26/06/2025

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BIZ & FINANCE THURSDAY | JUNE 26, 2025

Glomac profit before tax rises to RM33.4m in FY25

Manulife to up its game this year after strong 2024 KUALA LUMPUR: In 2024, Manulife Holdings Bhd (MHB) achieved a rise in its profit before tax (PBT) to RM185.4 million, supported by strong business fundamentals. Manulife Investment Management (MIM) also saw its assets under management grow by 18% year-over-year to RM17.2 billion as of end of 2024, surpassing the industry average for equity and fixed income funds, strengthening its position in the retail investment market. Manulife Insurance Bhd (MIB), the insurance business of MHB, saw growth in its bancassurance in 2024, with a 48% rise year over-year in annual premium equivalent. The high-net-worth segment, through its Manulife Insurance Labuan Ltd (MILL) business experienced a 50% growth in APE, driven by the launch of Malaysia’s first USD Indexed Universal Life product. “Our achievements in 2024 are a testament to our unwavering commitment to excellence and innovation. We have successfully scaled up our operations, expanded our product offerings, and enhanced our customer experience. I am incredibly proud of our team’s dedication and focus, which have been instrumental in driving our growth and success. “As we look ahead to 2025, we remain focused on raising the game for sustainable growth and profitability,” said MHB group CEO Vibha Coburn. MHB also continued to invest in sustainability and community initiatives building from Manulife’s Impact Agenda, including biodiversity projects in Perlis, urban clean-ups, the Terry Fox Run, and recycling campaigns. The company also reported a 46% increase in volunteer hours and aligned its climate risk governance with Bank Negara Malaysia’s Climate Risk Management and Scenario Analysis policy. “We are not merely growing; we are growing with a clear purpose,” Vibha said, adding that as they progress. Looking ahead to 2025, MHB aims to focus on operational excellence, employee engagement, sustainability through Manulife’s Impact Agenda, and enhancing customer experience. The theme for 2025 is “Raise the Game,” reflecting the company’s commitment to sustainable growth and profitability.

KUALA LUMPUR: Glomac Bhd, a property developer with ongoing projects across Greater Kuala Lumpur, Selangor and Johor, reported revenue of RM74.9 million and profit before tax (PBT) of RM12.1 million in the fourth quarter of its financial year ended April 30, 2025 (Q4’25). For the full financial year ended April 30, 2025 (FY25), Glomac recorded revenue of RM238.3 million, supported by steady construction progress at its ongoing developments, including Saujana Perdana, Lakeside Residences and contributions from two high-rise residential projects, namely 121 Residences and Plaza@Kelana Jaya. PBT was higher at RM33.4 million from RM32.9 million in FY24, driven by stronger margins from higher-value developments, gains from disposal of investment properties, and lower finance cost. During the year, Glomac successfully completed and handed over several projects, including 121 Residences, with an estimated GDV of RM334 million. Glomac kept a healthy financial position, with near zero net gearing and shareholders’ equity of RM1,200.9 million. As of end-April o Solid financial position fuels continued growth and expansion

Glomac completed and handed over a series of projects, led by 121 Residences, with a total GDV of RM334 million.

terrace houses at Serai@SBCR, Bandar Saujana Utama, launched in Q1’5, were fully sold in Q4’25. Glomac achieved new sales of RM332 million for the full year. Looking ahead to FY26, Glomac is planning new launches with a total estimated GDV of RM324 million, comprising entirely of landed residential properties. Key upcoming launches include two new phases of double-storey terrace houses at Serai@SBCR and a new phase of semi-detached homes at KEYS, Lakeside Residences. Glomac has also strengthened its capital structure via its Sukuk Wakalah Programme, providing a funding capacity of up to RM3 billion.

2025, group held cash and deposits totalling RM235.7 million, providing ample liquidity to fund ongoing development and landbanking activities. Glomac’s net asset value per share stood at RM1.56, translating to a price-to-book ratio of approximately 0.20 times. During the fourth quarter, Glomac rolled out new residential phases across its thriving township developments. Key launches included semi-detached houses at KEYS, Lakeside Residences, double-storey terrace houses at Allamanda, Saujana KLIA as well as Alamanda, Saujana Jaya, Kulai Johor. Notably, all 112 units of double-storey

Funding Societies partners Bukku on real-time SME financing checks KUALA LUMPUR: Funding Societies, Southeast Asia’s largest unified SME digital finance platform has partnered with Bukku, Malaysia’s homegrown cloud-based accounting, to offer instant SME financing qualification – a first-of its-kind integration that removes the friction traditionally associated with loan applications. Through this collaboration, SMEs using Bukku can now check their financing eligibility in real-time simply by consenting to share their masked accounting data – eliminating the need for extensive documentation or lengthy application processes. The partnership between Funding Societies and Bukku started in December 2023, and has since facilitated RM1 million in financing for SMEs. “With the introduction of Instant Qualification, we’re helping SMEs get pre approved financing at the speed of their business – not the speed of paperwork,” Funding Societies Malaysia country head Chai Kien Poon said, adding that this is part of their broader goal to support Malaysian SMEs by embedding financing where and when it matters most. “The integration with Bukku allows us to assess eligibility instantly based on real-time financial data – supporting faster, more inclusive lending that aligns with Malaysia’s digitalisation ambitions,” he said. Bukku co-founder and CEO Jye Eng said their mission has always been to simplify financial management for SMEs – but access to capital is just as critical. “Through this partnership, we’re not just digitising accounting – we’re enabling action. Our users now receive financing offers when they’re most needed, based on the realities of their business. That’s how embedded finance should work: timely, contextual, and effortless,”he added. This partnership comes at a pivotal moment, as Malaysia ramps up its national e-invoicing initiative under the MyInvois system, supported by LHDN.

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