Glomac optimistic FY23 sales to surpass RM160mil


Glomac group managing director and CEO Datuk Seri Fateh Iskandar Mohamed Mansor

KUALA LUMPUR: Glomac Bhd is optimistic about surpassing the previous financial year’s sales of RM160 million in this financial year ending April 30, 2023 (FY2023), driven by upcoming project launches.

Managing director and chief executive officer Datuk Seri Fateh Iskandar (FD Iskandar) Mohamed Mansor said the group has already achieved sales of about RM125 million so far in FY2023.

"In the last (financial) year, we lost about eight months because of the emergency ordinance as well as the pandemic. This year we hope to do much better than last year.

"Most of the new launches would happen in the third and fourth quarter of this year because we want to see whether the labour situation has improved and whether material prices have stabilised,” he told a media briefing after the group’s annual general meeting (AGM) here, today.

He said Glomac looks to raise its development activities with RM469 million worth of new launches in the current financial year, with a focus on market demand.

"While consequent reopening of the economy bodes well for all sectors including property development, underlying concerns over rising interest rates, inflation and tight supply conditions may affect the property sector.

"Longer-term prospects for Glomac remain intact, underpinned by a healthy balance sheet and a strong pipeline of future development projects that has a potential estimate gross development value of RM8 billion, strategically located within the Klang Valley,” he said.

Meanwhile, during the AGM, FD Iskandar said Glomac’s shareholders have approved a final single-tier dividend of 1.5 sen per ordinary share for the financial year ended FY2022, compared to 1.0 sen per ordinary share paid previously, translating to a current dividend yield of approximately 5.4 per cent.

He said Glomac has continued to enjoy robust sales within its township developments, where completed and ongoing phases have been mostly all sold.

This, he said, underscores Glomac’s ability to tailor residential products to the strong market demand in the affordable and mid-market segments.

"The group will strive to further innovate its product offerings to appeal to the ever-changing demands of home buyers and sustain its sales momentum,” he said.

Glomac commands a healthy balance sheet, reflecting the group’s success in managing its business activities and cash flows at the peak of the COVID-19 pandemic.

As of end-FY2022, the group’s cash and cash deposits stood at RM215.4 million, with a comfortable net gearing position of 0.23 times.

Net assets per share attributable to owners of the company amounted to RM1.51. - Bernama

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