Ewein’s Q1 profit jumps fourfold to RM12.05m

KUALA LUMPUR: Ewein Bhd’s first-quarter profit ended March jumped fourfold to RM12.05 million, from RM2.53 million previously, on stronger sales of properties and faster construction progress.

Ewein’s revenue more than doubled to RM56.46 million, from RM22.76 million a year ago in the period.

The real estate developer, which is also involved in precision sheet metal fabrication, said the property market in Penang was improving.

Ewein said it was “cautiously optimistic” on the performance of its property development segment for the rest of the year.

As for its manufacturing business, it remains positive due to the improving global demand for electronics and electrical products.

Ewein said its investment holding, property management and letting segments saw improving take-up rates at Menara IJM Land in Penang.

Two months ago, Ewein announced its 89 per cent-owned unit had signed an agreement with two Thai businessmen to establish a joint venture to undertake a “smart mobile coffeevending machine project” in Bangkok.

The memorandum of agreement was signed between Thai nationals Yingyos Charubusapayon and Chai Yangruay, and Ewein’s 89 per cent subsidiary Ewein Ecommerce Sdn Bhd.

The joint venture is 40 per cent-owned by Ewein Ecommerce. Charubusapayon holds a 32.5 per cent stake and Yangruay the remaining 27.5 per cent.

Under the agreement, Ewein Ecommerce will provide 30 units of smart mobile coffee-vending machines in 30 locations and help with technical aspects of the vending machines.

Yangruay, who is the managing director of the joint venture company, has agreed to secure at least 50 million baht (RM6.28 million) per year in advertising contracts revenue.

Meanwhile, Charubusapayon is coordinating with Ewein Ecommerce in installing the vending machines at Bangkok Mass Transit System stations, central business districts, and the Suvarnabhumi Airport.