Glomac reports higher revenue, earnings in Q3

Group’s steady growth supported by its ongoing projects in Kelana Jaya and KLIA

in Q3’23.

In the first nine months of its financial year ending April 30, 2024 (9M FY24), the group achieved unaudited revenue of RM205.3 million compared to RM209.9 million achieved in the corresponding period of FY23. The group’s PBT for 9M FY24 came in at RM13 million, with PATMI at RM8.4 million. Revenue for the period was driven by steady construction activities at the group’s ongoing development projects namely, 121 Residences, Plaza@ Kelana Jaya and ongoing phases at Saujana KLIA and RUMA 33 at Saujana Utama 5.

Glomac’s balance sheet remain sound over the past 5 years. This is reflected by the near net cash position, with negligible net gearing of 0.08 times against shareholder’s funds of RM1,187.7 million. Cash and deposits rose to RM307.9 million from

RM288.8 million as at end-April 2023, backed by strong operating cash flows and free cashflow of 16 sen per share.

During the quarter under review, the group launched Allamanda, the latest phase of double-storey terrace houses at Saujana KLIA, with a total estimated gross development value (GDV) of RM35 million. The Saujana KLIA township had strong take-up rates, with all previous phases of terrace houses and shop offices fully sold. This includes the preceding phase, Primrose which has been completed, and handed over to buyers in January 2024.

Keys at Lakeside Residences comprises 98 semi-detached houses with a total estimated GDV of RM234 million. The first release of 42 units met with strong interest. New units are expected to be rolled out concurrently.

Glomac’s focus remains in the affordable and mid- market residential segments.