Glomac Berhad has reported a powerful third-quarter performance, with revenue surging 92% to RM64.6 million, while Profit Before Tax (PBT) outpaced growth with a 114% jump to RM7.1 million. The results, for the period ended 31 January 2026, reflect a high-velocity conversion of unbilled sales into revenue as construction momentum accelerates across its key townships.
The Engine Room: Progress Billings and “Sold Out” Phases
The primary driver of this 3Q surge was the steady progress billings from several flagship developments. Notably, the KEYS semi-detached homes and shop offices at Lakeside Residences, along with the Serai series at Sungai Buloh Country Resort (SBCR), have seen construction activity hit high gear.
Crucially, the initial phases of these projects were fully sold upon launch. This 100% take-up rate has allowed Glomac to move straight into aggressive construction and revenue recognition, shielding the group from the “overhang” issues currently plaguing high-rise developers in the Klang Valley.
Strategic Fortress: A “Zero-Debt” Posture
Perhaps more impressive than the revenue growth is Glomac’s fiscal discipline. In an era of fluctuating interest rates, the Group maintains:
- Negligible net borrowings: Effectively operating on a net-cash basis.
- Liquidity: Cash and cash equivalents stand at RM208.3 million.
- Firepower: Access to a RM3.0 billion Sukuk Wakalah Programme, providing a massive “war chest” for future land acquisitions should the right opportunity arise.
With a Net Asset Per Share of RM1.56, Glomac is currently trading at a price-to-book ratio of just 0.22 times. For value investors, this represents a significant discount, especially considering the group’s RM6 billion Gross Development Value (GDV) pipeline.
Editor’s Take: Continuity and the Landed Focus
The appointment of FD Idzham Datuk Seri FD Iskandar as Group Executive Director signals a clear “Succession and Strength” play. Under this reinforced leadership, Glomac is doubling down on what it does best: landed residential products in established townships.
By avoiding the speculative high-rise market and focusing on demand-driven terrace and semi-detached homes in places like Kulai, Rawang, and Saujana Perdana, Glomac is insulating itself from broader economic volatility. With RM256 million in new launches planned for the coming quarter, the group is clearly shifting from “preservation mode” to “growth mode”.
3QFY2026: Financial Snapshot
| Metric | 3QFY2026 (RM) | Change (YoY) |
| Revenue | 64.6 Million | +92% |
| Profit Before Tax (PBT) | 7.1 Million | +114% |
| Unbilled Sales | 637 Million | High Visibility |
| Cash Position | 208.3 Million | Robust |
| Net Asset Per Share | 1.56 | Under-valued |