KUALA LUMPUR: Glomac Bhd
expects the property market to improve further in 2025 but remains cautious.
“The management remains vigilant in monitoring its construction costs as well as managing potential financial risks aiming to enhance overall profitability,” the developer said in a filing with Bursa Malaysia.
For the third quarter ended Jan 31, Glomac recorded a net profit of RM1.9mil, or earnings per share of 0.25 sen, bringing its nine-month (9M25) net profit to RM13.2mil, or 1.72 sen.
Quarterly revenue stood at RM33.7mil, bringing total revenue for 9M25 to RM163.4mil.
In a separate statement, Glomac said it had maintained a solid financial position, with a negligible net gearing of 0.03 times, supported by shareholders’ equity of RM1.12bil.
As of end-January 2025, cash and deposits remained robust at RM248mil, ensuring ample liquidity to support the group’s ongoing development initiatives.
Additionally, Glomac’s net asset value per share stood at RM1.56, reflecting a price-to-book ratio of approximately 0.23 times.
Glomac said it successfully launched new phases of shop offices at Saujana Perdana during the quarter under review, with an estimated gross development value (GDV) of RM125mil.
As of end-January 2025, nearly 60% of the units had been sold, reflecting strong market demand, it said.
Glomac said upcoming projects include additional residential phases within its established townships, such as Lakeside Residences, Saujana KLIA, and Saujana Jaya in Kulai, Johor, with a combined estimated GDV of RM298mil.
“With a strategically located landbank of future development with an estimated future GDV exceeding RM7bil, Glomac is poised to capitalise on growth opportunities and further expand its development footprint,” it said.
