Glomac’s 1Q Net Profit Rises To RM7.28 Mln

Glomac Bhd's net profit for the first quarter of the financial year ending July 31, 2025 (1Q FY2025) rose to RM7.28 million from RM4.06 million in the same quarter last year. Revenue increased to RM73.3 million compared to RM60.1 million reported previously, mainly driven by contributions from higher margin projects during the quarter under review, according to its filing with Bursa Malaysia today. In a statement, the property developer said the group will be driving property sales with a diverse suite of residential and commercial products for the current financial year "Launches in FY2025, with a total estimated gross development value (GDV) of RM459 million, include new phases of double-storey houses within Glomac's established township developments, namely Serai@SBCR, Saujana KLIA and Saujana Jaya in Kulai Johor. "Notably, the group launched the first phase of Serai@SBCR in August 2024, with a GDV of RM66 million, comprising 112 units of double-storey terrace houses. The project was met with strong demand," it said. According to the filing, Glomac commands a strong portfolio of strategically located land banks with a GDV of approximately RM7 billion, aligning the group for sustained future development. "Backed by a robust balance sheet, Glomac is well-positioned to drive development activities and pursue opportunities for landbank expansion," it added. Glomac has proposed a single-tier final dividend of 1.25 sen per ordinary share in respect of FY2024, subject to shareholders' approval in the forthcoming annual general meeting scheduled on Oct 23, 2024. Source: BERNAMA News Agency