EcoWorld Malaysia recorded RM2.18 billion sales in 7 months of FY2024, representing 62% of its FY2024 sales target while reporting its second quarter results, the group saw revenue rise 32% to RM555 million from RM420 million in the preceding year’s second quarter while profit also rose to RM70 million compared to RM62million in the year before.
The group said the better performance was fuelled by robust demand for projects in Iskandar Malaysia which contributed 61% of the Group’s total YTD sales. ECW noted sales of residential homes under our Eco Townships pillar remain the largest segment with RM855 million recorded, of which 90% comprised upgrader homes priced above RM650,000
The Group’s Iskandar Malaysia projects continued to outperform with RM1.33 billion sales achieved, representing 61% of total year-to-date (YTD) sales. Arising from the Group’s encouraging YTD sales, EcoWorld Malaysia’s future revenue has increased to RM4.03 billion as at 31 May 2024.
Revenue and gross profit for 2Q 2024 rose by 32.1% and 37.1%, respectively, compared to 2Q 2023. Gross profit margin also improved from 25.6% in 2Q 2023 to 26.5% in 2Q 2024. The Group’s Profit after Tax (PAT) from Malaysian operations was 14.2% higher than 2Q 2023. PAT for 2Q 2024 (including EWI) was RM70.0 million, 11.7% higher than 2Q 2023. For 2Q YTD 2024, the Group recorded PAT of RM139.7 million, an increase of 16.7% compared to 2Q YTD 2023.
Based on the above performance, the Board of Directors has declared a 2 sen interim dividend in 2Q 2024 payable on 19 July 2024.
