Friday, October 25, 2013

Glomac sees 7 good years ahead

Glomac sees 7 good years ahead


SUSTAINED GROWTH: Developer has 12 ongoing projects with estimated RM7b GDV
GLOMAC Bhd expects to sustain earnings growth for the next seven years, driven by RM7 billion worth of new launches during the period.

The developer has 12 ongoing projects with estimated RM7 billion gross development value. That could reach RM10 billion by April next year as it targets strata properties for higher margins and townships in Greater Kuala Lumpur.

Group managing director and chief executive officer Datuk FD Iskandar said growth will be driven by the company's healthy unbilled sales of RM852 million, launches of RM1.4 billion in the current fiscal year and new landbanking activities.

Glomac is eyeing land in Greater Kuala Lumpur, Iskandar Malaysia in Johor, Kota Kinabalu and Penang.

"We may announce something in Iskandar Malaysia and Kota Kinabalu next year. But the focus is on Greater Kuala Lumpur, which needs one million new houses by 2020," said Iskandar yesterday after the company's annual general meeting and extraordinary general meeting, here.

Last year, Glomac posted a record net profit of RM101.5 million, 19.1 per cent more than the previous year.

In the first quarter ended July 31 2013, it registered a net profit of RM24.13 million, up 14.9 per cent from the RM21 million recorded a year ago.

Iskandar said in terms of profitability and unbilled sales, Glomac is among the top 10 of 92 listed developers on Bursa Malaysia.

"We hope to maintain our performance, if not do better, this year. We have been building new grounds for 2013, buying land and developing new townships, including Saujana KLIA," Iskandar said.

He said Glomac will continue to develop mixed integrated projects, gated communities and townships with properties of all price ranges.

Publish date: 25/10/13

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