Advertisement Banner

Press Release: GLOMAC Achieved Higher Revenue Of RM341 Million For FY2023

Press Release: GLOMAC Achieved Higher Revenue Of RM341 Million For FY2023

Approved Final Dividend of 1.25 Sen for FY23 

Kuala Lumpur, 25 October 2023 – Glomac Berhad (“Glomac or the Group”), an established  property developer, is pleased to announce the successful conclusion of its 39th Annual General  Meeting (“AGM”) held today. At the AGM, shareholders of Glomac Berhad duly approved the final  single-tier dividend of 1.25 sen per ordinary share for the financial year ended 30 April 2023  (“FY23”). This translates to a dividend yield of approximately 3.9 per cent (based on closing price  of 32 sen as of 30 April 2023).  

In FY23, the Group achieved a pretax profit of RM50.5 million and profit attributable to owners of  the Company (“PATMI”) of RM31.5 million. This was achieved on the back of a revenue of  RM341.0 million, a 31 per cent growth compared to RM259.5 million reported in FY22. The  stronger growth was mainly driven by steady construction activities from Glomac’s ongoing  development projects, including current phases at its Saujana Perdana township in Sungai Buloh,  as well as Plaza@Kelana Jaya and 121 Residences, the Group’s two high-rise residential  developments within the Petaling Jaya – Damansara districts.  

Glomac delivered robust sales, surging 89 per cent to RM302 million for the financial year. The  better showing in new sales was attributed to Glomac’s strong product offerings as well as  successful sales initatives. New sales were mainly supported by its highly successful residential  townships at Saujana Perdana, Saujana Utama 5, and Saujana KLIA, as well as Plaza@Kelana  Jaya and 121 Residences. 

Consequently, unbilled sales also improved to RM528 million as at end-April 2023, providing  healthy earnings visibility. Going forward, the Group is resolute in committing to its construction  schedules, and ensuring the seamless and punctual delivery of all its ongoing projects to buyers.  

Glomac’s balance sheet remains solid. As at 30 April 2023, the Group’s cash and bank balances  increased to RM288.8 million from RM215.4 million a year ago. Net gearing improved to 0.16  times from 0.23 times a year ago. Net assets per share attributable to owners of the Company  edged higher to RM1.53 in FY23 from RM1.51 previously. 


Glomac is gearing up to introduce new projects worth approximately RM700 million in the current  financial year. Among the new launches is the much-anticipated debut of Loop City Puchong. This  is Glomac’s latest integrated residential development boasting a total estimated Gross  Development Value (“GDV”) of RM1.57 billion. The maiden phase will encompass SoHos and  serviced apartments with an estimated GDV of RM338 million. 

Overall, Glomac commands a robust portfolio of prime and strategic landbank for development  with a total potential estimated GDV nearing RM8 billion. Glomac’s existing presence in Johor  should also benefit from potential heightened activities down south with the proposed introduction  of a special financial zone in Forest City and a possible revival of the High-Speed Rail connecting  Kuala Lumpur to Singapore. Glomac’s Sri Saujana and Saujana Jaya township developments in  Johor has a combined landbank totalling 238 acres and a total potential estimated GDV of RM800  million.


Happy reading! Property News Malaysia? Sign up for daily investment news updates (FREE since Nov 2013 and FOREVER). 

Alternatively, Follow me on Telegram here.

Please LIKE FB page to get daily updates about the property market beyond articles.

Else, follow me on Twitter here.

**In Article Advertisements Banner

Leave a Reply

Subscribe to Blog via Email

Few seconds to subscribe for FREE and get property investment tips, latest financial and property news and more.

Join 1,940 other subscribers.
Motion arrow towards right
Motion arrow towards right
Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.


Advertisement Banner

Facebook Comment

Table of Contents

Most Recent Posts

join the family

Like us for daily investment news and more

Hit the like

%d bloggers like this: