Glomac says its overall performance reflected the steady construction progress at its ongoing developments.
PETALING JAYA: Glomac Bhd
posted a higher revenue of RM78.4mil for the second quarter of its current financial year ending 30 April 2023 (2Q23) compared with RM75.4mil achieved in the corresponding quarter of financial year 2022 (FY22).
Its pre-tax profit came in at RM17.5mil, while profit attributable to owners of the company (patmi) was higher at RM11.8mil.
In a statement, the group said its overall performance reflected the steady construction progress at its ongoing developments.
For its six-month financial period, revenue rose 38% to RM143.9mil compared with RM104.2mil achieved in the corresponding six months of FY22.
The group reported a pre-tax profit of RM25.4mil, while its patmi came in 28% higher at RM17mil.
Group managing director and chief executive officer Datuk Seri FD Iskandar, at an analyst briefing conducted online, said: “Our development strategy remains focused on the mid-market segments.
“I’m happy that we are able to continue generating a strong development track record.
“We aim to scale up our activities with a robust balance sheet and a strong pipeline of about RM8bil worth of potential developments that are mainly located in the Klang Valley.”
Glomac said its balance sheet remains healthy with a net gearing of 0.21 times as at Oct 31, 2022, against shareholder funds of RM1.16bil.
Its overall cash position was higher at RM236.4mil compared with RM215.4mil as at the end of the previous financial year ended April 30, 2022.
The group has declared a final single-tier dividend of 1.5 sen for FY22 that will be paid on Dec 29, 2022. This translates to a dividend yield of about 5% based on its current share price.
Glomac said its sales momentum was positive and was driven by robust efforts and strong product offerings.
The group achieved new sales of RM106mil for the six-month period, a sharp recovery from RM48mil recorded in the previous six-month period of FY22.
The higher sales were mainly driven by the latest residential phases at its township developments of Saujana Perdana and Saujana Utama 5, as well as its high-rise residential projects Plaza@Kelana Jaya and 121 Residences.
Glomac expects to roll out RM510mil worth of new projects in the second half of FY23.
This will serve to further boost its sales figures and replenish its unbilled sales, which stood at a healthy RM491mil as at end-October 2022.
New launches in this financial year will include the debut of Greentec Puchong, an integrated residential development on 15.3 acres in the heart of Puchong with a total gross development value of RM1.57bil.
