Glomac 1Q net profit up 79% on better property development, investment revenue

• The planned launches during the year with a total estimated gross development value (GDV) of RM459 million include new phases of double-storey houses within Glomac’s established township developments.

KUALA LUMPUR (Sept 18): Glomac Bhd's (KL:GLOMAC) net profit rose 79.04% to RM7.28 million for its first quarter ended July 31, 2024 (1QFY2025), from RM4.06 million a year ago, driven by higher revenue and improved profit margins from better margin projects.

“Contributing projects include Saujana Perdana, and the two high-rise residential projects namely, Plaza@Kelana Jaya and 121 Residences,” the property developer said in a statement.

The bigger profit was also due a 52.47% in finance income to RM1.17 million from RM768,000 in 1QFY2024. 

Earnings per share rose to 0.95 sen from 0.53 sen.

Quarterly revenue increased 21.92% year-on-year to RM73.29 million from RM60.11 million on stronger revenue contribution from both property development and property investment segments. 

On its prospects, Glomac said it is poised to drive property sales with a diverse suite of residential and commercial products in FY2025.

The planned launches during the year 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.

In addition, Glomac is introducing the second phase of KEYS@Lakeside Residences in Puchong 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.

Glomac had launched the first phase of Serai@SBCR in late-August 2024, with a GDV of RM66 million, comprising 112 units of double-storey terrace houses.

Glomac’s share price closed unchanged at 38 sen, bringing the group a market capitalisation of RM304 million.

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