Share
KUALA LUMPUR (March 19): Glomac Bhd's (KL:GLOMAC) net profit nearly tripled in its third financial quarter, on improved contribution from its property development business amid increased activities.
Net profit for the three months ended Jan 31, 2026 (3QFY2026), rose to RM5.18 million from RM1.95 million a year ago, its bourse filing showed.
This is Glomac's highest quarterly earnings since 1QFY2025, when the group reported a net profit of RM7.28 million on the back of a revenue of RM73.29 million.
Revenue in 3QGY2026 nearly doubled to RM64.59 million from RM33.7 million a year earlier, thanks to the higher contribution from the property development segment. The segment's revenue more than doubled to RM57.6 million from RM26.3 million.
“The performance was driven primarily by steady progress billings as construction activities gained momentum across several key developments, including the KEYS semi-detached homes and shop offices at Lakeside Residences, shop offices at Saujana Perdana, as well as the Serai series of terrace houses at Sungai Buloh Country Resort (SBCR)," Glomac said in a statement.
No dividend was declared for the quarter.
For the first nine months of FY2026, Glomac's net profit dropped 39.8% year-on-year to RM7.95 million from RM13.2 million, as revenue declined 10.39% to RM146.42 million from RM163.4 million.
The group’s unbilled sales stood at RM637 million as at end-January, providing earnings visibility for the group.
Looking forward, Glomac said the group continues to build momentum across its development portfolio, with plans to roll out RM256 million worth of new phases in the subsequent quarter, largely landed residential developments within its established townships where the group has consistently achieved healthy take-up rates.
Key launches include double-storey terrace houses at Serai @ SBCR, alongside new semi-detached homes at Lakeside Residences and Saujana Rawang, as well as terrace houses in Saujana Jaya, Kulai, it noted.
Supported by a robust development pipeline with an estimated gross development value of RM6 billion, the group said it is well positioned to sustain its development pipeline and capture opportunities arising from steady demand for landed residential products.
Glomac’s share price closed half a sen or 1.39% at 35.5 sen, bringing the group a market capitalisation of RM284 million.
..........
EdgeProp's inaugural monthly print edition is fresh off the press! Free delivery is available for selected regions. Subscribe now.
