Glomac's Q2 net profit rises to nearly RM12mil on RM78.4mil revenue

KUALA LUMPUR: Glomac Bhd posted a higher net profit of RM11.8 million in the second quarter of its current financial year ending April 30 2023.

Group revenue rose to RM78.4 million from RM75.4 million achieved in the corresponding quarter of FY2022.

Glomac said the overall performance reflected the steady construction progress at its ongoing developments.

In its six-month financial period, Glomac's group revenue rose 38 per cent to RM143.9 million compared to RM104.2 million achieved in the corresponding six months of FY2022, while net profit came in 28 per cent higher at RM17.0 million.

Glomac group managing director and chief executive officer Datuk Seri FD Iskandar, at an analyst briefing conducted online today 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 development activities with a robust balance sheet and a strong pipeline of about RM8 billion worth of potential developments that are mainly located within the Klang Valley region."

Glomac said its balance sheet remained healthy with net gearing of a comfortable 0.21 times as at Oct 31 2022, against shareholders' funds of RM1.16 billion.

Overall cash position was higher at RM236.4 million, compared to RM215.4 million as at the end of the previous financial year.

The group declared a final single tier dividend of 1.5 sen for FY2022 which will be paid on Dec 29. This translates to a dividend yield of about five per cent, based on its current share price.

Glomac expects to roll out RM510 million worth of new projects in the second half of FY2023.

This will serve to further boost its sales figures and replenish its unbilled sales, which stood at a healthy RM491 million as at end-October 2022.

New launches in this financial year will include the debut of Greentec Puchong, an integrated residential development with a total estimated gross development value of RM1.57 billion.

Its initial phase, which is slated for launch in the fourth quarter of FY23, will comprise SoHos and serviced apartments with an estimated GDV of RM340 million.

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