EWEIN PROFIT RISES ALMOST 11 TIMES
Group credits strong performance to more project completion and units sold
PENANG-based property developer Ewein Bhd posted a record net profit of RM42 million last year, almost 11 times the RM3.9 million net profit recorded in 2017.
Turnover rose 106.33 per cent to RM204.24 million, from the RM98.99 million previously.
Ewein said the results were mainly due to a higher percentage of property completion and units sold.
For the fourth quarter, the company returned to the black with a net profit of RM6 million, from a RM6 million net loss in the corresponding period of 2017.
President and group managing director Datuk Ewe Swee Kheng said 2018 was a record year for Ewein, despite the tough property market.
“Our maiden property project, City of Dreams, received overwhelming response from the market with units taken up by a majority of local buyers as well as buyers from Singapore, China, Indonesia, Europe, Hong Kong and Taiwan. The take-up for the project stands at above 80 per cent.
“This is our best financial performance since our listing in 2008, and we attribute our success to the uniqueness and location of our product offerings,” he said in a statement.
Currently, through subsidiary Ewein Zenith Sdn Bhd, Ewein is constructing its maiden property development project in Penang — a luxury sea-front development known as “City of Dreams” in Bandar Tanjong Pinang that overlooks Gurney Drive.
City of Dreams has a gross development value of RM800 million and is being built on a 1.485ha site.