ECOBUILT EYES RM1B JOBS
Company expects revenue to hit RM100m next year from RM62.2m this year
ECOBUILT Holdings Bhd is targeting jobs worth RM1 billion by end of next year.
Ecobuilt chief executive director and chief executive officer Datuk Michael Ong Chee Koen said he the outlook for the construction industry should improve next year, adding that the group was expecting to see a significant rise in job wins next year.
“We are hoping for our order book to hit RM1 billion by end of next year, which will then sustain the group for three years.
“We are quite positive on more growth,” Ong told the News
Straits Times after Ecobuilt’s shareholders’ meeting, here, yesterday.
He said the company’s outstanding construction order book stood at RM760 million now.
Ecobuilt’s revenue slipped RM10.9 million, or 14.9 per cent, to RM62.2 million this year from RM73.1 million last year.
However, the company is confident of recording RM100 million revenue next year.
The revenue drop was mainly due to a substantial portion of its H2O residential project in Ara Damansara, Petaling Jaya, having been completed in its financial year 2018, as well as the overall slowdown in the construction sector in the current financial year.
“Ecobuilt will continue to tender for more infrastructure and buildings projects to grow its construction segment while developing engaging, educational, entertaining and trending content that will be marketed globally,” said Ong.
Ecobuilt is also hoping to get a slice of the East Coast Rail Link (ECRL) project and has registered its interest.
The government had said in June more than 1,000 construction companies were eyeing jobs from the 40 per cent civil work portion of the RM44 billion ECRL project, following a pre-qualification exercise to identify potential subcontractors.
Ecobuilt recorded a pre-tax profit of RM3.9 million for its financial year 2019, following a pre-tax loss of RM2.1 million the year before. This was mainly due to an absence of one-off expenses such as the impairment loss on goodwill and development costs.
It secured two new projects in its financial year 2019, namely The Shore in Kota Kinabalu and Platinum OUG Residence, here, with a combined contract value of RM464.6 million.
Both projects are expected to generate a total revenue of RM42.5 million during the financial year.