5 days ago
- Business
- New Straits Times
Glomac's Q4 earnings fall on tax expenses, revenue rises 20pct
KUALA LUMPUR: Glomac Bhd recorded an 84 per cent drop in net profit to RM2.41 million for the fourth quarter ended April 30, 2025 (4QFY25) from RM15.2 million a year earlier, due to higher tax expenses.
Despite the profit decline, Glomac's revenue rose 20 per cent to RM74.9 million from RM62.4 million previously, driven by steady progress at its ongoing property development projects.
For the full financial year, Glomac's net profit fell 33 per cent to RM15.6 million from RM23.6 million, while revenue slipped 10 per cent to RM238.3 million from RM267.6 million last year.
The property developer proposed a single-tier final dividend of 1.25 sen per ordinary share for the financial year 2025 (FY25), pending approval from shareholders at the upcoming annual general meeting.
This comes after the single-tier interim dividend of 1.0 sen per share paid in December 2024, bringing the total dividend payout for FY25 to 2.25 sen per share.
Looking ahead to the financial year 2026, Glomac aims to maintain its launch momentum while continuing to take a disciplined and market-driven approach in introducing new products.
"Glomac is planning new launches with a total estimated gross developmental value (GDV) of RM324 million, comprising entirely of landed residential properties.
"Key upcoming launches include two new phases of double-storey terrace houses at Serai@SBCR and a new phase of semi-detached homes at KEYS, Lakeside Residences," it said.
Glomac said it remains in a strong financial position to support its future development plans, backed by healthy cash reserves and minimal net gearing.
The company also enhanced its capital structure with the establishment of a sukuk Wakalah programme, offering a funding capacity of up to RM3.0 billion.
