Latest news with #RM62.4
New Straits Times
25-06-2025
- 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.
Malaysian Reserve
30-04-2025
- Business
- Malaysian Reserve
UOA Development enters Johor property market via jv with Uptown Haven
UOA Development Bhd, through its wholly owned subsidiary Regenta Development Sdn Bhd, has entered into a joint venture with Uptown Haven Sdn Bhd to acquire and develop a property project in Johor. The parties today signed a shareholders' agreement and subscribed shares in Midtown Sanctuary Sdn Bhd, the joint venture vehicle that will own and develop the land. UOA and Regenta will jointly hold a 75% equity stake in Midtown, while the remaining 25% will be held by Uptown Haven, a private property investment firm owned by Ian Ong See-Yen. Midtown has entered into a sale and purchase agreement with Symphony Access Sdn Bhd to acquire a 4,918.119-square metre freehold land in Johor Bahru for RM62.4 million. Following the share subscription, the paid-up share capital of Midtown is RM250,000. UOA, via Regenta, holds RM187,499 in capital, representing a 74.9996% equity interest, while Uptown Haven has subscribed for RM62,500 worth of shares, equivalent to 25%. Regenta itself holds a nominal RM1.00 in Midtown, or 0.0004%, as part of the structure. The project will involve the development of serviced apartments for public sale. UOA and Uptown Haven have also agreed on key governance terms, including board representation, pre-emptive rights, and profit-sharing in proportion to their respective shareholdings. The joint venture marks UOA's expansion beyond the Klang Valley and is not expected to have any immediate material financial impact on the company.— TMR
