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- The group, which has been operating primarily in the UK and Australia, is still assessing market conditions and the feasibility of its remaining sites in the two countries before launching new projects. It had about RM140 million worth of completed commercial and residential properties for sale as at end-August, which it aims to sell in the near term.
KUALA LUMPUR (Sept 19): EWI Capital Bhd (KL:EWICAP), formerly known as Eco World International Bhd, recorded a total of RM170 million in sales and sales reserves for the 10 months ended Aug 31, 2025.
The group, which has been operating primarily in the UK and Australia, is still assessing market conditions and the feasibility of its remaining sites in the two countries before launching new projects. It had about RM140 million worth of completed commercial and residential properties for sale as at end-August, which it aims to sell in the near term.
Meanwhile, the London property market remains challenging, with construction costs continuing to climb, it said in its latest quarterly results filing on Friday. However, potential interest rate cuts by the Bank of England could improve affordability and support a recovery in home prices, it said.
While awaiting more favourable market conditions, the group is refining development plans for its remaining projects to enhance feasibility, besides exploring the monetisation of long-gestation assets to reinvest in nearer-term, revenue-generating opportunities.
The group, which announced in April this year a pivot to its home market Malaysia in view of the challenging overseas market, plans to fund its new domestic ventures by monetising such long-gestation assets over the next 18 to 24 months. It will also leverage its zero gearing and existing cash reserves. The name change to EWI Capital, which took effect in July 2025, is part of this strategic shift. The rebranding followed the termination of a brand licensing agreement with its largest shareholder, Eco World Development Group Bhd (KL:ECOWLD), a move that allows the group to operate in the Malaysian property sector.
The group recorded a net loss of RM8.23 million for the third quarter ended July 31, 2025 (3QFY2025), little changed from the RM8.19 million it incurred in 3QFY2024, weighed down by foreign exchange losses and weaker contributions from its Ballymore joint venture. This was partly cushioned by the absence of last year’s write-off from the discontinued Quayside Barking project.
Quarterly revenue came in at RM2.84 million, driven by the sale of the last commercial unit in its Yarra One project in Melbourne, which means its two projects in Australia are now fully sold and handed over to purchasers. No dividend was declared.
For the cumulative nine months (9MFY2025), the group managed to narrow its net loss to RM9.67 million from RM22.1 million in 9MFY2024, even as revenue fell sharply to RM2.84 million from RM31.82 million. This came amid lower impairments, a reduction in write-offs, while it cut costs and expenses.
Shares in EWI Capital ended half a sen or 1.9% lower at 26.5 sen on Friday, valuing the group at RM636 million.
As Penang girds itself towards the last lap of its Penang2030 vision, check out how the residential segment is keeping pace in EdgeProp’s special report: PENANG Investing Towards 2030.
