KUALA LUMPUR: Glomac Bhd's long-term prospects is expected to remain positive, anchored by a strong portfolio of prime development landbank with an estimated gross development value of RM8 billion, largely within the Klang Valley.
Group managing director and chief executive officer Datuk Seri FD Iskandar said despite the lingering impact of Covid-19 on the property market, the company is well placed to accelerate development activities in the Klang Valley.
FD Iskandar said in the near term, with the easing of economic restrictions, there would be an improvement especially for construction activities to commence and for the company's sales gallery to reopen.
"We believe our RM580 million unbilled sales will provide funding visibility, at least for the next two years, and we are focused on converting our sales of ongoing projects and RM282 million worth of new launches in the financial year 2022 (FY22).
"The new launches comprise mainly of landed residential phases within the midmarket and affordable segments that have continued to garner a solid response," he told reporters after the company's 37th annual general meeting today.
FD Iskandar said the new launches include Saujana Utama 5 in Sungai Buloh, a residential township with an estimated GDV of RM299 million.
Meanwhile, he said the company is embracing the new digital norm where it provides broadband connectivity and incorporates work-from-home designs in its new launches, including developing a solid digital marketing platform to complement the conventional marketing approach.
"Glomac is working closely with some telecommunication companies to provide better broadband and better Wi-Fi connectivity in the medium to longer-term," he said.
For the full financial year ended April 30, 2021, Glomac's net profit more than doubled to RM28.31 million from RM12.59 million, while revenue grew 49.1 per cent to RM366.31 million from RM245.81 million.
Its Q4 revenue jumped 97.6 per cent to RM115.43 million from RM58.41 million, largely driven by the pick-up in construction activities post-Movement Control Order (MCO), leading to higher progress billings from Glomac's ongoing projects such as Saujana Perdana at Bandar Saujana Utama, Plaza@Kelana Jaya, Saujana Rawang and 121 Residences.
Glomac's financial position remained robust, sporting a cash position of RM218.2 million and a current ratio of 1.77 times, while net gearing stood at a healthy 0.25 times against shareholders' funds of RM1.2 billion.