For 1Q 2024, EcoWorld Malaysia’s revenue rose to RM537 million which was increased by 10.9% while net profit also was higher at 22.2% to RM69 million compared to RM57 million in the previous year’s quarter. .
The Group said it share of results of its joint ventures for 1Q 2024 was 9.4% higher than 1Q 2023 due to Eco World International Berhad (EWI) recording a profit instead of a loss.
The increase in PAT it said was mainly due to higher interest income earned from the placement of excess funds by the Group’s Malaysian operations and EWI’s profit in 1Q 2024 vs a loss in the prior year corresponding quarter.
Net cashflows generated from operating activities in 1Q 2024 amounted to RM253.4 million, 2.74 times the Group’s profit before tax of RM92.4 million and more than 2 times the amount in 1Q 2023.
“The Group is on track to achieve our FY2024 sales target of RM3.5 billion, with RM1.26 billion sales secured in the first 4 months of FY2024. Our projects in Iskandar Malaysia have performed especially well. The RM723 million secured represents 57% of the Group’s total YTD sales for FY2024 and 45% of full year sales achieved in FY2023 from Iskandar Malaysia. Apart from the increasingly high demand for properties in this region, it reflects the strength of the EcoWorld brand in Iskandar Malaysia and the solid track record we have established through our 8 ongoing projects across the southern state,” said Dato’ Chang Khim Wah, President & CEO of EcoWorld Malaysia.
