Below are the points I noted down based on what I heard and saw during the AGM : 

1) CFO Ms Kok presented the performance of company in FY2015, recorded a total profit of RM59m , about 37% improvement compared to FY2014
For FY2016 Q1, the total profit was RM20m which is about 1/3 of FY2015 profit.

2) Gadang's bread and butter Construction Division still have a total of up to RM875m orderbooks till-date. The management said that the Petronas Pengerang Rapid project will still be carrying on and it's not gonna affected by the tumbled in crude oil price as the project had already kicked start , moreover ,the budget already allocated to Petronas, if they couldnt finish the Integrated Petroleum Complex in time, then those foreign investors have the right to sue them. They're tendering a total number of RM3bil project in Rapid Pengerang project. Apart from that, management reassured that Gadang is also reputable for it's capability to submit the project on schedule, hence, there shouldnt be any problem for the upcoming contract streaming from this RAPID project alone.

Regarding the upcoming KVMRT2 project, CEO Tan Sri Dato Kok Onn seems quite confident that they will be securing a package of work as in Gadang was the previous sub-con for MRT1 ,thus they'll be given the opportunity and retained the priority as the next sub-con for coming MRT2 project.  Management claimed that they're the fastest company to accomplish the job for MRT1 and being given a few awards by the main contractor. He also said that for MRT2 only a few quality players will be short listed. Gadang has gained experience in the previous MRT1 project, as such, for MRT2 project could generate a better profit margin because of accumulated experience.

Some of the investors also asked about the possibility of participation into PanBorneo highway construction. The management replied that few years ago they have been planning but seems till date the project haven't really kick start and not open bidding for tender yet. My personal view is that this PanBorneo Highway for Sabah Part (Sarawak's part will be given to Sarawak's companies )  might be open tendered for companies based in Peninsula because there are only few local Sabah contractors.

Management team also concluded that they'll see the orderbook to be boosted to about RM 1 bil in near term, since next month December is the closing of MRT2 tender, and we shall see the award in about <3 months time.

3) Currently the property division has unbilled sales of around RM200 million (excluding Capital CIty) . The Capital City in Johor could contribute about RM20m in the coming FY2016 as currently they're just launching the Capital Mall only due to the poor property market sentiment in Johor. According to the agreement signed in April 2014, the total earning potential attributable from this Capital City is up to RM220m ( although previously assumed it could be translating to about RM60-70m per financial year)

4) Plantation - :joy: the palm tree still not fully matured yet

5) Utility division - based in Indon, involving Water Concession and Power Concession.

Water Concession - convert non drinkable water to drinkable water via purification 

Power Concession - mini hydro power plant

It's a good source of recurring income for Gadang and new stream of income will be contributing for FY2017 due to the newly acquired Power concession company, now is in construction phase

6) Potential corporate exercise ? -  I would like to give credit to Mr Stanley ,a senior investor that asked about possibility of corporate exercise such as bonus issue /share split to further enhance  shareholder's value. From what the management team had replied, it seemed that it is unlikely to happen in the near term, but chairman mentioned that they will distribute 20% profit as dividend as a path to reward shareholder.

Currently Gadang's Paid-up capital = RM218m  , Retained earning = RM189m                           

My personal view, maybe the management can consider to give because it's to capitalize the retained earning afterall ,so that in terms of accounting measure it looks more "bigger" in size and hence can get more loans/ to "swallow" big project.

7) In a nutshell , the management team is quite optimistic about Gadang's future earning, they are expecting a 20-30% gain in the profit of FY2016. The company strategy is to be "conservative" and to be backed up by strong cash flow.

The earning visibility seems still good overall.

From the way and speed of management team answering the queries from the ground, hereby I would like to say ...

Thank you
Zeff Tan