KUALA LUMPUR: Glomac Bhd is set to launch additional residential projects within its township developments in the financial year 2025 (FY25), with a focus on double-storey homes to enhance earnings.
The new projects include Serai@SBCR, Saujana KLIA, and Saujana Jaya in Kulai, Johor.
Additionally, the company has announced a Sukuk Wakalah Programme with a cap of up to RM3 billion.
The proceeds will be used for land acquisition, working capital, refinancing of existing Shariah-compliant borrowings, and diversification into areas that complement its core business.
The company is in the process of meeting the conditions for the first issuance under the Sukuk Wakalah Programme, with an initial offering of up to RM250 million.
"Glomac has been listed since 2000, and since then we have made profit. Of course during 2021, profit went down due to COVID-19, but we still made profits and paid dividends," said the company's group managing director and chief executive officer, Datuk Seri FD Iskandar.
Shareholders of Glomac have approved the company's final single-tier dividend of 1.25 sen per ordinary share for the financial year ended April 30, 2024 (FY24), representing a dividend yield of about 3.1 per cent based on the closing price of 40 sen.
For FY24, Glomac posted group revenue of RM267.6 million, driven by ongoing construction progress at developments such as Saujana KLIA, Bandar Saujana Utama, Saujana Perdana, Plaza@Kelana Jaya, and 121 Residences. The company reported a pretax profit of RM32.9 million and a profit attributable to owners (Patmi) of RM23.6 million.
Glomac's financial position remains robust, with a low net gearing ratio of 0.07 times and shareholders' equity of RM1.24 billion. As of April 30, 2024, the company's cash and bank balances grew to RM314.3 million from RM288.8 million the previous year.
Net assets per share attributable to owners increased to RM1.57 in FY24, compared to RM1.53 in the previous year.