Ewein profit surges to RM42mil in FY18

  • Business
  • Thursday, 28 Feb 2019

President and group managing director Datuk Ewe Swee Kheng

KUALA LUMPUR: Property developer Ewein Bhd ‘s net profit jumped to RM42.01mil in the financial year ended Dec 31, 2018, compared with RM3.85mil a year prior.

The Company recorded a turnover of RM204.24mil, an increase of 106.33% compared to the RM98.99mil posted in the previous year.

Profit before tax stood at RM67.89mil, which represents a remarkable growth of 420.80% compared to RM13.04mil posted in the previous year.

In the fourth quarter ended Dec 31, 2018, Ewein registered a profit before tax of RM13.45mil, up 271.89% when compared to RM7.82mil loss before tax posted in the corresponding period.

Its revenue for the quarter stood at RM44.18mil, up 152.67% against RM17.49mil recorded a year ago.

Ewein said its positive results were mainly contributed from property development segment for higher percentage of completion and property units sold.

“We are pleased to announce a record year for Ewein amidst such challenging times in the property market.

“Our maiden property project City of Dreams received overwhelming response from market, and the units were taken up by a majority of local buyers as well as international buyers from Singapore, China, Indonesia, Europe, Hong Kong and Taiwan.

The take-up rate for that project currently stands at above 80%,” president and group managing director Datuk Ewe Swee Kheng said in a statement.

Ewe said this was the group’s best financial performance since our listing in 2008, and attributed its success to the uniqueness and location of our product offerings.

“We have also been consistently making genuine efforts to get closer to our buyers as well as understand the needs and desire of our valued customers. Ewein places great importance in listening to and monitoring the market’s demands, and we will continue to do so to implement our findings in upcoming projects,” it said.

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