ECO World Development Group Bhd’s (EcoWorld) net profit slumped 95.85% to RM1.78 million for the fourth quarter ended Oct 31, 2022 (4Q22), from RM42.84 million in the same period last year, arising from the impairment of Eco World International Bhd (EWI)’s EcoWorld Ballymore joint venture in London. 

Revenue in the said quarter fell 16.03% to RM559.28 million, compared to RM666.05 million a year ago.

Earnings per share for 4Q22 decreased to 0.06 sen, from 1.45 sen previously. 

The property developer declared a third interim dividend of two sen per share, bringing the full-year total dividend to five sen per share. 

EcoWorld achieved the highest-ever sales of RM3.84 billion in the financial year 2022 (FY22), exceeding its sales target of RM3.5 billion and surpassing the previous record high of RM3.82 billion in FY16. 

In a separate statement, the group’s president and CEO Datuk Chang Khim Wah said the group’s next focus will be on launching more innovative products that meet the lifestyle needs of a multi-generational and multi-ethnic customer base. 

“Products that have achieved sold-out success in the Klang Valley such as our ‘duduk’ series of apartments for young suburbanites will be further refined and also introduced to our customers in Iskandar Malaysia and Penang. Similarly, our ‘Co-Homes’ that have done very well in both the Klang Valley and Penang, will be launched in Iskandar Malaysia to offer the best of land and apartment living to our customers there,” Chang said. 

“Our aim is to increase the numbers of sizeable new industrialists at our business parks, as their presence can have a very positive catalytic effect to draw in other upstream and downstream businesses, thus accelerating overall value creation,” Chang explained, adding that the group will be maintaining its annual sales target at RM3.5 billion for FY23. 

EcoWorld’s share price was unchanged at 66 sen today, with a market capitalisation at RM1.94 billion. — TMR/pic source ecoworld.my