KUALA LUMPUR (Sept 17): Glomac Bhd (KL:GLOMAC) has reported a net loss of RM1.42 million for its first financial quarter ended July 31, 2025 (1QFY2026), reversing from a net profit of RM7.28 million a year earlier. This marks the property developer’s first quarterly loss since 4QFY2020.

The setback was mainly due to weaker contributions from ongoing projects still at the early stages of development.

Revenue Takes a Hit

Quarterly revenue plunged 64.4% year-on-year to RM26.05 million, compared to RM73.29 million a year ago.
Property development revenue fell 71.3% to RM19.17 million.
Property investment income, however, grew 3% to RM6.55 million.

Despite lower sales, gross profit margin improved to 34.3% (from 30.9% a year ago), driven by higher-margin products such as shop offices at Saujana Perdana and KEYS semi-Ds at Lakeside Residences.

Costs and Cash Position

Operating expenses rose 31.9% y-o-y, though they declined 26.1% q-o-q.
Finance costs were cut in half, dropping 50.1% y-o-y to RM2.23 million.

No dividend was declared for the quarter.
Glomac remains financially steady, holding a net cash position of RM243.2 million with a sizeable landbank carrying a gross development value (GDV) of over RM6.6 billion.

What’s Next?

Looking forward, the developer is set to launch RM600 million worth of projects in FY2026, with a strong emphasis on landed residential homes, which continue to see resilient demand in Malaysia.

Upcoming projects include:
Serai 2 and Serai 3 terrace homes at Sungai Buloh Country Resort
New phases at Saujana Jaya in Kulai
Semi-D units at Saujana Rawang

Market Reaction

Glomac’s shares closed up half a sen (+1.64%) at 31 sen on Wednesday, giving the group a market capitalisation of RM248 million. Despite the uptick, the stock is still down over 20% year-to-date.

FAQ

1. Why did Glomac record a loss this quarter?
Because most of its ongoing developments are still in early stages, revenue recognition was significantly lower compared to last year.

2. Does Glomac still have strong fundamentals?
Yes, the company remains in a net cash position and has a large GDV pipeline worth RM6.6 billion, ensuring visibility for future launches.

3. What should homebuyers look out for?
Glomac is focusing on landed residential projects like terrace homes and semi-Ds in key growth areas such as Sungai Buloh, Kulai, and Rawang.

4. Will Glomac pay dividends this quarter?
No, the group did not declare any dividend for 1QFY2026.