“EcoWorld’s revenue surged by 10.9% to reach RM537.79 million, fueled by increased contributions from both existing and recently introduced phases.”
KUALA LUMPUR, 25th Mar 2024 – Eco World Development Group Bhd (EcoWorld Malaysia) demonstrates robust growth in its first quarter of the financial year ended Jan 31, 2024 (Q1 FY2024), with a 21.5% surge in net profit to RM69.23 million compared to the previous year. This substantial increase was propelled by a 10.9% rise in revenue to RM537.79 million, attributed to active and newly launched phases across various projects.
President and CEO Datuk Chang Khim Wah expressed optimism, citing the company’s achievement of RM1.26 billion in sales within the first four months of FY2024, representing 36% of its RM3.5 billion sales target. Notably, residential home sales constituted the primary revenue driver, accounting for RM799 million or 63% of total sales, mainly from new launches in Iskandar Malaysia and the Klang Valley.
Furthermore, EcoWorld Malaysia’s low net gearing level of 0.28 as of Jan 31, 2024, positions it favorably to explore land-banking opportunities, aiming to bolster growth prospects. Despite market fluctuations, EcoWorld Malaysia remains steadfast in its commitment to expansion and diversification.
In tandem with its residential and commercial ventures, EcoWorld Malaysia’s Eco Business Park V (EBP V) continues to thrive, attracting 11 new companies for land and factory lot acquisitions. Strengthening its industrial foothold, EBP V recently inked a strategic partnership with GoldenHome Living Co Ltd., enhancing its offerings in residential and commercial developments.
Chang emphasized EcoWorld’s dedication to fostering strategic alliances, underscoring its belief in driving growth and value creation across all sectors. With EBP V’s exceptional progress and the forthcoming introduction of The Rubix Space, EcoWorld Malaysia anticipates sustained momentum and continued success in its diversified portfolio.
As EcoWorld Malaysia’s shares closed at RM1.50, reflecting market capitalization of RM4.42 billion, the company remains focused on its strategic objectives, poised for long-term sustainability and prosperity in the evolving real estate landscape.
