Please evaluate GAMUDA Berhad and EKOVEST Berhad financial performance over the past three years (2017 - 2019).

Highlighting the following aspects of each companies:

Calculation of relevant profitability ratios of the companies (please share working)

Calculation of relevant leverage ratios of the companies (please share working)

Comparison of the profitability and leverage ratios of the companies

Evaluation of the companies' financial performance from equity investors' point of view

Consideration of qualitative factors in evaluating the companies

Conclusion of the analysis, financial evaluation and investment decision, which company is good

Relevant information can be obtain from;

https://gamuda.com.my/for-investors/financial-information/

http://ekovest.listedcompany.com/ar.html

ERDIVEST BERHAD ANNUAL PERCHT OH FINANCIAL HIGHLIGHTS Group Group Group Group Group 2015 2016 2017 2018 2019 AM'OOO AM'000 AM'DOO RM'OOO (Restated) (Restated) Revenue 438,015 783.582 1,072.789 1,036,867 1,335,178 Profit Before Tax 31.768 180,951 186,435 164,921 226,268 Taxation (11.760 35.345) 65.416 150.539) (85,827) Profit After Tax 20,008 155,608 121,019 114,368 130,444 Non-controlling Interests (1.484) (184) 1480 11,068 10,032 Profit Attributable To Owners of the Company 18,512 155,412 120.529 125,454 140,476 Share Capital 427.724 427.724 428.115 755,583 1,117,861 Reserves 754,718 868 414 1,483.552 1,254,744 1,334.119 Equity Attributable To Owners of the Company 1,162,443 1,317.138 1,827.687 2,010,337 2,452,080 Represented By: Property, Plant and Equipment 59.411 67,280 64,417 70,248 133,822 Investment Properties 160,339 386,420 413,411 568,803 719,560 Land Held for Property Development 105,889 121.727 218.502 358,686 507,628 Concession Assets 1,798,922 2,368,462 3,179 681 3,828,941 4,682,373 Intangible Assets 6,453 Investment In An Associate 104,348 Deferred Tax Assets 2,685 2,554 4,485 9,854 13,163 Current Assets 1,545.614 1,045.234 5,472,308 4,909,309 4,534,150 Current Liabilities (461 753) (568 501] (862.838) (1,028,577) (1,344,768 Non-current Ulabilities (2.021 861) (2,105.879) (5, 183,133) (6,340,759) (6,546,580 Non-controlling Interests 14 803 (379 244) (368,178 (358 149) 1.182,443 1,317.138 1,827.687 2,010,337 2,452,080 Net Assets Per Share (RM) 1.38 1.54 0.80 0.94 D.82 Basic Earnings Per share (Sery 2.16 18.17 5.64 5.BE B.45ANNUAL REPORT 2019 Financial Year Ended July RM million 2019 2018 2017 2016 2015 FINANCIAL RESULTS Revenue as reported In audited financial statements 4,565 4,217 3,212 2,122 2,400 Share of joint ventures revenue 2,616 2,936 2,491 2.049 2,360 Revenue 7,181 7,153 5,703 4,171 4,760 Core Profit Before Tax 909 1,054 924 781 858 Less: One-off Items - Loss on disposal of SPLASH [300) - Impairment of Gamuda Water's trade receivables [7) - Impairment of SMART's Expressway [98] Profit before tax 747 826 781 Core Net Profit 706 835 700 620 Less: One-off Items - Loss on disposal of SPLASH [30 0] - Impairment of Gamuda Water's trade receivables - Impairment of SMART's Expressway Net Profit 705 530 602 626 KEY INFORMATION OF FINANCIAL POSITION Total Cash & Bank balances and Investment Securities 1,849 1,623 1.042 1,473 1,438 Total Assets 17,191 16,632 15,666 14,167 13,326 Total Liabilities 8,721 8,652 7.809 6,955 6,633 Total Borrowings 5,144 5,737 5,243 4,808 4,135 Share Capital [No. of shares) 2,472 2,468 2,451 2,419 2,406 Owners Equity 8,071 7,597 7.488 6,878 6,337 Total Equity 8,471 7,980 7,858 7,214 6,693 FINANCIAL RATIOS Core Earnings Per Share (sen] 28.60 33.94 28.84 25.99 28.94 Basic Earnings Per Share [sen] 28.60 21.56 24.78 25.90 28.94 Share Price at Year End [RM) 3.71 3.60 5.30 4.87 4.82 Core Price Earnings Ratio [times] 12.97 10.61 18.39 18.74 16.66 Price Earnings Ratdo [times) 12.97 16.70 21.39 18.74 16.66 Core Return on Owners' Equity (56) 9% 11% 9% 9% 11% Return on Owners' Equity (6) 9% 7% 0% 11% Core Return on Total Assets (6) 4% 59% 49% 5% Return on Total Assets [%] 4% 3:9% 496 49% 59% Dividend Payout to Earning Ratio [%) 42% 56% 4956 46% 42% Net Gearing ratio (times) 0.39 0.52 0.54 0.46 0.40 Performance Brown 12 Management Discussion & Analysis 35GAMUDA BERHAD 17:573-1) Group Segmental Performance Financial Year Ended July RM million 2019 2018 2017 2016 2015 GROUP REVENUE Engineering and Construction 4.138 4,066 3,327 2,571 3,173 Property Development 2.547 2.575 1.868 1, 122 1,145 Water and Expressway 496 512 508 478 422 Revenue 7.181 7,153 5,703 4, 171 4,760 GROUP PROFIT BEFORE TAX Engineering and Construction 283 367 269 192 222 Property Development 322 264 215 176 258 Water and Expressway 304 423 440 413 378 Core Profit Before Tax 909 1,054 924 858 Less: One off Items - Loss on disposal of SPLASH [300] - Impairment of Gamuda Water's trade receivables Impairment of SMART's Expressway (98] Profit Before Tax 909 TAT 324 358 GROUP NET PROFIT Core Net Profit 706 835 70 0 426 Less: One off Items - Loss on disposal of SPLASH (300] - Impairment of Garuda Water's trade receivables 151 - Impairment of SMART's Expressway Net Profit 706 530 602 626 By Geographical Revenue Core Profit Before Tax (RM'million] [RM million) 5,576 5.569 T,605 1,584 653- 790 256 264 2019 2019 2018 2019 2018 2019 2018 Malaysia Overseas Malaysia Overseas 36 12 Management . Performance Review