Glomac Berhad (‘Glomac’ or ‘the Group’) today announced unaudited results for the first quarter of its current financial year ending 30 April 2022 (“FY2022”).
Despite the very difficult operating environment due to the COVID-19 pandemic, Glomac recorded revenue of RM28.8 million and profit before tax of RM3.8 million for the quarter under review.
Notwithstanding, revenue for the quarter was driven by ongoing phases in Saujana Perdana, Plaza@ Kelana Jaya, Saujana Rawang, Lakeside Boulevard and 121 Residences.
The Group’s balance sheet is robust, with a cash position of RM189.9 million as at 31 July 2021. Net gearing stood at a manageable 0.26x and net assets per share is at RM1.45.
Glomac will be launching RM282 million of new products this year. This is timely considering that most of the Group’s launched residential products are almost sold, and economic restrictions are easing.
Planned new launches comprise mainly landed residential phases within the midmarket and affordable segments that have continued to garner solid response from our buyers.
New launches also include the debut of Saujana Utama 5 in Sungai Buloh, our much-anticipated new residential township with an estimated Gross Development Value (“GDV”) of RM299 million.
The Group has officially launched Primrose in Saujana KLIA, Sepang in early September 2021. The 123-units, 2-storey terrace homes with a total GDV of RM65 million has received a healthy response from buyers since its launch.
Saujana KLIA is located within the proximity to Cyberjaya, Putrajaya and the KLIA International Airport, and has a total estimated GDV of RM1.43 billion. Previous launches of mainly terrace houses and shop offices totaling RM525 million, have been all sold.
In its first quarter also, Glomac has successfully handed over all completed 103 units of its 2-storey terrace Acadian homes in Saujana Rawang.
Despite the many restrictions of the pandemic since early 2020, this timely hand-over closely followed similar exercise for Tresna Teruntum homes in Saujana Perdana, Sungai Buloh. Soon in October, the Group is also expected to make more timely deliveries for its Tresna Teratai homes.
Glomac looks forward to driving its sales momentum, focusing on converting sales from ongoing high rise residential developments such as Plaza@ Kelana Jaya and 121 Residences, as well as new launches.
The Group has also successfully embraced the new digital norm, adding value to its products with broadband connectivity and work-from-home layouts. Glomac has also introduced digital marketing to complement the conventional approach to boost marketing efforts.
The lifting of economic restrictions and the resumption of construction activities will reflect positively on near-term performance, supported by Glomac’s RM580 million unbilled sales.
The Group remains cautious of the lingering impact from the COVID-19 pandemic on the property market and sentiment. Longer-term prospects, however, remains intact.
Given the Group’s healthy balance sheet, Glomac is well placed to accelerate development activities, tapping into its strong development pipeline that has a potential estimated GDV of RM8 billion.