Glomac’s 1Q profit triples on higher sales, construction activities

KUALA LUMPUR (Sept 21): Glomac Bhd’s net profit tripled to RM5.18 million for the first quarter ended July 31, 2022 (1QFY23), from RM1.73 million a year earlier, on higher revenue contribution from increased sales and construction activities.

Earnings per share rose to 0.67 sen from 0.23 sen, the property developer’s bourse filing showed.

Quarterly revenue more than doubled to RM65.49 million from RM28.84 million on the back of higher contribution from its property development segment.

Glomac said the improved financial performance was mainly driven by the resumption of construction activities in tandem with the easing of Covid-19 restrictions in the country.

Contributing projects to the revenue included ongoing phases in Saujana Perdana, [email protected] Jaya and 121 Residences, the group said in a statement.

Glomac noted that it achieved higher new sales of RM52 million in 1QFY23, compared with RM30 million in 1QFY22.

The better sales performance was driven by the full take up of its shop offices at Lakeside Residences, Puchong as well as firm demand of ongoing township projects at Saujana Perdana and Saujana Utama 5. RUMA33, the maiden launch at Saujana Utama 5, is all sold since its release to the market in late-2021.

Looking ahead, Glomac said it aims to drive earnings through steady construction progress at ongoing projects, and executing RM469 million new launches planned for this year.

It said unbilled sales of RM512 million as at July 31 offers earnings visibility for the group.