Image source: ecoworld.my

Eco World Development Group Bhd announced a higher profit in FY19 as compared to the previous fiscal year of the same period. They recorded RM203.42 million in the financial year ended 31 October 2019, as compared to RM93.49 million in the previous year.

The Group’s revenue also surged to RM2.46 billion, as compared to RM1.98 billion in the previous year. They attributed their performance mainly to their projects: Eco Majestic, Eco Forest, Eco Sanctuary and Eco Sky in the Klang Valley; Eco Botanic, Eco Spring, Eco Summer, Eco Business Park I, Eco Business Park II, Eco Tropics and Eco Business Park III in Iskandar Malaysia; and Eco Meadows in Penang.

According to the Group, they said that, “The higher revenue was mainly due to the strong recovery in sales after the launch of the National Home Ownership Campaign (NHOC) on March 1, 2019 and the higher percentage of projects completed.”

In the meantime, Eco World International Bhd, their 27 percent owned associate, has become profitable in 2019 with a profit of RM187 million against a loss of RM11.23 million in the previous year. The revenue, however, slipped from RM1.3 million in the previous year to RM478,000 in 2019.

The Group has announced that they will be introducing a new range of houses in 2020, priced from RM300,000 to RM450,000. These homes will capitalise on the excellent infrastructure and lifestyle amenities within the existing EcoWorld townships.

As stated by the group, “This will provide a greater element of choice to customers and broaden the group’s market appeal and set it on a strong and sustainable growth path in the years ahead.”

For more property news, please click HERE.

(13 December 2019)