EcoWorld Records 43% Jump In Q3 PAT, Declares Second Interim Dividend

EcoWorld Malaysia said it is on track to achieve its FY2023 full-year sales target of RM3.5 billion after recording RM3.06 billion sales in 10 months, representing 87.4% of the target.

Dato’ Chang Khim Wah, President & CEO said “Our EBPs continue to power ahead, with sales of nearly RM1 billion achieved in 10 months, representing 132.4% of FY2022 full-year sales and making up close to one-third of the Group’s total sales to-date in FY2023.

For the financial calendar of Q3, the group generated revenue of RM477 million which is 7.4% higher than 3Q 2022, whilst gross profit of RM130 million showed a 24.2% increase. Gross profit margin improved from 23.5% in 3Q 2022 to 27.2% in 3Q 2023, due to improved product pricing, site progress achieved and cost savings realised on certain completed phases in 3Q 2023.

Profit After Tax in 3Q 2023 of RM66.3 million increased by 43% compared to 3Q 2022, whilst PAT from Malaysian operations increased by 15.1%. 3Q YTD 2023 PAT of the Group stands at RM186 million, which is 19.7% higher than 3Q YTD 2022.

On a cumulative level for the three quarters, Eco World recorded RM1.38 billion against RM1.42 billion in generated in 2022, however, profits improved to RM186 million versus RM155 million in the preceding year.

The commercial segment outperformed with RM432 million sales secured in 10 months representing 97% of FY2022 full year commercial sales. “The Group continued to record steady sales of residential properties which have exceeded RM1.63
billion as at 31 August 2023, with upgrader homes being the largest contributor for the year-to-date” Chang said.
Commenting on the Group’s balance sheet Chang mentioned.

A 2nd interim dividend of 2 sen per share was declared in 3Q 2023, higher than the 1 sen per share 2nd interim dividend declared in 3Q 2022. Total dividends to-date for FY2023 is 4 sen per share.

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