PETALING JAYA: EcoWorld Development Group Bhd achieved RM3.61 billion sales for its financial year 2023, which surpassed its target of RM3.5 billion, contributed by its four revenue pillars.
Its Eco Business Parks recorded RM1.04 billion in industrial sales during the year, the highest in a single year, with exponential growth achieved over the last four years since FY20.
Eco Hubs registered RM515 million in commercial properties sales in FY23, up by 15% compared with FY22 and 33% above the average annual sales between FY20 until FY22.
Total residential sales of RM2.05 billion in FY23 were contributed from its revenue pillars, namely Eco Townships and Eco Rise.
“This year, EcoWorld recorded RM1.47 billion from sales of homes within its Eco Townships that were priced above RM650,000 and RM577 million from homes priced below RM650,000, mainly from the group’s ‘Duduk’ series of apartments,“ the group said in a statement today.
EcoWorld Malaysia president and CEO Datuk Chang Khim Wah said the group has noted a surge in demand from the industrial sector.
“Accordingly, we focused our efforts here which resulted in a 68% four-year compounded annual growth rate in sales achieved by our Eco Business Parks pillar, culminating in more than RM1 billion sales of industrial properties recorded in a single year for the first time in FY23.
“We believe this momentum will continue and with a new business park, Eco Business Park VI in Kulai, Johor, which we plan to launch in FY’25, we are well placed to capture the strong interest shown by local and international industrialists in our projects,“ he stated.
The group said it has entered a highly cash-generative phase of each project’s lifecycle. Its future revenue as at Oct 31, 2023 remains healthy at RM3.49 billion, providing clear earnings and cashflow visibility.
It maintains its sales target at RM3.5 billion for its Malaysian operations as it focuses on sustainable growth by improving absolute returns from its landbank through margin improvement or higher yield per sq ft of land developed.
