KUALA LUMPUR, Oct 23 — Glomac Bhd posted a steady performance for the financial year ended April 30, 2025 (FY2025), with a revenue of RM238.3 million and a profit before tax of RM35 million.
The property developer also approved a final dividend of 1.25 sen per ordinary share, in addition to the single-tier interim dividend of 1.0 sen per share declared and paid on December 30, 2024.
This brings the total payout to 2.25 sen for FY2025, representing a yield of 6.6 per cent based on the closing price of RM0.34 as of April 30.
Group managing director cum chief executive officer Datuk Seri FD Iskandar Mohamed Mansor said the company’s good performance was supported by steady progress at its flagship township developments and contributions from two high-rise residential projects, namely 121 Residences and Plaza@Kelana Jaya.
“Our steady performance reflects Glomac’s continued commitment to timely delivery and quality craftsmanship, supported by resilient demand for our township developments,” he said during a press conference in conjunction with its 41st Annual General Meeting at Menara Glomac today.
Backed by a zero net gearing position, RM240.5 million in cash reserves, and a RM3 billion Sukuk Wakalah Programme, Iskandar said the group remains well-positioned for expansion.
Glomac also plans to launch RM500 million worth of projects in FY2026, of which RM150 million has already been rolled out.
These new developments include landed homes in established townships like Serai@SBCR in Sungai Buloh and KEYS at Lakeside Residences, as well as affordable landed homes and shop offices in other parts of the Klang Valley.
The company is also eyeing RM400 million in property sales for FY2026, a target he said is achievable.
“Our focus remains on delivering practical, well-priced homes in strategic, well-connected locations.”
Iskandar added that with a diversified landbank carrying over RM6 billion in gross development value (GDV) potential, Glomac is confident of sustaining its sales momentum and driving long-term growth.
He noted that the demand for landed homes remains strong, citing the group’s Serai@SBCR and KEYS at Lakeside Residences as examples, while high-rise projects continue to face slower market conditions.
When asked about the government’s recent Sales and Service Tax (SST) adjustments, Iskandar said the impact on property demand has been limited so far.
“At this moment, landed properties are still doing well. The SST impact is more visible for strata properties, which were already challenging even before the tax,” he said.
From July 1, 2025, a six per cent Service Tax is applied to most construction services in Malaysia, affecting contractors with an annual revenue of RM1.5 million or more. These include works such as renovations, extensions, electrical, plumbing, civil, and mechanical and electrical engineering services.
