Revenue rose by 32.1% to RM555.76 million from RM420.82 million due to higher contributions from active and newly launched phases of its property projects.

In a filing with Bursa Malaysia today, EcoWorld Malaysia noted that Eco Botanic, Eco Spring, Eco Tropics, Eco Business Park I, and Eco Sanctuary in the Klang Valley were among the projects that contributed to revenue and gross profit in Q2 2024.

In a separate statement, president and CEO Chang Khim Wah said the group achieved RM2.18 billion in sales in seven months of the 2024 financial year (FY2024), fuelled by robust demand for its projects in Iskandar Malaysia which contributed 61% of the group’s total year-to-date sales.

“From a segmental perspective, all four of the group’s revenue pillars, including Eco Townships, Eco Rise, Eco Hubs, and Eco Business Parks performed strongly.

“Sales of residential homes under our Eco Townships pillar remain the largest segment with RM855 million recorded, of which 90% comprised ‘upgrader’ homes priced above RM650,000,” he said.

Chang noted that as its projects mature and are backed by consistently strong sales, the company’s ability to generate cash increases.

“In the first half of FY2024, the group generated RM470 million cash from operating activities, more than three times our net profit for the same period.

“As a result, our cash balance including deposits and short-term funds rose to RM1.44 billion, its highest level to date, reducing our net gearing ratio to 0.24 times,” he said.

EcoWorld Malaysia stated it is well-positioned to acquire more land, particularly under its Eco Townships, Eco Business Parks, and Eco Rise pillars.

“The group aims to broaden its market share under every property market segment to sustain growth,” it said.

The property developer declared an interim dividend of two sen per share, payable on July 19.

As at 3.10pm, EcoWorld Malaysia’s share price was down by 1 sen or 0.63% at RM1.57, giving the group a market capitalisation of RM4.62 billion.