Glomac 9 Month Revenue Slips 26% To RM185.9 Million, Impacted Mainly By MCO

Glomac Berhad announced its unaudited results for the third quarter of its current financial year ending 30 April 2022 (“3Q FY2022”) posting a profit before tax of RM9.2 million, on the back of a revenue of RM81.7 million.

For the 9-month period, profit before tax slipped 8% to RM32.5 million whilst Group revenue dropped 26% to RM185.9 million year-on-year. Glomac attributed the weaker performance to the various stages of Movement Control Order (‘MCO’) during the year, which impacted construction progress and dampened market sentiment.

Group revenue was mainly driven by higher progress billings from ongoing phases at Saujana Perdana, Lakeside Boulevard, Sri Saujana in Johor as well as Plaza@ Kelana Jaya and 121 Residences in Klang Valley. Glomac continues to sustain a healthy balance sheet and a manageable gearing position of 0.26x as at end-January 2022. Cash and cash deposits totaled
RM193.6 million, whilst the Group’s net assets per share improved to RM1.47 from RM1.45 as at end-April 2021.

Moving forward, Glomac says new launches have been well received. The first phase of Primrose, comprising 63 new double storey terrace houses at Saujana KLIA with Gross Development Value of RM36 million, is almost all taken up since its launch in September 2021. The recent launch at Saujana Utama 5, Sungai Buloh was another resounding success. RUMA 33, comprising 33 double storey super-link terrace houses with GDV of RM28.5 million is also almost all taken up since its launch in December 2021.

Capitalizing on the buoyant demand at Saujana Perdana, Glomac is all ready to launch a new phase of landed residential units in the development. This comprises 178 affordable townhouses with GDV of RM44.5 million. Previous launches of terrace houses with a total GDV of RM687 million in this thriving township development in Sungai Buloh are almost all sold.

The Group’s near-term focus is to further drive sales of its ongoing projects as well as the new launches coming onstream. The Group’s balance sheet remains healthy, and it can potentially tap into its strong portfolio of prime development landbank with a potential estimated GDV of RM8 billion to further fuel its development activities.

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