EcoWorld achieves RM2.02b sales in first half of 2021

KUALA LUMPUR (May 24): Property developer Eco World Development Group Bhd (EcoWorld) said today it achieved RM2.02 billion sales in the first half of 2021.

In a statement filed with Bursa Malaysia, EcoWorld president and chief executive officer Datuk Chang Khim Wah said the group experienced stronger sales in the second quarter ended April 30, 2021 (2QFY21) with RM1.3 billion sales achieved, compared with the RM706 million it recorded in the immediate preceding quarter.

"The launch of our Eco Botanic 2 project in Iskandar Malaysia along with the new Co-Home product at Eco Horizon and Eco Grandeur, as well as the second phase of our well-received ErgoHomes & Garden Homes at Eco Forest, contributed to the sales achieved," he said.

The group also experienced steady sales across nearly all its ongoing projects in the Klang Valley, Iskandar Malaysia and Penang, he said.

"Following the company's virtual briefing to its board of directors today, we made the decision to disclose our 1H (first half) 2021 sales ahead of our official results announcement.

"This is because we are aware that with the very necessary implementation of stricter measures by the government to combat the spread of Covid-19 in the country, many are concerned about its impact on businesses. These include our shareholders who would want to be assured that the group's plans and strategies remain on track," said Chang.

The group is also confident it will be able to reach its RM2.875 billion sales target set for 2021.

"The RM2.02 billion already locked in for 1H 2021 is a positive lead indicator of continued steady cash inflows from operations. Along with continued financial discipline and cost efficiencies being reaped from ongoing digitalisation of operations, the group is well positioned to achieve our financial goals and objectives," Chang said.

Meanwhile, the group also expressed its full support for the actions taken by the government to impose tighter standard operating procedures (SOPs) as part of the Movement Control Order 3.0 to break the escalating chain of Covid-19 infections nationwide.

"We will certainly do our part to continue to implement the prescribed SOPs vigilantly at our business premises and construction sites to enable safe operations throughout and carry out as much of our business activities via virtual platforms as possible," Chang added.

EcoWorld shares closed half a sen or 0.81% higher at 62 sen today, valuing the group at RM1.81 billion.

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