SHAH ALAM, Sept 19 — Property developer Glomac Berhad has reported RM73.3 million in revenue for the first quarter of the financial year (FY2025) ending April 30, 2025, 22 per cent compared to RM60.1 million reported in the corresponding quarter of FY2024.
It said that profit before tax surged 90 per cent to RM11.8 million as compared to RM6.2 million in the first quarter of FY2025.
"The stronger financial performance was mainly driven by higher revenue and improved profit margins, due to higher contributions from better-margin projects during the quarter under review.
"Contributing projects include Saujana Perdana, and the two high-rise residential projects namely, Plaza@Kelana Jaya, and 121 Residences," Glomac said in a statement today.
The group’s balance sheet remained healthy, with negligible net gearing of 0.06 times against shareholders’ funds of RM1,247.9 million. Cash and deposits remained robust at RM292.4 million as of the end of July 2024.
"The Group’s net assets per share rose to RM1.58 as of the end of July 2024, translating to a price-to-book ratio of 0.24 times," it said.
For the forthcoming Annual General Meeting scheduled on October 23, 2024, Glomac proposed a single-tier final dividend of 1.25 sen per ordinary share in respect of FY2024, subject to shareholders’ approval.
"This translates to a dividend yield of approximately 3.2 per cent. Meanwhile, the Group is poised to drive property sales with a diverse suite of residential and commercial products for the current financial year.
"Launches in FY2025 with a total estimated gross development value (GDV) of RM459 million include new phases of double-storey houses within Glomac’s established township developments, namely Serai@SBCR, Saujana KLIA and Saujana Jaya in Kulai Johor," it said.
Glomac added that the first phase of Serai@SBCR was successfully launched in late-August 2024, with a RM66 million GDV, comprising 112 units of double-storey terrace houses. The project has been met with strong demand.
"Building on the success of KEYS semi-detached houses (Phase One) at Lakeside Residences, Glomac is introducing the second phase of KEYS, with a GDV of RM192 million in the second half of FY2025.
"New planned launches for FY2025 also include commercial shop offices at Saujana Perdana with a GDV of RM93 million," it said.
Glomac commands a strong portfolio of strategically located landbanks with a GDV of approximately RM7 billion, aligning the group for sustained future development. Backed by a robust balance sheet, Glomac is well-positioned to drive development activities and pursue opportunities for landbank expansion.
