Glomac Berhad recorded a profit of RM341 million for the financial year ended FY23, the group announced a 31 percent increase in revenue compared to last year’s RM259.5 million driven by active construction activities.
The group added that strong growth came from development phases in Saujana Perdana township, Sungai Buloh, and high-rise residential development in Plaza@Kelana Jaya and 121 Residences. It added sales also jumped 89 percent to RM302 million as of last April driven by strong product offerings and initiatives that received favorable responses. Unbilled sales also increased to RM528 million during the period.
Meanwhile, Glomac announced that the financial position continued to increase to RM288.8 million from RM215.4 million last year, with net gearing increasing to 0.16 times. According to the group, the net assets per share distributable to owners increased to RM1.53 in FY23 from RM1.51 the previous year.
Commenting on future plans, the group said it will increase development activities with the launch of new projects worth RM700 million this financial year including the debut of Loop City Puchong an integrated residence with an estimated gross development value of RM1.57 billion.
In addition, its existing projects in Johor Bahru will benefit from the effects of economic activities such as the special financial zone in Forest City and the high-speed train to Singapore. The Sri Saujana and Saujana Jaya township development projects in Johor have 238 acres of land with a potential GDV of almost RM800 million.
