The property player has already recorded sales of RM125 million so far this year, managing director and CEO FD Iskandar told the media after the company’s annual general meeting today.
In its previous financial year ended April 30, 2022, Glomac recorded total sales of RM160 million.
Recounting the challenges during the Covid-19 pandemic, he said the company lost about eight months because of the lockdowns. “We hope to do better this year,” he said.
He said most of the new launches will happen in the third and fourth quarters of the current financial year ending on April 30, 2023 (FY2023).
“We want to see if the labour situation has improved and whether or not material prices have stabilised,” he added.
Iskandar said Glomac has lined up RM469 million worth of new projects to be launched in the current financial year.
“While the reopening of the economy bodes well for all sectors, including property development, there are still underlying concerns over rising interest rates, inflation and tight supply conditions and that may affect the property sector,” he said.
However, he said, the long-term prospects for Glomac remain intact, underpinned by a healthy balance sheet and a strong pipeline of future development projects that have a potential estimate gross development value of RM8 billion, strategically located within the Klang Valley.
Iskandar said Glomac’s shareholders have given the nod for a final single-tier dividend of 1.5 sen per ordinary share for FY2022, compared with 1.0 sen per ordinary share paid previously, translating to a current dividend yield of approximately 5.4%.
He said Glomac has continued to enjoy robust sales within its township developments, where completed and ongoing phases have been mostly sold.
Glomac commands a healthy balance sheet, reflecting the group’s success in managing its business activities and cash flows at the peak of the Covid-19 pandemic.
As of end-FY2022, the group’s cash and cash deposits stood at RM215.4 million, with a comfortable net gearing position of 0.23 times.
Net assets per share attributable to owners of the company amounted to RM1.51.