EcoWorld Malaysia has achieved an RM3.61 billion sales in FY2023, exceeding its sales target of RM3.5billion, the group said sales were broad-based with substantial contributions by each of the group’s four revenue pillars.
apartments for the young and young-at-heart.
PAT from Malaysian operations in FY2023 was RM284.7 million, attributable to higher gross profit achieved and higher interest income earned. (PAT from Malaysian operations in 4Q 2023 amounted to RM92.8 million, largely on par with RM96.7 million in 4Q 2022).
For 4Q 2023, EcoWorld Malaysia reviewed the carrying values of its investment in EcoWorld International. A further impairment of RM82million. Notwithstanding the above impairment and share of EWI’s losses, it recorded a PAT of RM3.3 million in 4Q 2023.
The Group’s PAT for FY2023 (including EWI) was RM189.3 million, 20% higher than FY2022. The group’s Malaysian operations achieved our highest ever profits, growing strongly from an annual average of RM53.7 million in our first 3 years as a property group to RM284.7 million in FY2023,” said Dato’ Chang Khim Wah, President & CEO of EcoWorld Malaysia.
Accordingly, for FY2024, the Board is maintaining its sales target at RM3.5 billion for its Malaysian operations as the Group focuses on sustainable growth by improving absolute returns from its valuable landbank. It is also actively seeking to acquire more landbank to extend the breadth and depth of its product offerings.
