Pipeline of new projects for Glomac

The property developer’s net profit for the fourth quarter improved by 8.1% year-on-year to RM15.2mil.

PETALING JAYA: Glomac Bhd is cautiously optimistic about an improvement in the property market for its financial year ending April 2025 amid ongoing concerns about higher construction costs.

Sustaining its sales momentum with a strong pipeline of new projects this year, the group is confident that it diverse new products will appeal to a broader market.

The property developer’s net profit for the fourth quarter ended April 30, 2024 (4Q24) improved by 8.1% year-on-year (y-o-y) to RM15.2mil although revenue halved to RM61.5mil compared with the same quarter last year.

Cumulatively for the year, net earnings fell by 25.1% y-o-y to RM23.6mil, as turnover decreased by 21.8% to RM266.7mil.

Glomac attributed the reduction in profits to lower contribution from its property development segment, resulting in a lower gross profit.

“Revenue from the property development segment for the current quarter decreased by RM70.5mil, whereas cumulatively, revenue decreased by RM77.4mil.

“This was attributable to the completion of several property development projects in the previous financial year, resulting in fewer ongoing phases recognised in the current year,” the group said in a filing with Bursa Malaysia.

Glomac proposed a single-tier final dividend of 1.25 sen per share for FY24, subject to shareholders’ approval in its forthcoming AGM.

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