 550,000 1,758,902 (c) Interest rate risk
– Profit 56,913 121,199 59,737 237,849
Interest rate risk is the risk that the fair value or future cash flows of the Group’s and the Company’s financial instruments
Conventional debts
will fluctuate because of changes in market interest rates.
– Principal 254,284 160,000 140,000 554,284
– Interest 12,123 30,589 3,779 46,491 The Group’s and the Company’s exposure to interest rate risk arises primarily from their loans and borrowings.
Total undiscounted financial liabilities 2,010,221 657,780 753,516 3,421,517
The Group’s policy is to manage interest cost using a mix of fixed and floating rate debts. At the reporting date, approximately
70% (2021: 72%) of the Group’s borrowings are at fixed rates of interest.

2021 Sensitivity analysis for interest rate risk

On demand At the reporting date, if interest rates had been 25 basis points lower/higher, with all other variables held constant, the Group’s
or within One to Over five profit net of tax would have been RM2,890,000 (2021: RM2,768,000) higher/lower, arising mainly as a result of lower/higher
one year five years years Total interest expense on floating rate loans and borrowings. The assumed movement in basis points for interest rate sensitivity
Company RM’000 RM’000 RM’000 RM’000 analysis is based on the currently observable market environment.

Financial liabilities:
(d) Market price risk
Trade and other payables 219,785 67,771 – 287,556 Market price risk is the risk that the fair value or the future cash flows of the Group’s and the Company’s financial instruments
Due to subsidiaries 131,230 12,256 – 143,486 will fluctuate because of changes in market prices (other than interest or exchange rates).
Islamic debts
– Principal 400,000 1,200,000 550,000 2,150,000 The Group is exposed to market price risk arising from its investment in management fund. These instruments are classified
– Profit 79,898 146,797 82,746 309,441 as held for trading financial assets. The Group does not have exposure to commodity price risk.
Conventional debts
– Principal 157,987 100,000 – 257,987 Sensitivity analysis for market price risk
– Interest 3,704 7,811 – 11,515 As at reporting date, if the quoted prices of the investment securities had been 5% higher/lower, with all other variables held
Total undiscounted financial liabilities 992,604 1,534,635 632,746 3,159,985 constant, the Group and the Company’s profit for the year would have been RM35,039,000 (2021: RM44,067,000) and
RM30,310,000 (2021: RM37,186,000) higher/lower.
The Company has provided an amount of RM2.80 billion (2021: RM2.80 billion) relating to corporate guarantees in favour
of its subsidiaries and joint venture companies. The policy of the Company is to provide corporate guarantees in favour of (e) Foreign currency risk
its subsidiaries and joint venture companies only and not to third parties, in relation to the bank borrowings. As at the Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
reporting date, the counterparty to the financial guarantees does not have a right to demand cash as there is no default changes in foreign exchange rates.
event by the subsidiaries and joint venture companies.
Transactions in foreign operation are mainly denominated in the functional currency of the country it operates, and other
foreign currency transactions are kept to an acceptable level. The Group’s revenue that are denominated in foreign currencies
are as disclosed in Note 46 to the financial statements.

To manage its risks, particularly interest rate risks and foreign currency risk, the Group has entered into cross-currency interest
rate swap arrangements with financial institutions.

400 8 Financial Statements 8 Financial Statements 401

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.) 44. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONT’D.)
(e) Foreign currency risk (cont’d.) (e) Foreign currency risk (cont’d.)
Included in the following statements of financial position captions of the Group and of the Company as at the reporting Sensitivity analysis for foreign currency risk
date are balances denominated in the following major foreign currencies: The following table demonstrates the sensitivity of the Group’s profit before tax to a reasonably possible change in the VND,
AUD, SGD, USD, TWD, INR, QR, BHD and GBP exchange rates against the respective functional currencies of the Group
United
entities, with all other variables held constant.
Vietnam Australian Singapore States Taiwan Indian Qatari Bahraini Pound
Dong Dollar Dollar Dollar Dollar Rupee Riyal Dinar Sterling Total
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Total profit for the year

Group Company
At 31 July 2022
Cash and bank balances 1,315,297 597,153 38,394 3,905 63,399 45,815 172 825 4,014 2,068,974 Increase/(decrease) Increase/(decrease)
Receivables 908,508 293,270 9,567 60 174,221 21,841 940 6 6,199 1,414,612 2022 2021 2022 2021
Payables (1,133,076) (249,353) (32,915) (55) (32,868) (15) (2,196) (2,103) (14,060) (1,466,641) RM’000 RM’000 RM’000 RM’000
Borrowings – – – (189,604) (73,582) – – – (167,850) (431,036)
VND/RM strengthened 5% (2021: 5%) 54,536 61,543 – –
weakened 5% (2021: 5%) (54,536) (61,543) – –
At 31 July 2021
Cash and bank balances 1,358,647 66,704 27,022 14,755 41,512 44,905 676 44 2,444 1,556,709
AUD/RM strengthened 5% (2021: 5%) 32,054 3,401 31,256 2,018
Receivables 679,053 23,054 3,815 95 146,178 21,366 745 5 963 875,274
weakened 5% (2021: 5%) (32,054) (3,401) (31,256) (2,018)
Payables (806,836) (21,739) (12,887) (52) (3,855) (100) (302) (1,881) (4,311) (851,963)
Borrowings – – – (78,585) (79,403) – – – (46,419) (204,407)
SGD/RM strengthened 5% (2021: 5%) 801 898 591 644
weakened 5% (2021: 5%) (801) (898) (591) (644)

United USD/RM strengthened 5% (2021: 5%) (8,840) 740 (8,843) 731

Australian Singapore Taiwan States Qatari Bahraini weakened 5% (2021: 5%) 8,840 (740) 8,843 (731)
Dollar Dollar Dollar Dollar Riyal Dinar Total
Company RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 TWD/RM strengthened 5% (2021: 5%) 6,559 5,222 (261) (1,927)
weakened 5% (2021: 5%) (6,559) (5,222) 261 1,927
At 31 July 2022
Cash and bank balances 581,302 34,160 62,662 3,850 172 825 682,971 INR/RM strengthened 5% (2021: 5%) 3,382 3,309 – –
Receivables 292,041 9,567 11,088 – 940 6 313,642 weakened 5% (2021: 5%) (3,382) (3,309) – –
Payables (248,732) (31,916) (5,387) – (2,613) (2,103) (290,751)
Borrowings – – (73,582) (189,604) – – (263,186) QR/RM strengthened 5% (2021: 5%) (75) 56 (75) 56
weakened 5% (2021: 5%) 75 (56) 75 (56)
At 31 July 2021
Cash and bank balances 36,495 21,924 33,763 14,613 676 44 107,515 BHD/RM strengthened 5% (2021: 5%) (64) (92) (64) (92)
Receivables 22,289 3,815 9,085 – 745 5 35,939 weakened 5% (2021: 5%) 64 92 64 92
Payables (18,417) (12,868) (1,990) – (302) (1,881) (35,458)
Borrowings – – (79,403) (78,584) – – (157,987) GBP/RM strengthened 5% (2021: 5%) (8,585) (2,366) – –
weakened 5% (2021: 5%) 8,585 2,366 – –
The Group is also exposed to currency translation risk arising from its net investments in foreign operations, including Vietnam,
Australia, Singapore, Taiwan, India, Qatar, Bahrain and the United Kingdom. The Group maintains a natural hedge, whenever
possible, by borrowing in the currency of the country in which the business is located.

402 8 Financial Statements 8 Financial Statements 403

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

45. CAPITAL MANAGEMENT 46. SEGMENT INFORMATION

The primary objective of the Group’s capital management is to ensure that it maintains a strong credit rating and healthy capital The Group reporting is organised and managed in three major business units. The segments are organised and managed to the
ratios in order to support its business and maximise shareholder value. The capital management approaches remain unchanged nature of products and services, specific expertise and technologies requirements, which requires different business and marketing
for the current and previous years. strategies. The reportable segments are summarised as follows:
(i) Engineering and construction – the construction of highways and bridges, airfield facilities, railway, tunnel, water treatment
The Group monitors and maintains a prudent level of net gearing ratio, which is net debt divided by total capital, to optimise plants, dams, general and trading services related to construction activities;
shareholders value and to ensure compliance under debt covenants. (ii) Property development and club operations – the development of residential and commercial properties and club operations;
and
The Group includes within net debt, subordinate debts and borrowings less cash and bank balances and investment securities.
(iii) Water and expressway concessions – the management of water supply and tolling of highway operations.
Capital includes equity attributable to the owners of the parent and non-controlling interests.
The Group’s chief operating decision maker monitors the operating results of its business segments separately for the purpose
Group Company of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating
profit or loss which, in certain respects as explained in the table below, is measured differently from operating profit or loss in
2022 2021 2022 2021 the consolidated financial statements.
RM’000 RM’000 RM’000 RM’000
Transfer pricing between operating segments are on an arm’s length basis in a manner similar to transactions with third parties.
Islamic debts (Note 33) 2,958,902 3,435,000 1,758,902 2,150,000
Conventional debts (Note 34) 1,821,162 1,792,794 554,284 257,987
Property
Less: Cash and bank balances (Note 25) (2,794,348) (2,656,658) (722,856) (135,105)
Engineering development Water and
Investment securities (Note 23) (700,782) (881,337) (606,192) (743,716) and and club expressway
construction operations concessions Eliminations Consolidated
1,284,934 1,689,799 984,138 1,529,166 2022 RM’000 RM’000 RM’000 RM’000 Note RM’000
Liabilities directly associated with the assets held
for sale (Note 47) Revenue
Islamic debts 195,000 – – – Revenue as reported 2,150,076 2,572,341 421,465 – 5,143,882
Less: Cash and bank balances (277,884) – – – Share of revenue of joint
ventures 1,122,688 155,161 12,776 – 1,290,625
Investment securities (4,011) – – –
3,272,764 2,727,502 434,241 – 6,434,507
Net debt 1,198,039 1,689,799 984,138 1,529,166
Inter-segment sales 274,852 – – (274,852) A –

Total revenue 3,547,616 2,727,502 434,241 (274,852) 6,434,507

Equity attributable to the owners of the Company 9,904,968 9,163,557 7,536,382 7,141,239
Non-controlling interests 349,444 352,145 – –
Result
Total capital 10,254,412 9,515,702 7,536,382 7,141,239 Profit from operations 51,700 500,604 163,471 – 715,775
Finance costs (6,884) (65,392) (24,517) – (96,793)
Net gearing ratio 12% 18% 13% 21% Share of profits of associated
companies 2,216 – 83,352 – 85,568
Share of profits of joint
ventures 339,896 3,929 (32,265) – 311,560

Profit before tax 386,928 439,141 190,041 – 1,016,110

Income tax expense (40,792) (97,900) (41,372) – (180,064)

Profit for the year 346,136 341,241 148,669 – 836,046

Non-controlling interest (5,935) 397 (24,283) – (29,821)

Profit attributable to Owners

of the Company 340,201 341,638 124,386 – 806,225

Analysed as:
– Continuing operations 340,201 341,638 43,955 – 725,794
– Discontinued operations
– – 80,431 – 80,431
(Note 47)

Profit attributable to Owners

340,201 341,638 124,386 – 806,225
of the Company

404 8 Financial Statements 8 Financial Statements 405

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

46. SEGMENT INFORMATION (CONT’D.) 46. SEGMENT INFORMATION (CONT’D.)

Property Property
Engineering development Water and Engineering development Water and
and and club expressway and and club expressway
construction operations concessions Eliminations Consolidated construction operations concessions Eliminations Consolidated
2022 RM’000 RM’000 RM’000 RM’000 Note RM’000 2021 RM’000 RM’000 RM’000 RM’000 Note RM’000

Assets and liabilities Revenue

Segment assets excluding Revenue as reported 1,968,787 1,122,793 425,638 – 3,517,218
interests in associated Share of revenue of joint
companies and joint ventures 1,317,741 172,126 8,872 – 1,498,739
arrangements 4,147,020 12,677,467 399,071 – 17,223,558
Interest in associated 3,286,528 1,294,919 434,510 – 5,015,957
companies 13,035 – 64,571 – 77,606 Inter-segment sales 286,958 – – (286,958) A –
Interest in joint arrangements 353,674 579,389 – – 933,063 Total revenue 3,573,486 1,294,919 434,510 (286,958) 5,015,957
18,234,227
Assets held for sale (Note 47) – – 2,028,499 – 2,028,499 Result
Profit from operations 137,398 270,985 177,672 – 586,055
20,262,726
Finance costs (14,911) (62,560) (36,991) – (114,462)
Share of profits of associated
Segment liabilities companies 1,086 – 96,785 – 97,871
Other liabilities (2,687,454) (1,911,239) (170,503) – (4,769,196) Share of profits of joint
Borrowings (145,000) (4,635,064) – – (4,780,064) ventures 217,115 7,793 (8,122) – 216,786
(9,549,260) Profit before tax 340,688 216,218 229,344 – 786,250
Liabilities directly associated Income tax expense (72,740) (43,744) (37,577) – (154,061)
with the assets held for sale
(Note 47) – – (459,054) – (459,054) Profit for the year 267,948 172,474 191,767 – 632,189
Non-controlling interest (14,943) – (28,930) – (43,873)
(10,008,314)
Profit attributable to Owners
Other information of the Company 253,005 172,474 162,837 – 588,316
Interest income (27,044) (84,382) (13,492) – (124,918)
Depreciation and amortisation 37,431 50,205 153,220 – 240,856 Analysed as:
Non-cash items other than – Continuing operations 253,005 172,474 29,283 – 454,762
depreciation and amortisation (10,648) 2,964 6,498 – B (1,186)
– Discontinued operations
Additions to non-current – – 133,554 – 133,554
(Note 47)
assets 69,691 620,599 9,756 – C 700,046
Profit attributable to Owners
253,005 172,474 162,837 – 588,316
of the Company

406 8 Financial Statements 8 Financial Statements 407

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

46. SEGMENT INFORMATION (CONT’D.) 46. SEGMENT INFORMATION (CONT’D.)

Property Nature of adjustments and eliminations to arrive at amounts reported in the consolidated financial statements
Engineering development Water and
and and club expressway A Inter-segment revenues are eliminated on consolidation.
construction operations concessions Eliminations Consolidated
2021 RM’000 RM’000 RM’000 RM’000 Note RM’000 B Other material non-cash expenses/(income) consist of the following item as presented in the respective notes to the financial
statements:
Assets and liabilities
Segment assets excluding 2022 2021
interests in associated RM’000 RM’000
companies and joint
arrangements 3,622,113 11,110,694 1,869,328 – 16,602,135 Continuing operations
Interest in associated Property, plant and equipment written off 422 2,427
companies 8,720 – 771,706 – 780,426 Unrealised loss on foreign exchange 578 1,175
Interest in joint arrangements 306,840 701,803 32,266 – 1,040,909 Fair value (gain)/loss on derivatives (16,418) 6,182
18,423,470 Provisions 8,016 2,461

(7,402) 12,245
Segment liabilities Discontinued operations
Other liabilities (1,471,057) (1,858,741) (350,176) – (3,679,974) Provisions 6,216 6,176
Borrowings (844,290) (4,020,278) (363,226) – (5,227,794)
(1,186) 18,421
(8,907,768)

Other information
Interest income (32,310) (74,034) (12,641) – (118,985) C Additions to non-current assets consist of:
Depreciation and amortisation 38,504 44,739 141,524 – 224,767
2022 2021
Non-cash items other than
depreciation and amortisation 7,674 4,218 6,529 – B 18,421 Note RM’000 RM’000
Additions to non-current Property, plant and equipment 12 205,725 90,146
assets 21,856 503,736 13,742 – C 539,334 Investment properties 14 2,658 134,967
Right-of-use assets 15 6,140 5,728
Land held for property development 13(a) 475,507 295,436
Expressway and water development expenditure 16 10,016 13,057

700,046 539,334

Additions to non-current assets excludes interests in associated companies and interests in joint arrangements.

408 8 Financial Statements 8 Financial Statements 409

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

Notes to the financial statements (CONT’D.) Notes to the financial statements (CONT’D.)
– 31 July 2022 – 31 July 2022

46. SEGMENT INFORMATION (CONT’D.) 46. SEGMENT INFORMATION (CONT’D.)

Geographical information Non-current assets information presented above consist of the following items as presented in the consolidated statement of
financial position:
Revenues
2022 2021
2022 2021
RM’000 RM’000
RM’000 RM’000
Property, plant and equipment 1,095,482 960,687
Malaysia 3,141,935 2,811,906
Land held for property development 3,507,908 3,305,083
Investment properties 691,494 711,524
Outside Malaysia
Right-of-use assets 79,319 82,677
– Vietnam 1,255,387 294,931
Concession development expenditure 137,124 1,228,026
– Australia 343,697 31,861
– Singapore 115,141 35,911 5,511,327 6,287,997
– Taiwan 287,722 342,609 Deferred tax assets 64,246 57,775
Other investments 7,802 812
2,001,947 705,312
Receivables and other financial assets 324,653 360,407
Consolidated 5,143,882 3,517,218
5,908,028 6,706,991
Share of revenue of joint ventures
– Malaysia 1,290,625 1,498,739
The disclosure above includes minimum information and other voluntary disclosures in accordance with Paragraph 33(b) MFRS  8.
Total revenue 6,434,507 5,015,957

47. DISCONTINUED OPERATIONS

Non-current assets As disclosed in Note 42 to the financial statements, the respective Concession Holding Companies of the Company have separately
accepted the respective Offers and the Proposed Disposals are ongoing. Consequently, the Group and the Company have presented
2022 2021
the financial results of the respective Concession Holding Companies and Expressway Concession Companies as “Assets of disposal
RM’000 RM’000
group classified as assets held for sale” in the Group’s and the Company’s financial statements as at 31 July 2022.
Malaysia 4,860,587 5,694,472
(a) The analysis of the financial results of the discontinued operations of Proposed Disposals of Highways was as follows:
Outside Malaysia Group Company
– Vietnam 507,222 506,946
– Australia 61,304 2,134 2022 2021 2022 2021
– Singapore 2,071 741 RM’000 RM’000 RM’000 RM’000
– Taiwan 80 366 Revenue 241,802 248,411 106,514 77,511
– United Kingdom 80,063 83,338 Operating expenses (171,527) (155,835) – –
650,740 593,525 Other income 10,859 9,701 – –

Consolidated 5,511,327 6,287,997 Profit from discontinued operations 81,134 102,277 106,514 77,511
Finance costs (10,118) (14,296) – –
Share of profit of associated companies 79,560 95,412 – –
Share of losses of joint ventures (32,265) (8,122) – –

Profit before taxation 118,311 175,271 106,514 77,511

Income tax expenses (23,679) (21,890) – –

Profit for the year from discontinued operations 94,632 153,381 106,514 77,511

Attributable to:-
Owners of the Company 80,431 133,554 106,514 77,511
Non-controlling interests 14,201 19,827 – –

94,632 153,381 106,514 77,511

410 8 Financial Statements 8 Financial Statements 411

GAMUDA BERHAD 197601003632 (29579-T)

Notes to the financial statements (CONT’D.)

– 31 July 2022

47. DISCONTINUED OPERATIONS (CONT’D.)

(b) The major classes of assets and liabilities of disposal group classified as held for sale as follows:

Group Company
2022 2022
RM’000 RM’000

Assets
Property, plant and equipment 1,623 –
Concession development expenditure 948,528 –
Investments in subsidiaries – 385,134
Interests in associated companies 742,195 250,214
Other investments 79 –
Deferred tax assets 8,644 –
Receivables 45,324 –
Tax recoverable 211 –
Investment securities 4,011 –
Cash and bank balances 277,884 –

Assets held for sale 2,028,499 635,348

Liabilities
Payables (16,312) –
Contract liabilities (3,455) –
Provision for liabilities (30,994) –
Deferred tax liabilities (213,293) –
Borrowings (195,000) –

Liabilities directly associated with the assets held for sale (459,054) –

Net assets of disposal group classified as held for sale 1,569,445 635,348

(c) Cash flows attributable to discontinued operations

Group Company

2022 2021 2022 2021

RM’000 RM’000 RM’000 RM’000

Net cash from operating activities 113,994 241,363 106,514 77,511

Net cash from investing activities 151,717 (146,377) – –
Net cash from financing activities (111,000) (103,500) – –

Net cash inflow 154,711 (8,514) 106,514 77,511

412 8 Financial Statements

 INTEGRATED REPORT 2022

ANALYSIS OF SECURITIES OF COMPANY

As of 6 October 2022

ANALYSIS OF SHAREHOLDINGS
Total Number of Issued Shares : 2,591,069,332 ordinary shares
Type of shares : Ordinary shares
Voting rights : 1 vote per share on a poll
No. of shareholders : 18,516

DISTRIBUTION OF SHAREHOLDINGS

Size of Holdings No. of Holders % No. of Holdings %

Less than 100 792 4.28 22,108 0.00

100 – 1,000 4,677 25.26 3,287,997 0.13
1,001 – 10,000 9,740 52.60 37,604,603 1.45
10,001 – 100,000 2,604 14.06 72,865,153 2.81
100,001 – 129,553,465 (less than 5% of issued shares) 701 3.79 2,036,588,157 78.60
129,553,466 and above (5% and above of issued shares) 2 0.01 440,701,314 17.01

Total 18,516 100.00 2,591,069,332 100.00

SUBSTANTIAL SHAREHOLDERS
(as per Register of Substantial Shareholders and exclude bare trustee)

Direct Interest Indirect Interest

Name of Substantial Shareholder No. of Shares % No. of Shares %

Employees Provident Fund Board 355,620,110 13.72 – –

Kumpulan Wang Persaraan (Diperbadankan) 180,916,277 6.98 – –

9 Shareholder Information 413

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

ANALYSIS OF SECURITIES OF COMPANY

As of 6 October 2022

DIRECTORS’ INTEREST IN ORDINARY SHARES OF THE COMPANY

No. of
(as per Register of Directors’ Shareholdings)
No. Name Shares Held %
Direct Interest Indirect Interest 13. Lembaga Tabung Haji 45,619,500 1.76
Name of Director No. of Shares % No. of Shares % 14. Citigroup Nominees (Asing) Sdn Bhd 43,773,426 1.69
– UBS AG
Dato’ Mohammed Hussein – – – –
15. Cartaban Nominees (Tempatan) Sdn Bhd 37,403,819 1.44
Dato’ Lin Yun Ling 76,815,239 2.96 – –
– PAMB for Prulink Equity Fund
Dato’ Ir Ha Tiing Tai 28,552,062 *3 1.10 90,000 *1 *5
16. Citigroup Nominees (Tempatan) Sdn Bhd 36,883,666 1.42
Raja Dato’ Seri Eleena binti
– Employees Provident Fund Board (NOMURA)
Almarhum Sultan Azlan Muhibbuddin Shah Al-Maghfur-lah 233,012 0.01 114,500,000 *2 4.42
17. Amanahraya Trustees Berhad 33,500,000 1.29
Tan Sri Dato’ Setia Haji Ambrin bin Buang 4,000 *5
– –
– Amanah Saham Bumiputera 2
Nazli binti Mohd Khir Johari – – – –
18. HSBC Nominees (Asing) Sdn Bhd 31,444,217 1.21
Chan Wai Yen – – – –
– JPMCB NA for Vanguard Emerging Markets Stock Index Fund
Mohammed Rashdan bin Mohd Yusof
(Alternate to Dato’ Lin Yun Ling) 477,076 *4 0.02 – – 19. HSBC Nominees (Asing) Sdn Bhd 30,340,612 1.17
– JPMCB NA for Vanguard Total International Stock Index Fund
Justin Chin Jing Ho
(Alternate to Dato’ Ir Ha Tiing Tai) – – – – 20. Ng Kee Leen 28,527,684 1.10
21. Maybank Nominees (Tempatan) Sdn Bhd 27,112,561 1.05
Notes: – Maybank Trustees Berhad for Public Ittikal Fund (N14011970240)
*1
Through son
*2
Through Generasi Setia (M) Sdn Bhd 22. Citigroup Nominees (Tempatan) Sdn Bhd 25,584,407 0.99
*3
Held in own name and in nominee name – Great Eastern Life Assurance (Malaysia) Berhad (PAR 1)
*4
Held in nominee name
*5
Negligible 23. Dato’ Ir. Ha Tiing Tai 22,590,000 0.87
24. HSBC Nominees (Asing) Sdn Bhd 21,639,147 0.84
– J.P. Morgan Securities PLC
TOP 30 SHAREHOLDERS AS PER RECORD OF DEPOSITORS 25. HSBC Nominees (Asing) Sdn Bhd 20,707,179 0.80
(without aggregating the securities from different securities accounts belonging to the same Depositors) – Morgan Stanley & Co. International PLC (FIRM A/C)
26. Citigroup Nominees (Asing) Sdn Bhd 20,415,012 0.79
No. of
– Exempt An for Citibank New York (Norges Bank 14)
No. Name Shares Held %
27. Amanahraya Trustees Berhad 19,622,578 0.76
1. Citigroup Nominees (Tempatan) Sdn Bhd 274,381,560 10.59 – Public Ittikal Sequel Fund
– Employees Provident Fund Board 28. Pertubuhan Keselamatan Sosial 19,474,424 0.75
2. Kumpulan Wang Persaraan (Diperbadankan) 166,319,754 6.42 29. Cartaban Nominees (Asing) Sdn Bhd 19,047,800 0.73
3. Amanahraya Trustees Berhad 107,244,000 4.14 – Exempt An for State Street Bank & Trust Company (WEST CLT OD67)
– Amanah Saham Bumiputera 30. Maybank Nominees (Tempatan) Sdn Bhd 17,158,718 0.66
4. Generasi Setia (M) Sdn Bhd 101,000,000 3.90 – MTrustee Berhad for Principal Dali Equity Growth Fund (UT-CIMB-Dali) (419455)
5. Citigroup Nominees (Tempatan) Sdn Bhd 90,453,198 3.50
– Urusharta Jamaah Sdn Bhd (1) Total 1,669,421,365 64.43
6. Dato’ Lin Yun Ling 76,815,239 2.96
7. Citigroup Nominees (Tempatan) Sdn Bhd 75,620,504 2.92
– Exempt An for AIA Bhd SHARE OPTIONS HELD BY DIRECTORS OF THE COMPANY
8. Amanahraya Trustees Berhad 70,000,000 2.70 (Share Options held under the Gamuda Berhad Employees’ Share Option Scheme)
– Amanah Saham Malaysia 2 – Wawasan
Name of Director No. of Share Options Held
9. Amanahraya Trustees Berhad 55,134,900 2.13
– Amanah Saham Malaysia 3 Dato’ Lin Yun Ling 6,000,000
10. Amanahraya Trustees Berhad 52,557,060 2.03 Dato’ Ir Ha Tiing Tai 3,500,000
– Amanah Saham Bumiputera 3 – Didik Mohammed Rashdan bin Mohd Yusof 3,500,000
11. Permodalan Nasional Berhad 50,870,700 1.96 (Alternate to Dato’ Lin Yun Ling)
12. Amanahraya Trustees Berhad 48,179,700 1.86 Justin Chin Jing Ho 3,000,000
– Amanah Saham Malaysia (Alternate to Dato’ Ir Ha Tiing Tai)

414 9 Shareholder Information 9 Shareholder Information 415

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

ISSUED SHARE CAPITAL

Date/ No. of Cumulative Date/ No. of Cumulative

Year of Allotment Shares Allotted Description No. of Issued Shares Year of Allotment Shares Allotted Description No. of Issued Shares

06.10.1976 2 Cash – Subscribers’ shares 2 12.03.1997 19,175,951 Rights Issue in the proportion of 1 new ordinary share for 287,639,276
every 6 existing ordinary shares held
26.12.1976 199,998 Cash 200,000
20.01.1997 – 24.11.1997 2,057,133 Issued pursuant to exercise of options under ESOS & 289,696,409
10.10.1977 200,000 Cash 400,000 Conversion of Warrants 1995/2000

30.07.1981 100,000 Cash 500,000 22.10.1998 – 31.12.1998 99,000 Issued pursuant to exercise of options under ESOS 289,795,409

21.07.1984 500,000 Bonus Issue on the basis of 1 new ordinary share for every 1,000,000 07.01.1999 – 30.12.1999 15,979,428 Issued pursuant to exercise of options under ESOS & 305,774,837
1 existing ordinary share held Conversion of Warrants 1995/2000

24.07.1985 250,000 Cash 1,250,000 05.01.2000 – 16.07.2000 37,201,999 Issued pursuant to exercise of options under ESOS & 342,976,836
Conversion of Warrants 1995/2000
29.07.1985 500,000 Issued as consideration for the acquisition of several 1,750,000
companies 03.03.2000 322,213,836 Bonus Issue in the proportion of 1 new ordinary share for 665,190,672
every 1 existing ordinary share held
31.07.1986 750,000 Cash 2,500,000
31.01.2001 – 19.12.2001 807,000 Issued pursuant to exercise of options under ESOS 665,997,672
30.07.1987 750,000 Bonus Issue in the proportion of 3 new ordinary shares for 3,250,000
every 10 existing ordinary shares held 02.01.2002 – 27.12.2002 8,646,002 Issued pursuant to exercise of options under ESOS & 674,643,674
Conversion of Warrants 1996/2006 and 2001/2007
30.07.1988 1,750,000 Bonus Issue in the proportion of 7 new ordinary shares for 5,000,000
every 10 existing ordinary shares held 13.01.2003 – 31.12.2003 51,251,218 Issued pursuant to exercise of options under ESOS & 725,894,892
Conversion of Warrants 1996/2006 and 2001/2007
30.07.1990 3,000,000 Bonus Issue in the proportion of 3 new ordinary shares for 8,000,000
every 5 existing ordinary shares held 07.01.2004 – 23.12.2004 13,209,252 Issued pursuant to exercise of options under ESOS & 739,104,144
Conversion of Warrants 2001/2007
29.04.1992 11,000,000 Bonus Issue in the proportion of 1,375 new ordinary shares 19,000,000
for every 1,000 existing ordinary shares held 05.01.2005 – 29.12.2005 14,128,000 Issued pursuant to exercise of options under ESOS & 753,232,144
Conversion of Warrants 2001/2007
29.04.1992 23,976,667 Issued as consideration for the acquisition of Gammau 42,976,667
Construction Sdn Bhd and Ganaz Bina Sdn Bhd 26.10.2006 – 29.12.2006 37,982,965 Issued pursuant to exercise of options under ESOS & 791,215,109
Conversion of Warrants 1996/2006 and 2001/2007
05.06.1992 19,086,333 Rights Issue in the proportion of 2,386 new ordinary shares 62,063,000
for every 1,000 existing ordinary shares held 08.01.2007 – 28.12.2007 207,268,945 Issued pursuant to exercise of options under ESOS & 998,484,054
Conversion of Warrants 1996/2006 and 2001/2007
18.01.1995 20,687,667 Bonus Issue in the proportion of 1 new ordinary share for 82,750,667
every 3 existing ordinary shares held 25.10.2007 994,963,054 Bonus Issue on the basis of 1 new ordinary share for every 1,993,447,108
1 existing ordinary share held
20.03.1995 7,757,875 Rights Issue in the proportion of 1 new ordinary share for 90,508,542
every 8 existing ordinary shares held 09.01.2008 – 19.12.2008 12,736,000 Issued pursuant to exercise of options under ESOS 2,006,183,108

24.01.1996 – 26.12.1996
16.01.1997
24,547,169 Issued pursuant to exercise of options under ESOS & 115,055,711 23.01.2009 – 22.12.2009 10,589,000 Issued pursuant to exercise of options under ESOS 2,016,772,108
Conversion of Warrants 1995/2000
11.01.2010 – 29.12.2010 29,439,485 Issued pursuant to exercise of options under ESOS & 2,046,211,593
153,407,614 Bonus Issue in the proportion of 4 new ordinary shares for 268,463,325 Conversion of Warrants 2010/2015
every 3 existing ordinary shares held
04.01.2011 – 30.12.2011 21,563,311 Issued pursuant to exercise of options under ESOS & 2,067,774,904
Conversion of Warrants 2010/2015

416 9 Shareholder Information 9 Shareholder Information 417

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

ISSUED SHARE CAPITAL LIST OF MAJOR PROPERTIES

Held as of 31 July 2022

Date/ No. of Cumulative Carrying

Year of Allotment Shares Allotted Description No. of Issued Shares value as at
Year of Approximate 31 July
Valuation/ Year age of building 2022
03.01.2012 – 31.12.2012 18,690,762 Issued pursuant to exercise of options under ESOS & 2,086,465,666
No Location Tenure Usage Area Acquisition of expiry (Years) (RM’000)
Conversion of Warrants 2010/2015
1 Block D, PJ Trade Centre Leasehold 20 storey 2,048 sq m 2011 2104 13 118,409
07.01.2013 – 30.12.2013 205,859,001 Issued pursuant to exercise of options under ESOS & 2,292,324,667 No. 8, Jalan PJU 8/8A office tower/
Conversion of Warrants 2010/2015 Bandar Damansara Perdana Menara Gamuda
47820 Petaling Jaya, Selangor
06.01.2014 – 29.12.2014 49,464,512 Issued pursuant to exercise of options under ESOS & 2,341,789,179 2 No. 30, Jalan SS2/44 Freehold Bungalow 501 sq m 1991 – 36 270
Conversion of Warrants 2010/2015 47300 Petaling Jaya, Selangor
3 No. 36/38, Jalan SS21/62 Freehold 2 blocks, 4 storey 286 sq m 1991 – 28 837
06.01.2015 – 22.06.2015 64,115,876 Conversion of Warrants 2010/2015 2,405,905,055
47400 Petaling Jaya, Selangor shoplot/office
07.01.2016 – 28.12.2016 18,193,855 Issued pursuant to exercise of options under ESOS & 2,424,098,910 4 No. 39, Jalan SS22/23 Freehold 4 storey 153 sq m 2007 – 28 521
Conversion of Warrants 2016/2021 47400 Petaling Jaya, Selangor shoplot/office
5 No. 53, Jalan SS22/23 Freehold 4 storey 153 sq m 2006 – 33 1,117
05.01.2017 – 29.12.2017 31,451,816 Issued pursuant to exercise of options under ESOS & 2,455,550,726 47400 Petaling Jaya, Selangor shoplot/office
Conversion of Warrants 2016/2021
6 No. 55-61, Jalan SS22/23 Freehold 4 blocks, 4 storey 612 sq m 1992 – 31 6,991
08.01.2018 – 07.09.2018 12,498,225 Issued pursuant to exercise of options under ESOS & 2,468,048,951 47400 Petaling Jaya, Selangor shoplot/office
Conversion of Warrants 2016/2021 7 No. 54-58, Jalan SS22/25 Freehold 3 blocks, 4 storey 460 sq m 2006 – 30 3,930
47400 Petaling Jaya, Selangor shoplot/office
18.01.2019 – 23.12.2019 7,753,082 Issued pursuant to exercise of options under ESOS & 2,475,802,033
8 HS (D) 54871, PT No. 56274 Freehold Industrial estate/ 16,898 sq m 1995 – – 6,550
Conversion of Warrants 2016/2021
Mukim & District of Kelang workshop
Selangor
07.01.2020 – 13.04.2020 17,895,782 Issued pursuant to exercise of options under ESOS & 2,493,697,815
Conversion of Warrants 2016/2021 9 Lot 66100, Geran 331933 Freehold Industrial land/ 66 acres 2016 – 4 175,072
Mukim of Tanjung Duabelas Industrial Building
25.02.2020 19,829,839 Issued pursuant to First Dividend Reinvestment Plan 2,513,527,654 District of Kuala Langat, Selangor System (‘IBS’) factory
10 Lot 195821, 195822, 195823, 195824, Leasehold Granite hill, limestone 469,493 1991 2050 – 3,111
26.02.2021 – 09.03.2021 800 Issued pursuant to Conversion of Warrants 2016/2021 2,513,528,454 195825, 195826, 195827, 46482, hill and industrial sq m
57417 all in the Mukim Kampar land/quarry
08.03.2022 – 02.09.2022 77,540,878 Issued pursuant to Second & Third Dividend Reinvestment 2,591,069,332 District of Kinta, 31350 Ipoh, Perak
Plans
11 PT 183485 Leasehold Industrial estate/store 12,144 sq m 1991 2050 26 427
Meru Industrial Estate
Jelapang, 30020 Ipoh, Perak
12 PT 51683, Jalan Jelapang Leasehold Industrial estate/ 4,353 sq m 1991 2043 32 270
30020 Ipoh, Perak workshop
13 No. 152, Jalan Gopeng Leasehold 3 storey shoplot/ 164 sq m 1991 2078 36 112
31350 Ipoh, Perak office
14 No. 158, Jalan Gopeng Leasehold 3 storey shoplot/ 163 sq m 1991 2078 36 122
31350 Ipoh, Perak office
15 Quayside Mall, Gamuda Kemuning Leasehold 5 storey retail mall 28,868 sq m 2020 2116 2 273,956
25.7, Persiaran Freesia
42500 Telok Panglima Garang, Selangor

418 9 Shareholder Information 9 Shareholder Information 419

GAMUDA BERHAD 197601003632 (29579-T)
CORPORATE INFORMATION
BOARD OF DIRECTORS
YBhg Dato’ Mohammed Hussein
Chairman
YBhg Dato’ Lin Yun Ling
Group Managing Director
YBhg Dato’ Ir Ha Tiing Tai
Deputy Group Managing Director
YTM Raja Dato’ Seri Eleena binti
Almarhum Sultan Azlan Muhibbuddin
Shah Al-Maghfur-lah
Non-Independent Non-Executive Director
AUDIT COMMITTEE
YBhg Tan Sri Dato’ Setia Haji Ambrin bin
Buang (Chairman)
YBhg Dato’ Mohammed Hussein
Puan Nazli binti Mohd Khir Johari
NOMINATION COMMITTEE
YBhg Dato’ Mohammed Hussein
(Chairman)
YBhg Tan Sri Dato’ Setia Haji Ambrin bin
Buang
Puan Nazli binti Mohd Khir Johari
REMUNERATION COMMITTEE
YBhg Dato’ Mohammed Hussein
(Chairman)
YTM Raja Dato’ Seri Eleena binti
Almarhum Sultan Azlan Muhibbuddin
Shah Al-Maghfur-lah
YBhg Dato’ Lin Yun Ling
COMPANY SECRETARIES
Ms. Lim Soo Lye
(LS 0006461)
(SSM PC NO. 201908002053)
Ms. Pang Siok Tieng
(MAICSA 7020782)
(SSM PC NO. 201908001079)
COMPANY REGISTRATION NO.
197601003632 (29579-T)
420 9 Shareholder Information
YBhg Tan Sri Dato’ Setia Haji Ambrin
bin Buang
Independent Non-Executive Director
Puan Nazli binti Mohd Khir Johari
Independent Non-Executive Director
Ms. Chan Wai Yen, Millie
Independent Non-Executive Director
DATE AND PLACE OF
INCORPORATION
6 October 1976, Malaysia
LISTING DATE
10 August 1992
INVESTOR RELATIONS
Mr. Clarence Boudville
Level 17, Menara Gamuda
Block D, PJ Trade Centre
No. 8, Jalan PJU 8/8A
Bandar Damansara Perdana
47820 Petaling Jaya
Selangor Darul Ehsan
Tel : 603-7491 2682
Fax : 603-7727 4594
Email : IR@gamuda.com.my
REGISTERED OFFICE/
CORPORATE OFFICE
Menara Gamuda
D-16-01, Block D, PJ Trade Centre
No. 8, Jalan PJU 8/8A
Bandar Damansara Perdana
47820 Petaling Jaya
Selangor Darul Ehsan
Tel : 603-7491 8288
Fax : 603-7728 9811
Email : gbcosec@gamuda.com.my
Web : www.gamuda.com.my
Encik Mohammed Rashdan bin
Mohd Yusof
Deputy Group Managing Director
Alternate to YBhg Dato’ Lin Yun Ling
Mr. Justin Chin Jing Ho
Managing Director, Gamuda Engineering
Alternate to YBhg Dato’ Ir Ha Tiing Tai
SHARE REGISTRAR
Tricor Investor & Issuing House
Services Sdn Bhd
197101000970 (11324-H)
Unit 32-01, Level 32, Tower A
Vertical Business Suite
Avenue 3, Bangsar South
No. 8, Jalan Kerinchi
59200 Kuala Lumpur
Tel : 603-2783 9299
Fax : 603-2783 9222
Email : is.enquiry@my.tricorglobal.com
Web : www.tricorglobal.com
Tricor’s Customer Service Centre
Unit G-3, Ground Floor, Vertical Podium
Avenue 3, Bangsar South
No. 8, Jalan Kerinchi
59200 Kuala Lumpur
AUDITORS
Ernst & Young PLT
202006000003 (LLP0022760-LCA) & AF 0039
Chartered Accountants
Level 23A, Menara Milenium
Jalan Damanlela
Pusat Bandar Damansara
50490 Kuala Lumpur
Tel : 603-7495 8000
Fax : 603-2095 5332
Web : www.ey.com
STOCK EXCHANGE LISTING
Main Market of Bursa Malaysia Securities
Berhad
Stock Code: Gamuda
Stock No: 5398
PRINCIPAL BANKER
Malayan Banking Berhad
INTEGRATED REPORT 2022
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN that the Forty-sixth (“46th”) Annual General Meeting (“AGM”) of
Gamuda Berhad (“Gamuda” or “Company”) will be conducted fully virtual through online
meeting platform via TIIH Online website at https://tiih.online or https://tiih.com.my (Domain
registration number with MYNIC: D1A282781) provided by Tricor Investor & Issuing House
Services Sdn Bhd in Malaysia, on Thursday, 8 December 2022 at 10:00 a.m. for the purpose
of transacting the following businesses:-
AGENDA
1. To receive the Audited Financial Statements for the financial year ended 31 July 2022 together [Please refer to
with the Reports of the Directors and Auditors thereon. Explanatory Note No. 4 (a)]
2. To approve the payment of Directors’ fees for the financial year ended 31 July 2022. (Ordinary Resolution 1)
3. To approve the payment of Directors’ remuneration (excluding Directors’ fees) of up to an (Ordinary Resolution 2)
amount of RM395,000/- for the period from 9 December 2022 until the next AGM of the
Company to be held in 2023.
4. To re-elect YBhg Dato’ Lin Yun Ling who is retiring by rotation in accordance with Clause 105 (Ordinary Resolution 3)
of the Constitution of the Company and, who being eligible, offers himself for re-election.
YBhg Dato’ Mohammed Hussein who also retires by rotation in accordance with Clause 105 of
the Constitution of the Company, has expressed his intention not to seek for re-election. Hence,
he will retain office as a Director of the Company until the conclusion of the 46th AGM.
5. To re-elect Ms. Chan Wai Yen, a Director appointed during the year, who is retiring in accordance (Ordinary Resolution 4)
with Clause 111 of the Constitution of the Company and, who being eligible, offers herself for
re-election.
6. To re-appoint Ernst & Young PLT, the retiring Auditors and to authorise the Directors of the (Ordinary Resolution 5)
Company to fix their remuneration.
AS SPECIAL BUSINESS:-
To consider and, if thought fit, to pass with or without modification(s), the following resolutions:-
7. Authority to issue Shares pursuant to Sections 75 and 76 of the Companies Act 2016 (Ordinary Resolution 6)
“THAT subject always to the Companies Act 2016, the Constitution of the Company and the
approvals of the relevant governmental regulatory authorities (if required), the Directors of the
Company be and are hereby empowered pursuant to Sections 75 and 76 of the Companies
Act 2016, to issue and allot shares in the Company, from time to time, and upon such terms
and conditions and for such purposes as the Directors of the Company may, in their absolute
discretion, deem fit, provided that the aggregate number of shares to be issued pursuant to
this resolution does not exceed ten percent (10%) of the total number of issued shares of the
Company (excluding treasury shares) (“New Shares”) for the time being (“Authority”) AND THAT
the Directors be and are also empowered to obtain the approval for the listing of, and quotation
for the New Shares so issued on Bursa Malaysia Securities Berhad [Co. Regn. No. 200301033577
(635998-W)] (“Bursa Securities”) AND FURTHER THAT such Authority shall commence immediately
upon the passing of this resolution and shall continue to be in force until the conclusion of
the next AGM of the Company.
THAT pursuant to Section 85 of the Companies Act 2016 read together with Clause 62 of the
Constitution of the Company, the shareholders of the Company do hereby waive their statutory
pre-emptive rights over all New Shares issued under the Authority.”
9 Shareholder Information 421
GAMUDA BERHAD 197601003632 (29579-T)
NOTICE OF ANNUAL GENERAL MEETING
8. Proposed Renewal of Share Buy-back Authority
“THAT subject to the provisions of the Companies Act 2016, the Constitution of the Company,
the Main Market Listing Requirements of Bursa Securities and the approvals of the relevant
governmental regulatory authorities, the Company be and is hereby authorised to purchase
such number of ordinary shares of the Company (“Proposed Share Buy-back”) as may be
determined by the Directors of the Company, from time to time, through Bursa Securities
upon such terms and conditions as the Directors may deem fit in the interest of the Company
provided that:
i. the aggregate number of ordinary shares to be purchased pursuant to this resolution does
not exceed ten percent (10%) of the total number of issued shares of the Company; and
ii. an amount not exceeding the retained profits of the Company shall be allocated by the
Company for the Proposed Share Buy-back;
AND THAT at the absolute discretion of the Directors of the Company, upon such purchase
by the Company of its own shares, the purchased shares shall be cancelled and/or retained
as treasury shares and subsequently be cancelled, distributed as dividends or resold on Bursa
Securities and/or in any other manner as prescribed by the Companies Act 2016.
THAT the Directors of the Company be and are hereby empowered to do all such acts and
enter into all such transactions, arrangements and agreements, and to execute, sign and deliver
for and on behalf of the Company, all such documents and impose such terms and conditions
as may be necessary or expedient in order to give full effect to the Proposed Share Buy-back
with full powers to assent to any conditions, modifications, variations and/or amendments (if
any) as the Directors may, in their absolute discretion, deem fit and in the interest of the
Company and/or as may be imposed or agreed to by any relevant authorities;
AND THAT the authority hereby given shall commence immediately upon the passing of this
resolution and shall continue to be in force until:
i. the conclusion of the next AGM of the Company at which time it will lapse, unless by
an ordinary resolution passed at the AGM, the authority is renewed either unconditionally
or subject to conditions; or
ii. the expiration of the period within which the next AGM after that date is required by law
to be held; or
iii. revoked or varied by an ordinary resolution passed by the shareholders of the Company
in a general meeting,
whichever occurs first, but not so as to prejudice the completion of the purchase of its own
shares by the Company before the aforesaid expiry date and, in any event, in accordance with
the provisions of the Main Market Listing Requirements of Bursa Securities or any other relevant
authorities.”
422 9 Shareholder Information
INTEGRATED REPORT 2022
(Ordinary Resolution 7) 9. Issuance of New Ordinary Shares in the Company (“New Gamuda Shares”) pursuant to (Ordinary Resolution 8)
the Dividend Reinvestment Plan that provides Shareholders of the Company with an
Option to Elect to Reinvest their Cash Dividends into New Gamuda Shares (“Dividend
Reinvestment Plan”)
“THAT pursuant to the Dividend Reinvestment Plan as approved by the shareholders of the
Company at the Extraordinary General Meeting of the Company held on 5 December 2019,
and subject to the approvals of all relevant regulatory authorities or parties being obtained,
where required, approval be and is hereby given for the Company to allot and issue such
number of New Gamuda Shares from time to time as may be required to be allotted and
issued pursuant to the Dividend Reinvestment Plan upon such terms and conditions and to
such persons as the Directors of the Company may, at their absolute discretion, deem fit and
in the best interest of the Company PROVIDED THAT the issue price of the New Gamuda
Shares shall be fixed by the Directors of the Company at not more than ten percent (10%)
discount to the adjusted five (5)-day volume weighted average market price (“VWAMP”) of the
existing ordinary shares of Gamuda immediately prior to the price-fixing date, of which the
VWAMP shall be adjusted ex-dividend before applying the aforementioned discount in fixing
the issue price of the New Gamuda Shares AND THAT such authority to allot and issue New
Gamuda Shares shall continue to be in force until the conclusion of the next AGM of the
Company;
AND THAT the Directors and the Secretaries of the Company be and are hereby authorised
to do all such acts and enter into all such transactions, arrangements and agreements and to
execute, sign and deliver for and on behalf of the Company, all such documents and impose
such terms and conditions as may be necessary or expedient in order to give full effect to
the Dividend Reinvestment Plan, with full powers to assent to any conditions, modifications,
variations and/or amendments (if any) including suspension and termination of the Dividend
Reinvestment Plan as the Directors may, in their absolute discretion, deem fit and in the interest
of the Company and/or as may be imposed or agreed to by any relevant authorities.”
10. To transact any other business of which due notice shall have been given.
BY ORDER OF THE BOARD
LIM SOO LYE
(LS0006461) (SSM PC NO. 201908002053)
PANG SIOK TIENG
(MAICSA 7020782) (SSM PC NO. 201908001079)
Company Secretaries
Petaling Jaya
9 November 2022
9 Shareholder Information 423
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

NOTICE OF ANNUAL GENERAL MEETING

NOTES: 4. Explanatory Notes

1. Virtual Meeting Authorised Nominee may appoint in respect of each a. Audited Financial Statements
Omnibus Account and, the appointment shall be invalid
As part of the Company’s precautionary measures, the The Audited Financial Statements are for discussion only as they do not require shareholders’ approval pursuant to the
unless the Exempt Authorised Nominee specifies the
46th AGM of the Company will be conducted fully virtual provision of Section 340(1)(a) of the Companies Act 2016 (“CA 2016”). Hence, this matter will not be put for voting.
number of shares to be represented by each proxy.
through online meeting platform via TIIH Online website at
https://tiih.online or https://tiih.com.my (Domain registration b. Ordinary Resolutions 1 & 2
d. The instrument appointing a proxy shall be in writing (in
number with MYNIC: D1A282781) provided by Tricor Investor Section 230(1) of the CA 2016 provides that the ‘fees’ of the directors and ‘any benefits’ payable to the directors of a listed
the common or usual form) under the hand of the
& Issuing House Services Sdn Bhd in Malaysia. company and its subsidiaries shall be approved at a general meeting. Pursuant thereto, shareholders’ approval shall be sought
appointer or his attorney duly authorised in writing or,
if the appointer is a corporation, either under the at this AGM for the payment of Directors’ fees and benefits payable to the Non-Executive Directors of the Company under
Please follow the procedures provided in the Administrative Resolutions 1 and 2.
corporation’s seal or under the hand of an officer or
Details for the 46th AGM in order to register, participate and
attorney duly authorised.
vote remotely via the Remote Participation & Voting Platform
i. Directors’ Fees
(“RPV”).
e. Forms of Proxy can be submitted in the following manner, Having considered the positioning of the Directors’ fees over the past three (3) financial years (“FY”) from 2019 to 2021,
not less than forty-eight (48) hours before the time the Board has proposed the Directors’ fees of the Non-Executive Directors of the Company as set out in the right of
2. General Meeting Record of Depositors appointed for holding the 46th AGM or at any adjournment
the table below:-
For purposes of determining who shall be entitled to participate thereof:
at the 46th AGM, the Company shall be requesting Bursa Proposed for
i. Hard copy
Malaysia Depository Sdn Bhd [Co. Regn. No. 198701006854 FY2022
(165570-W)] to make available to the Company pursuant to The original signed Form of Proxy must be deposited
with the Share Registrar of the Company, Tricor (approval to be
Clause 72 of the Constitution of the Company and Paragraph
Investor & Issuing House Services Sdn Bhd at Unit Directors’ Fees sought at
7.16(2) of the Main Market Listing Requirements of Bursa
32-01, Level 32, Tower A, Vertical Business Suite, (as approved at AGMs) FY2019 FY2020 FY2021 46th AGM)
Securities, a Record of Depositors as at 30 November 2022
and only a Depositor whose name appears on such Record Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, Independent RM210,833 RM189,000 RM210,000 RM210,000
of Depositors shall be entitled to participate and/or vote at 59200 Kuala Lumpur, Malaysia or alternatively, the Non-Executive Chairman per annum per annum per annum per annum
the 46th AGM or appoint a proxy or proxies to participate Customer Service Centre at Unit G-3, Ground Floor,
and/or vote on his/her behalf. Vertical Podium, Avenue 3, Bangsar South, No. 8, Independent RM160,000 RM144,000 RM160,000 RM160,000
Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia; Non-Executive Director per annum per annum per annum per annum
3. Proxy OR RM164,167 RM148,500 RM165,000 RM58,475
a. Every Member of the Company is entitled to:- per annum* per annum per annum per annum^
ii. Electronic form
i. appoint another person as his proxy to exercise all You may also submit the Form of Proxy electronically RM109,417 RM117,000 RM130,000 RM152,596
or any of his rights to attend, participate and vote via TIIH Online website at https://tiih.online by per annum# per annum per annum per annum*
at the 46th AGM and that proxy may but need not following the procedures provided in the Administrative
– – – RM75,357
be a Member of the Company; and Details for the 46th AGM.
per annum#
ii. appoint more than one (1) person as his proxy
f. A Member who has appointed a proxy to participate in Non-Executive Director RM130,000 RM117,000 RM130,000 RM130,000
provided that he specifies the proportions of his
this AGM must request his/her proxy to register himself/ per annum per annum per annum per annum
shareholdings to be represented by each proxy.
herself for the RPV at Tricor’s TIIH Online website at
* Re-designation of Audit Committee Chairman during the financial year under review
https://tiih.online. Please follow the procedures in the
b. Where a Member of the Company is an Authorised #
Appointment of a new Independent Non-Executive Director during the year under review
Administrative Details for this AGM. ^ Retirement of an Independent Non-Executive Director
Nominee as defined under the Securities Industry (Central
Depositories) Act, 1991, it may appoint at least one proxy
g. The Notice of AGM together with the Form of Proxy,
but not more than two (2) proxies in respect of each The above proposal is made upon benchmarking against various companies across the industries with either similar
Administrative Details, Integrated Report 2022 and the
Securities Account it holds with ordinary shares of the market capitalisation, revenue or profit before tax and with peer companies in the construction and property industries.
Share Buy-back Statement are published on the Company’s
Company standing to the credit of the said Securities Based on the benchmark study thereof, the differentiation of the proposed fees for the Independent Non-Executive
website at www.gamuda.com.my or Bursa Malaysia’s
Account. Where an Authorised Nominee appoints two Chairman from a Non-Executive Director and an Independent Director (with no Board Committee membership) at 1.6
website at www.bursamalaysia.com.
(2) proxies in respect of each Securities Account, the times and from Independent Non-Executive Directors (with Board Committee membership) at 1.3 times, were seen as
appointment shall be invalid unless the Authorised fair and equitable.
Please follow the procedures provided in the Administrative
Nominee specifies the proportions of the shareholdings
Details for the 46th AGM in order to register, participate
to be represented by each proxy. The payment of the Directors’ fees totalling RM786,429/- in respect of the financial year ended 31 July 2022 will only
and/or vote remotely.
be made if the proposed Resolution 1 is approved by the Company shareholders at this meeting pursuant to Clause 116
c. Where a Member is an Exempt Authorised Nominee of the Constitution and Section 230(1)(b) of the CA 2016.
h. Pursuant to Paragraph 8.29A(1) of the Main Market Listing
which holds Securities for multiple beneficial owners in
Requirements of Bursa Securities, all resolutions set out
one (1) Securities Account (“Omnibus Account”), there is
in this Notice will be put to vote by poll.
no limit to the number of proxies which the Exempt

424 9 Shareholder Information 9 Shareholder Information 425

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

NOTICE OF ANNUAL GENERAL MEETING

ii. Directors’ Remuneration Based on the Board Effectiveness Report (2021/2022) This authority will, unless revoked or varied at a general
The current Directors’ remuneration (excluding Directors’ fees) payable to the Non-Executive Directors of the Company prepared by the independent external consultant, all meeting, expire at the conclusion of the next AGM of
comprises meeting allowances and benefits-in-kind. At the last AGM i.e. Forty-fifth AGM of the Company held on Directors met the performance criteria required of an the Company. At this juncture, there is no decision to
8  December 2021 (“45th AGM”), the benefits payable to the Non-Executive Directors of the Company from 9 December effective and high-performance Board. issue new shares. Should there be a decision to issue
2021 until this meeting on 8 December 2022 (12 months) was approved for an amount up to RM380,000.00. new shares after the authorisation is sought, the Company
The utilisation of this approved amount as at 31 July 2022 is RM197,923/-. Based on the schedule of meetings in the The Board (save for Ms. Chan Wai Yen) has vide the will make an announcement of the actual purpose and
fourth quarter of 2022 (includes Special Board meetings held to date), an amount of RM113,546/- is expected to be Nomination Committee, also conducted the assessment utilisation of proceeds arising from such issuance of
utilised for payment of meeting allowances and other benefits to the Non-Executive Directors. Hence, the expected on the independence of Ms. Chan Wai Yen as an shares.
total utilised amount would be approximately 82% of the approved amount. Independent Non-Executive Director of the Company
and, supports the Nomination Committee’s The Company did not issue any new shares under the
The Directors’ remuneration (excluding Directors’ fees) are summarised as follows:- recommendation for her re-election (who being eligible general mandate which was approved at its 45th AGM.
and has offered herself for re-election) as a Director of
Independent Independent the Company pursuant to Clause 111 of the Constitution The Company is also seeking shareholders’ approval to
Meeting Allowance Non-Executive Non-Executive Non-Executive of the Company. waive their statutory pre-emptive rights under Section
(per meeting) Chairman Director Director 85 of the CA 2016 and to allow Company Directors to
YBhg Dato’ Mohammed Hussein will reach his 9-year allot new shares without first offering them to existing
Board of Directors RM2,000 RM2,000 RM2,000
term with the Company at this AGM. He has expressed shareholders in proportion to their holdings pursuant to
Board Committees RM2,000 RM2,000 RM2,000 his intention not to seek for re-election and will be the general mandate.
retiring as an Independent Director at this AGM in
Directors’ benefits payable comprises leave passage, travel allowance, club membership subscriptions, insurance and accordance with Clause 105 of the Constitution of the f. Ordinary Resolution 7
medical and other claimable benefits including reimbursable expenses incurred in the course of carrying out their duties Company. Hence, he will retain office as a Director of Shareholders are advised to refer to the Statement to
as Company Directors. the Company until the conclusion of this AGM. Shareholders dated 9 November 2022, which is published
on the Company’s website at www.gamuda.com.my or
The total amount of Directors’ remuneration (excluding Directors’ fees) payable to the Non-Executive Directors is estimated Any Director referred to in Resolutions 3 and 4 who is Bursa Malaysia’s website at www.bursamalaysia.com for
to be up to RM395,000/- from 9 December 2022 to the next AGM in 2023 (Current Period) subject to the shareholders’ a shareholder of the Company will abstain from voting further information.
approval, and taking into account various factors including the number of scheduled meetings for the Board of Directors on the resolution in respect of his/her re-election at this
(“Board”) and Board Committees as well as the number of Non-Executive Directors involved in these meetings. The AGM. g. Ordinary Resolution 8
estimated amount of remuneration also caters for unforeseen circumstances, for example, the appointment of additional Ordinary Resolution 8 if passed, will give authority to the
Directors and/or additional unscheduled Board meetings as well as increase in premium paid/payable for Directors’ and d. Ordinary Resolution 5
Directors of the Company to allot and issue new Gamuda
Officers’ Liability insurance coverage. At the Board meeting held on 29 September 2022, the Shares pursuant to the Dividend Reinvestment Plan in
Board is satisfied that Ernst & Young PLT has met the respect of dividends declared after this AGM, and such
The proposed Resolution 2, if passed, is to facilitate the payment of Directors’ remuneration (excluding Directors’ fees) relevant criteria prescribed under Paragraph 15.21 of the authority shall expire at the conclusion of the next AGM
on a monthly basis and/or as and when incurred. The Board opined that it is just and equitable for the Non-Executive Main Market Listing Requirements of Bursa Securities of the Company.
Directors to be paid such payment on such basis upon them discharging their responsibilities and rendering their services which was concluded through the assessment carried
to the Company. out by the Audit Committee on the suitability of Ernst & 5. Statement Accompanying Notice of AGM
Young PLT and hence, supports the Audit Committee’s [Pursuant to Paragraph 8.27(2) of the Main Market Listing
In the event that the Directors’ remuneration (excluding Directors’ fees) paid during the above period exceeded the recommendation to re-appoint Ernst & Young PLT as Requirements of Bursa Securities]
estimated amount sought at this AGM, shareholders’ approval will be sought at the next AGM. the Auditors of the Company.
• Details of individuals who are standing for election
Any Non-Executive Director who is a shareholder of the Company will abstain from voting on Resolutions 1 and 2 at this e. Ordinary Resolution 6 (excluding directors standing for a re-election) as Directors
AGM. Ordinary Resolution 6 if passed, will empower the Directors There are no individuals who are standing for election as
to issue shares of the Company up to a maximum of Directors at this AGM.
c. Ordinary Resolutions 3 and 4 ten percent (10%) of the total number of issued shares
For the purpose of determining the eligibility of the Directors to stand for re-election at this meeting and in line with Practice of the Company for the time being, for any possible • Statement relating to general mandate for issue of securities
5.1 of the Malaysian Code on Corporate Governance, the Nomination Committee has assessed each of the retiring Directors fund-raising activities for purposes of funding future in accordance with Paragraph 6.03(3) of the Main Market
under Resolutions 3 and 4 and the findings were as follows:- investment projects, working capital, acquisitions and/or Listing Requirements of Bursa Securities
for strategic reasons. The approval is a renewal of a
i. The Board continues to be effective with each of its member demonstrating commitment of time and energy to their Details of the general mandate to issue securities in the
general mandate and is sought to provide flexibility and
duties as well as their abilities to act in the best interests of the Company in decision-making. Company pursuant to Sections 75 and 76 of the CA 2016
to avoid any delay and cost in convening a general
are set out in Explanatory Note 4(e) of this Notice.
ii. Their level of contribution to the Board’s deliberations through their skills, experiences and strength in qualities meet meeting for such issuance of shares for fund raising
the demands of the business in line with the strategy of the Company. activities, including placement of shares.

426 9 Shareholder Information 9 Shareholder Information 427

GAMUDA BERHAD 197601003632 (29579-T)
ADMINISTRATIVE DETAILS
Forty-Sixth (“46th”) Annual General Meeting (“AGM”)
Date : Thursday, 8 December 2022
Time : 10:00 a.m.
Remote Participation & Voting Platform : TIIH Online website at
https://tiih.online or https://tiih.com.my
Domain Registration No. with MYNIC : D1A282781
MODE OF MEETING
Gamuda Berhad (“Company”) will conduct the 46 AGM on a
th
FULLY VIRTUAL basis through live streaming and online remote
voting.
An online meeting platform can be recognised as the meeting
venue or place under Section 327(2) of the Companies Act 2016
provided that the online platform is located in Malaysia.
REMOTE PARTICIPATION AND VOTING FACILITIES (“RPV”)
Shareholders are to attend, speak [including posing questions to
the Board of Directors (“Board”) or Management of the Company
via real time submission of typed texts] and vote (collectively,
“participate”) remotely at the 46th AGM of the Company using RPV
provided by Tricor Investor & Issuing House Services Sdn Bhd
(“Tricor”) via its TIIH Online website at https://tiih.online.
Please refer to the procedures for RPV.
Shareholders who appoint proxies to participate via RPV in the
46th AGM of the Company must ensure that their duly executed
Forms of Proxy are deposited either by hardcopy or electronic
means no later than Tuesday, 6 December 2022 at 10:00 a.m.
in the following manner:
a. at Tricor Investor & Issuing House Services Sdn Bhd,
Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue
3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur
or its Customer Service Centre at Unit G-3, Ground Floor,
Vertical Podium, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi,
59200 Kuala Lumpur; OR
b. lodge electronically via Tricor’s TIIH Online website at
https://tiih.online. The procedures on electronic lodgement
of proxy form are summarised in pages 435-436 of this
Integrated Report.
428 9 Shareholder Information
INTEGRATED REPORT 2022
Shareholders/proxies/corporate representatives/attorneys who wish to participate in the 46th AGM of the Company via the RPV are to
follow the requirements and procedures as summarised below:-
Procedure Action
BEFORE THE 46TH AGM
(a) Register as a user with • If you have not registered as a user of TIIH Online, please refer to the tutorial guide posted on
TIIH Online Tricor’s TIIH Online website for assistance to sign up. Registration as a user will be approved
within one working day and you will be notified via email.
• If you are a registered user with TIIH Online, you do not need to register again. You will receive
an e-mail from Tricor notifying that the remote participation for the 46th AGM is available for
registration on TIIH Online.
Fax copies of the duly executed Form of Proxy are not acceptable.
• Login to TIIH Online website at https://tiih.online with your user name (i.e. e-mail address) and
password under the “e-Services” (as illustrated below).
If you wish to personally participate in the 46 AGM, please do
th
not submit any Form of Proxy. You will not be allowed to participate
in the 46th AGM together with your appointed proxy.
If you have submitted your Form of Proxy prior to the 46th AGM
and subsequently decide to personally participate in the 46th AGM,
please contact Tricor to revoke/cancel your appointment of proxy.
Corporate representatives of corporate shareholders must deposit
their original/duly certified certificate of appointment of corporate
representative with Tricor no later than Tuesday, 6 December
2022 at 10:00 a.m. in order to participate via RPV in the 46th
AGM of the Company.
Attorneys appointed by power of attorney must deposit their
powers of attorney with Tricor no later than Tuesday, 6 December
2022 at 10:00 a.m. in order to participate via RPV in the 46th
AGM of the Company.
A shareholder who has appointed a proxy or authorised
representative or attorney to participate in the 46th AGM of
the Company via RPV must request his/her proxy or authorised
representative or attorney to register himself/herself for RPV (b) Submission of • Registration is open from Wednesday, 9 November 2022 until the day of the 46 th AGM
at Tricor’s TIIH Online website at https://tiih.online. registration for RPV scheduled for Thursday, 8 December 2022. Shareholder(s) or proxy(ies) or corporate
representative(s) or attorney(s) are required to pre-register their attendance for the 46th
IMPORTANT: AGM to ascertain their eligibility to participate in the 46th AGM using RPV.
As the 46th AGM of the Company is a fully virtual AGM, shareholders
Whether –
who are unable to participate in this meeting may appoint the • Login with your user ID and password and select the corporate event:
– you are registering as a new
Chairman of the 46th AGM as his/her proxy and indicate the voting user with Tricor’s TIIH Online, “(REGISTRATION) GAMUDA 46TH AGM”.
or
instructions in the Form of Proxy.
– you are a registered user with • Read and agree to the Terms and Conditions and confirm the Declaration.
Tricor’s TIIH Online and you
are registering for use of the • Select “Register for Remote Participation and Voting”.
RPV for the 46th AGM,
• Review your registration and proceed to register.
please ensure that you register
early to allow sufficient time for
approval/verification so that you • System will send an e-mail to notify that your registration for remote participation has been
are able to login to the meeting received and will be verified.
platform and/or use the RPV.
After verification of your registration against the General Meeting Record of Depositors dated
30 November 2022, the system will send you an e-mail after 6 December 2022 confirming
approval of your registration for RPV. The procedures for using the RPV will also be set out in
the email. In the event your registration is not approved, you will also be notified via e-mail.
9 Shareholder Information 429
GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

ADMINISTRATIVE DETAILS
Forty-Sixth (“46th”) Annual General Meeting (“AGM”)

Procedure Action ELECTRONIC LODGEMENT OF PROXY FORM

ON THE DAY OF 46TH AGM The procedures to lodge your Form of Proxy electronically via Tricor’s TIIH Online website are summarised below:

(c) Login to TIIH Online
(d) Participating through
Live Streaming
(e) Online Remote Voting
• Login with your user ID and password for remote participation at the 46th AGM any time from Procedure Action
9.00 a.m. i.e. one hour before the commencement of the 46th AGM on Thursday, 8  December
APPLICABLE TO INDIVIDUAL SHAREHOLDERS
2022 at 10:00 a.m.
(a) Register as a User with • Please access Tricor’s TIIH Online website at https://tiih.online using your computer or any device
• Select the corporate event:
TIIH Online website and register as a user under the “e-Services”. Please do refer to the tutorial guide posted on the
“(LIVE STREAMING MEETING) GAMUDA 46TH AGM”; to engage remotely in the proceedings of
homepage for assistance.
the 46th AGM of the Company.
• If you are a registered user with TIIH Online website, you do not need to register again.
• If you have any question for the Chairman/Board, you may use the Query Box to transmit your
question. (b) Proceed with • After the release of the Notice of Meeting by the Company, login with your user name (i.e. email
submission of address) and password.
The Chairman/Board will try to respond to questions submitted by remote participants during
Proxy Form
this AGM. If there is time constraint, the responses will be published on the Company’s website • Select the corporate event: “GAMUDA 46TH AGM – SUBMISSION OF PROXY FORM”.
at the earliest possible, after the 46th AGM.
• Read and agree to the Terms and Conditions and confirm the Declaration.
(Note: Questions submitted online will be moderated before being sent to the Chairman to avoid repetition)
• Insert your CDS account number and indicate the number of shares for your proxy(ies) to vote
• Voting session commences from 10:00 a.m. on Thursday, 8 December 2022 until a time when on your behalf.
the Chairman announces the end of the session.
• Appoint your proxy(ies) and insert the required details of your proxy(ies) or appoint the Chairman
To vote, select corporate event: as your proxy.
“(REMOTE VOTING) GAMUDA 46TH AGM”; or
• Indicate your voting instructions – FOR or AGAINST, otherwise your proxy will decide your vote.
if you are on the live stream meeting page, you can select:
“GO TO REMOTE VOTING PAGE”; • Review and confirm your proxy(ies) appointment.

located below the Query Box. • Print or save a PDF copy of the proxy form for your record.

• Read and agree to the Terms and Conditions and confirm the Declaration.
• Select the CDS account that represents your shareholdings.
• Indicate your votes for the resolutions that are tabled for voting.
• Confirm and submit your votes.
(f) End of remote • The Live Streaming will end upon announcement by the Chairman on the closure of the
participation 46th AGM.

Note to users of the RPV:

• Once your application to join the 46th AGM is approved, you will be granted the right to participate in the live stream broadcast of the 46th AGM and to vote remotely.
Your login to TIIH Online on the day of the 46th AGM will indicate your presence at the virtual meeting.
• The quality of your connection to the live broadcast is dependent on the bandwidth and stability of the internet at your location and the device that you are using.
• If you encounter issues with logging-in, connection to the live stream meeting or online voting, kindly call Tricor Help Line at 011-40805616/011-40803168/
011-40803169/011-40803170 for assistance or e-mail to tiih.online@my.tricorglobal.com for assistance.

430 9 Shareholder Information 9 Shareholder Information 431

GAMUDA BERHAD 197601003632 (29579-T) INTEGRATED REPORT 2022

ADMINISTRATIVE DETAILS
Forty-Sixth (“46th”) Annual General Meeting (“AGM”)

Procedure Action VOTING PROCEDURE

APPLICABLE TO CORPORATION OR INSTITUTIONAL SHAREHOLDERS
(a) Register as a User with
TIIH Online website
• Access TIIH Online website at https://tiih.online.
• Under e-Services, select “Create Account by Representative of Corporate Holder”.
• Complete the registration form and upload the required documents.
• Registration will be verified, and you will be notified by email within one (1) to two (2) working
days.
• Proceed to activate your account with the temporary password given in the email and re-set
your own password.
Voting at the 46th AGM of the Company will be conducted by poll in accordance with Paragraph 8.29A of Main Market Listing
Requirements of Bursa Malaysia Securities Berhad.
To facilitate the voting process, the Company has appointed Tricor as the Poll Administrator to conduct the poll by way of online
remote voting and Coopers Professional Scrutineers Sdn Bhd as the Scrutineers to verify the poll results. Please refer to “Online Remote
Voting” under item (e) in the table above on the procedures for online remote voting.
Upon completion of the voting session for the 46th AGM of the Company, the Scrutineers will verify the poll results followed by the
Chairman’s announcement whether the resolutions are duly passed.
GENERAL MEETING RECORD OF DEPOSITORS
Only shareholders whose names appear in the General Meeting Record of Depositors of the Company maintained by Bursa Malaysia
Depository Sdn Bhd as at 30 November 2022 shall be entitled to participate in the 46th AGM or appoint proxies to participate on
their behalf.

INTEGRATED REPORT 2022 AND OTHER DOCUMENTS

The Company’s Integrated Report 2022, Corporate Governance Report 2022, Statement to Shareholders in relation to the Proposed
Renewal of Share Buy-back Authority, Notice of 46th AGM, Form of Proxy and this Administrative Details are available at the Company’s
website at www.gamuda.com.my and Bursa Malaysia’s website at www.bursamalaysia.com.

You may request for a printed copy of the Integrated Report 2022 and the other documents mentioned above at https://tiih.online
by selecting “Request for Annual Report/Circular” under the “Investor Services” (as illustrated below). Nevertheless, we hope that
you would consider the environment before you decide to request for the printed copy.

Note:
The representative of a corporation or institutional shareholder must register as a user in accordance with the above steps before
he/she can subscribe to this corporate holder electronic proxy submission. Please contact Tricor if you need clarifications on
the user registration.

(b) Proceed with • Login to TIIH Online website at https://tiih.online.

submission of
• Select the corporate event: “GAMUDA 46TH AGM – SUBMISSION OF PROXY FORM”.
Proxy Form
• Agree to the Terms and Conditions and Declaration.
• Proceed to download the file format for “Submission of Proxy Form” in accordance with the
Guidance Note set therein.
• Prepare the file for the appointment of proxies by inserting the required data.
• Submit the proxy appointment file.
• Proceed to upload the duly completed proxy appointment file.
• Select “Submit” to complete your submission.
• Print or save a PDF copy of the confirmation report of your submission for your record.

432 9 Shareholder Information 9 Shareholder Information 433

GAMUDA BERHAD 197601003632 (29579-T)

FORM OF PROXY Co. Regn. No.

ADMINISTRATIVE DETAILS 197601003632 (29579-T)

Forty-Sixth (“46th”) Annual General Meeting (“AGM”) CDS account no. of authorised nominee (Note 1)

PRE-MEETING SUBMISSION OF QUESTION(S) TO THE NO RECORDING OR PHOTOGRAPHY *I/We (full name and in block letters)
BOARD
Unauthorised recording and photography are strictly prohibited at
Shareholders or proxies or corporate representatives may submit the 46th AGM of the Company. *NRIC/Passport/Co. Regn. No. (compulsory) Mobile Phone No.:
questions for the Board prior to the 46 th AGM via Tricor’s
TIIH Online website at https://tiih.online by selecting “e-Services” Address (in block letters):
to login, pose questions and submit electronically no later than ENQUIRY being a member of Gamuda Berhad (“the Company”) hereby appoint:-
Tuesday, 6 December 2022 at 10:00 a.m. Where there are
If you have any enquiry prior to the 46th AGM of the Company,
substantially similar questions for the 46th AGM, the Company will FIRST PROXY
please contact the following Tricor’s officers during office hours
consolidate such questions. As a result, the questions received
on Mondays to Fridays from 9:00 a.m. to 5:30 p.m. (except public Full Name (in block letters) NRIC/Passport No. Proportion of Shareholdings
may not be addressed individually. The Board will endeavour to
holidays):
answer these question received at the 46th AGM of the Company. No. of Shares %
However, if not all answers could be provided during the 46th Tricor Investor & Issuing House Services Sdn. Bhd.
Address:
AGM, the responses will be provided in the corporate website of General Line : +603-2783 9299
the Company. and SECOND PROXY (as the case may be)
Fax Number : +603-2783 9222
Email :
is.enquiry@my.tricorglobal.com Full Name (in block letters) NRIC/Passport No. Proportion of Shareholdings
NO E-VOUCHER, GIFT OR FOOD VOUCHER Contact persons : Mr. Jake Too No. of Shares %
There will be NO e-voucher, gift or food voucher for shareholders +603-2783 9285
Address:
or proxies who participate in the 46th AGM of the Company. (Chee.Onn.Too@my.tricorglobal.com)
En. Aiman Nuri or failing * him/her, the Chairman of the Meeting as * my/our Proxy to vote for * me/our behalf at the Forty-sixth Annual General Meeting
The Board would like to thank all its shareholders for their kind +603-2783 9262 of the Company (“46th AGM”) to be conducted fully virtual through online meeting platform via TIIH Online website at https://tiih.online or
co-operation and understanding on this matter. (muhamad.aiman@my.tricorglobal.com) https://tiih.com.my (Domain registration number with MYNIC: D1A282781) provided by Tricor Investor & Issuing House Services Sdn Bhd
(“Tricor”) in Malaysia on Thursday, 8 December 2022 at 10:00 a.m. and at any adjournment thereof.

Resolution Ordinary Business For Against

1 Approval of Directors’ fees
2 Approval of payment of Directors’ remuneration (excluding Directors’ fees)
3 Re-election of YBhg Dato’ Lin Yun Ling as a Director
4 Re-election of Ms. Chan Wai Yen as a Director
5 Re-appointment of Ernst & Young PLT as Auditors and to authorise the Directors to fix the
Auditors’ remuneration
Special Business
6 Ordinary Resolution:
Authority to issue Shares pursuant to Sections 75 and 76 of the Companies Act 2016
7 Ordinary Resolution:
Proposed Renewal of Share Buy-back Authority
8 Ordinary Resolution:
Issuance of New Shares pursuant to the Dividend Reinvestment Plan

(Please indicate with an “✗” or “✓” in the appropriate box against the resolution how you wish your Proxy to vote. If no instruction is
given, this form will be taken to authorise the Proxy to vote at his/her discretion)

Signed this day of , 2022. No. of Shares held

Signature/Common Seal of Shareholder

IMPORTANT: PLEASE READ NOTES OVERLEAF

434 9 Shareholder Information

Notes:
1. Applicable to shares held through a nominee account.
2. Please follow the procedures provided by Tricor Investor & Issuing House Services
Sdn Bhd in the Administrative Details for the 46th AGM in order to register, participate
and/or vote remotely at the 46th AGM via the Remote Participation and Voting
Facilities (“RPV”).
3. Every Member of the Company is entitled to:-
i. appoint another person as his proxy to exercise all or any of his/her rights to
attend, participate and vote at the 46th AGM and that proxy may but need not
be a Member of the Company.
ii. appoint more than one (1) person as his/her proxy provided that he specifies
the proportions of his shareholdings to be represented by each proxy.
4. Where a Member of the Company is an Authorised Nominee as defined under the
Securities Industry (Central Depositories) Act, 1991, it may appoint at least one (1)
proxy but not more than two (2) proxies in respect of each securities account it
holds with ordinary shares of the Company standing to the credit of the said
securities account. If more than one (1) proxy is appointed, the appointment shall
be invalid unless the Authorised Nominee specifies the proportions of the
shareholdings to be represented by each proxy.
5. Where a Member is an Exempt Authorised Nominee as defined under the Securities
Industry (Central Depositories) Act, 1991, which holds ordinary shares in the Company
for multiple beneficial owners in one (1) securities account (“Omnibus Account”),
there is no limit to the number of proxies which the Exempt Authorised Nominee
may appoint in respect of each Omnibus Account it holds. If more than one (1)
proxy is appointed in respect of each Omnibus Account, the appointment shall be
invalid unless the Exempt Authorised Nominee specifies the number of shares to
be represented by each proxy.
fold here
The Share Registrar
Gamuda Berhad (197601003632 (29579-T))
c/o Tricor Investor & Issuing House Services Sdn Bhd (197101000970 (11324-H))
Unit 32-01, Level 32, Tower A
Vertical Business Suite
Avenue 3, Bangsar South
No. 8, Jalan Kerinchi
59200 Kuala Lumpur.
fold here
6. If the appointor is a corporation, the Form of Proxy shall be under the corporation’s
seal or under the hand of an officer or attorney duly authorised.
7. If no name is inserted in the space provided for the name of your proxy,
the Chairman of the Meeting will act as your proxy.
8. Form of Proxy can be submitted in the following manner, not less than forty-eight
(48) hours before the time appointed for holding the 46th AGM or at any adjournment
thereof:
i. Hard copy:
The original signed Form of Proxy must be deposited with the Share Registrar
of the Company, Tricor Investor & Issuing House Services Sdn Bhd at
Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South,
No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia or alternatively, the
Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue
3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia; OR
ii. Electronic means:
You may also submit the Form of Proxy electronically via TIIH Online website
at https://tiih.online by following the procedures set out in the Administrative
Details for the 46th AGM.
9. Only a Depositor whose name appears in the Record of Depositors as at
30 November 2022 shall be entitled to participate and/or vote at the 46th AGM via
RPV or appoints a proxy or proxies to attend, participate and/or vote on his/her
behalf.
* Delete where not applicable
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