KUALA LUMPUR (June 14): Property developer Glomac Bhd’s net profit rose 8% to RM15.34 million for the fourth quarter ended April 30, 2024 (4QFY2024), from RM14.1 million a year ago, thanks to its recognition of RM17 million fair value gain on investment property.

Earnings per share stood at 1.99 sen in 4QFY2024, up from 1.84 sen in 4QFY2023, according to the group's bourse filing on Thursday (June 13).

Quarterly revenue fell 53.1% to RM61.47 million, down from RM131.09 million a year before.

Glomac proposed a single-tier final dividend of 1.25 sen apiece subject to shareholders’ approval in the forthcoming annual general meeting.

For the full year of FY2024, the group’s net profit was down by 25.1% to RM23.59 million, from RM31.51 million in FY2023, as revenue shrank 21.8% to RM266.73 million, from RM341.02 million a year before.

It said the lower profitability for FY2024 was largely due to higher construction costs and increased interest expense.

Glomac's annual net profit of RM23.59 million marking its lowest in four years, since FY2021 when it reported an annual net profit of RM27.92 million.

For the lower annual revenue, Glomac said this was due to the completion of several property development projects in FY2023, resulting in fewer ongoing phases recognised in the current year.

On property outlook, Glomac is cautiously optimistic of the improvement in the property market in the FY2025, amidst ongoing concern over higher construction cost.

Nonetheless, the group is in the opinion that its performance will improve in FY2025.

Share price of Glomac closed up one sen or 2.3% to 44.5 sen on Thursday, giving the group a market capitalisation of RM356 million.