EcoWorld Group achieved RM4.9 billion in sales, with Malaysia achieving sales of RM3.5 billion which is 53% higher than in 2020 and 23% higher than the target of RM2.875 billion set for the year.
The Group recorded revenue of RM2.04 billion and gross profit of RM423.3 million which were RM46.1 million and RM91.8 million higher respectively than the previous year. Share of profits from Malaysian joint ventures amounted to RM117.7 million which was 16.7% higher bolstered by strong sales and good progress on site. The share of profits from EcoWorld International at RM27.3 million was 49.5% lower due to losses recorded in 4Q 2021.
As for EcoWorld International, the group achieved RM1.37 billion sales, close to the RM1.382 billion sales achieved in 2020. Gross profit of RM120.1 million was recorded following completion and handover of units sold to customers on its Australian projects, an increase from the RM99.99 million. Share of results in joint-ventures was lower at RM47.2 million vs RM176.8 million achieved. This is partly due to additional incentives given to purchasers of completed units within the EcoWorld-Ballymore portfolio and higher commissions paid to agents to accelerate sales after the expiry of the UK stamp duty holiday in June 2021. EcoWorld International’s Profit Before Tax (PBT) and PAT were lower with RM50.8 million in FY2021 vs RM113.9 million in FY2020.
This has been a remarkable year for EcoWorld Malaysia. Amidst an ongoing Covid-19 pandemic we managed to sell 4,984 properties with a total sales value of RM3.5 billion which is near the historic high of RM3.7 billion achieved in FY2017. All three regions (Klang Valley, Iskandar Malaysia and Penang) have substantially outperformed the targets set and strong increases were recorded across our Residential, Commercial and Industrial portfolios,” said Dato’ Chang Khim Wah, President & CEO of EcoWorld Malaysia.
“Based on the results achieved and our improving balance sheet position, EcoWorld Malaysia has set a sales target of RM3.5 billion for 2022 with RM376 million sales achieved in November 2021, the 1st month of FY2022.
