Glomac Berhad 3Q FY2024 Revenue Grew 35.4 Per Cent Y-O-Y To RM89.4 Million

Press Release: Glomac Berhad 3Q FY2024 Revenue Grew 35.4 Per Cent Y-O-Y To RM89.4 Million

In the third quarter of financial year ending 30 April 2024 (“3Q FY2024”), Glomac Berhad (“Glomac” or “the Group”) achieved unaudited revenue of RM89.4 million, a growth of 35.4 per cent compared to RM66.0 million in the preceding corresponding quarter a year ago. Subsequently, profit before tax (“PBT”) rose to RM6.2 million, whilst profit attributable to owners of the Company (“PATMI”) increased to RM3.8 million from RM0.4 million recorded in 3Q FY2023.

In the first nine months of its financial year ending 30 April 2024 (“9M FY2024”), the Group achieved unaudited revenue of RM205.3 million compared to RM209.9 million achieved in the corresponding period of FY2023. The Group’s PBT for 9M FY2024 came in at RM13.0 million, with PATMI at RM8.4 million. Revenue for the period was driven by steady construction activities at the Group’s ongoing development projects namely, 121 Residences, Plaza@ Kelana Jaya and ongoing phases at Saujana KLIA and RUMA 33 at Saujana Utama 5.

Glomac’s Balance Sheet remain sound over the past 5 years. This is reflected by the near net cash position, with negligible net gearing of 0.08 times against shareholder’s funds of RM1,187.7 million. Cash and deposits rose to RM307.9 million from RM288.8 million as at end-April 2023, backed by strong operating cash flows and free cashflow of 16 sen per share. During the quarter under review, the Group launched Allamanda, the latest phase of double-storey terrace houses at Saujana KLIA, with a total estimated Gross Development Value (“GDV”) of RM35 million. The highly successful Saujana KLIA township has continued to enjoy strong take-up rates, with all previous phases of terrace houses and shop offices fully sold. This includes the preceding phase, Primrose which has been completed, and successfully handed over to buyers in January 2024.

Keys at Lakeside Residences comprises 98 semi-detached houses with a total estimated GDV of RM234 million. The first release of 42 units met with strong interest. New units are expected to be rolled out concurrently.

Glomac’s focus remains in the affordable and mid- market residential segments, where the group has successfully built a strong brand with products that emphasized on quality, innovative and digital lifestyle concepts. Adding to the numerous awards and accolades received, the Group was recently awarded with
the Malaysian Property Excellence and Sustainability Award 2024 by KSI Strategic Institute for the Asia Pacific & FIABCI Malaysia, in recognition of Glomac’s various initiatives such as incorporating green building designs and use of renewable energy sources in its product offerings.

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