EcoWorld International recorded a lower loss before tax of RM36.93 million in 4Q 2023 compared to LBT of RM94.64 million in 4Q 2022, the group said this was mainly due to foreign exchange gains from appreciation of British Pound against Ringgit Malaysia on repayment of advances by EcoWorld-Ballymore and conversion of GBP denominated bank balances vs foreign exchange losses recorded in 4Q 2022.
The Group’s LBT for FY2023 of RM79.52 million was also substantially lower than the LBT of RM229.36 million recorded in FY2022 due to higher interest income earned following repayment of shareholder’s advances from its UK joint ventures, namely Eco World-Ballymore and Eco World London; and the reasons mentioned above in relation to its 4Q 2023 performance.
For the period the developer achieved RM1.181 billion sales plus reserves of RM114 million adding up to total of RM1.295 billion for FY2023. Embassy Gardens, brought in RM617 million sales, was the biggest contributor to sales, followed by
Wardian (RM215 million), London City Island (RM107 million) and Yarra One (RM91 million)
These sales have generated substantial cash for the Group and enabled the distribution of the RM792 million dividend in September 2023. The Board is declaring a final dividend of 6 sen per share for FY2023, which translates to RM144
million.
Combined with the RM792 million dividend already distributed, the total dividends for FY2023 amount to RM936 million which has exceeded the targeted RM900 million excess cash distribution set last year
As at 31 October 2023, the Group still has approximately RM850 million of completed and nearly completed stocks that are available for sale. EcoWorld International’s effective share of these stocks is approximately RM650 million.
