KUALA LUMPUR: Eco World International Bhd (EWI) recorded its strongest quarterly sales with RM448 million achieved in the fourth quarter ended October 31, 2020, bringing full-year sales to RM1.4 billion.
In a statement today, EWI said the sales figure is 25 per cent higher than financial year 2019's despite the challenging market conditions and disruption in marketing plans for many locations due to Covid-19.
"The substantially stronger sales clearly reaffirm London's position as a major property investment destination for global property investors," it said.
For the Q4, EWI's net profit plunged 85.3 per cent to RM17.44 million from RM118.291 million, due to lower share of results in joint ventures and commencement of accounting impairment of goodwill.
Revenue in the same quarter surged to RM57.38 million from RM254,000.
EWI executive vice chairman Tan Sri Liew Kee Sin said on a combined basis, the EcoWorld brand achieved RM3.8 billion sales in Malaysia, the UK and Australia.
"It is the same level recorded in financial year 2019 which is a remarkable result given the extreme disruptions Covid-19 has caused globally and in every market in which we operate," he said.
For the 12 month period, EWI's net profit shrank 57 per cent to RM80.33 million from RM187 million, while revenue grew to RM672.98 million from RM478,000.
Meanwhile, Eco World Development Group Bhd's (EcoWorld Malaysia) has exceeded its financial year 2020 sales target of RM2 billion by 15 per cent with full-year sales amounting to RM2.3 billion.
EcoWorld Malaysia's sales in 4Q 2020 exceeded RM1 billion, higher than the RM960 million recorded in 3Q 2020.
Its net profit for the financial year 2020 eased 33.6 per cent to RM135.17 million from RM203.42 million, mainly due to closure of sales galleries during the Movement Control Order (MCO), the temporary cessation of site activities from mid-March to mid-June and the cumulative impact of inventories written down in Q3 and Q4 of 2020.
Revenue in the same period decreased 18.9 per cent to RM1.99 billion from RM2.46 billion.
Liew said for financial year ending October 31, 2021, EWI and EcoWorld Malaysia have set a combined sales target of RM5 billion.
"Based on the strategic plans we have put in place in every geographic location to re-strategise and refocus on key segments of the market that have proven depth and resilience, I am confident that the target, despite being 30 per cent higher than the sales achieved in financial year 2020, is attainable," he said.
