KUALA LUMPUR (March 19): Glomac Bhd reported a significant improvement in its financial performance for the third quarter ended Jan 31, 2026, driven mainly by stronger progress in its property development projects.

The group’s net profit rose sharply to RM5.18 million compared with RM1.95 million in the corresponding period a year earlier, marking its strongest quarterly earnings since the first quarter of FY2025. Revenue also saw a substantial increase, climbing to RM64.59 million from RM33.7 million previously.

This performance was largely supported by higher contributions from the development segment, where revenue more than doubled to RM57.6 million. The improved results were attributed to steady construction progress and progress billings across several ongoing developments within the Klang Valley and surrounding growth corridors.

Among the key projects contributing to earnings were semi-detached homes and shop offices at Lakeside Residences, commercial components at Saujana Perdana, as well as terrace housing phases under the Serai series at Sungai Buloh Country Resort.

Despite the stronger quarterly showing, the group’s cumulative performance for the first nine months of FY2026 remained softer. Net profit declined by nearly 40% year-on-year to RM7.95 million, while revenue slipped to RM146.42 million from RM163.4 million previously. No dividend was declared for the quarter.

As at end-January, Glomac’s unbilled sales stood at RM637 million, providing visibility for future earnings recognition. Looking ahead, the developer plans to introduce approximately RM256 million worth of new launches in the coming quarter, mainly landed residential phases within its established townships where demand has remained relatively resilient.

Upcoming projects are expected to include double-storey terrace homes at Serai @ Sungai Buloh Country Resort, new semi-detached units at Lakeside Residences and Saujana Rawang, as well as additional terrace housing offerings in Saujana Jaya, Kulai. With a development pipeline estimated at RM6 billion in gross development value, the group aims to maintain momentum and capture opportunities arising from continued demand for landed housing.

From a broader market perspective, sustained residential development activity across Selangor continues to influence demand dynamics in other real estate segments. Expansion of townships and supporting infrastructure often strengthens interest in industrial land in Selangor, particularly among logistics operators and light manufacturers seeking proximity to growing population centres.

At the same time, established industrial clusters are seeing ongoing enquiries for industrial property in the Subang area, while improving connectivity and workforce accessibility are supporting requirements for factory space in Puchong.

On the commercial front, evolving corporate workplace strategies and decentralisation trends are sustaining leasing activity for office space in Bukit Jalil and well-located commercial property in KL, especially within integrated mixed-use developments that combine accessibility with lifestyle amenities.

Overall, Glomac’s improved quarterly performance highlights how steady construction progress and new project rollouts continue to underpin broader property market activity — creating ripple effects across Malaysia’s industrial and office property landscape.