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KUALA LUMPUR: Eco World Development Group Bhd (EcoWorld Malaysia) generated encouraging sales of RM2.18bil in the first seven months of its financial year, which represents 62% of its FY24 sales target.
The property developer said residential homes under its Eco Townships pillar remained the largest contributor to sales with RM855mil recorded.
In the commercial property segment, the group’s Eco Hubs pillar has seen steady demand with year-to-date sales of RM235mil.
Meanwhile, EcoWorld Malaysia said it is well-positioned to ride a wave of demand in the industrial market, especially in the Southern region, with sales amounting to RM420mil recorded under its Eco Business Parks (EBP) pillar up to May 31, 2024.
On the back of the encouraging sales performance, the group recorded revenue of RM555.76mil and a net profit of RM70.05mil in 2QFY24, representing a 32.07% and 11.73% increase over revenue and net profit in 2QFY23 respectively.
Year-to-date, revenue has risen to RM1.09bil from RM905.56mil in the year-ago period while net profit has grown to RM139.68mil from RM119.69mil over the same comparative period.
According to the group, its future revenue has risen to RM4.03bil as at May 31, 2024.
As at April 30, 2024, net cash flows generated from operating activities amounted to RM470mil, more than three times the group’s profit after tax and 95% higher than in the previous corresponding period.
The group said net gearing ratio as at April 30, 2024, stood at 0.24 times, a decrease from 0.28 times in 1Q24.
Cash balances (including deposits and short-term funds) stood at an all-time high of RM1.44bil.
“This provides us with a substantial war chest to acquire more landbank which we are actively seeking, whilst also continuing to reward our shareholders with good dividend payments,” said president and CEO Datuk Chang Khim Wah in a statement.
Based on the positive performance, the board of directors declared a two sen interim dividend, which is payable on July 19, 2024.
