Ewein net profit surges to RM12.2mil in Q3

President and group managing director Datuk Ewe Swee Kheng

KUALA LUMPUR: Ewein Bhd posted a record-breaking quarterly performance for the third time in a row this financial year ending December 31, 2018 (FY2018).

The property company posted a record net profit of RM12.27mil, or 4.07 sen earnings per share (EPS) in the third quarter ended Sept 30 compared with RM4.98mil, or 1.84 sen EPS achieved a year ago.

Its profit before tax (PBT) for the quarter stood at RM16.9mil, representing an impressive growth of 99.92% when compared with the RM8.45mil posted a year ago.

Ewein attributed the company’s impressive growth to contributions from its property development segment, which saw more property units sold, higher percentage of completion and faster construction progress compared to last year.

In the first nine months, Ewein posted a net profit of RM35.96mil, up 238.2% from RM10.63mil a year ago, while revenue doubled to RM160.06mil from RM76.33mil previously.

President and group managing director Datuk Ewe Swee Kheng said the group were thrilled with the financial performance of Ewein in the first three quarters of FY18 and remained optimistic on the performance of the remaining last quarter.

“We shall see the group achieving a record high annual revenue and profit for the entire FY18. This will mainly be fuelled by the revenue contribution from Ewein’s City of Dreams development,” he said in a statement.

Ewein is currently constructing its maiden property development project in Penang known as "City of Dreams", which has a gross development value of RM800mil. Construction is expected to be completed by the end of 2019.

In a separate filing with Bursa Malaysia, Ewein said its deputy chairman Datuk Ewe Swee Kheng has been redesignated as president and group managing director.

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