business

Ewein Bhd posts net profit of RM42 million

KUALA LUMPUR: Ewein Bhd, Penang-based property developer, has posted a record net profit of RM42 million for its financial year ended December 2018, almost 11 times the net profit of RM3.9 million in the same period in 2017.

The company recorded a turnover of RM204.24 million, an increase of 106.33 per cent compared to the RM98.99 million posted in the previous year.

The results were mainly contributed from property development segment for higher percentage of completion and property units sold.

For the fourth quarter, it returned to the black with a net profit of RM6 million from a net loss of RM6 million in the corresponding period in 2017.

Ewein president and group managing director Datuk Ewe Swee Kheng said it is a record year for Ewein amid 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%.”

“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 its subsidiary Ewein Zenith Sdn Bhd, the group is constructing its maiden property development project in Penang, a luxury sea-front development known as “City of Dreams” in Bandar Tanjong Pinang, overlooking Gurney Drive.

City of Dreams has a gross development value of RM800 million and is situated on a 3.67-acre land.

The 40-storey freehold property development features 572 sea-view units ranging from 1,097 sq ft to 1,335 sq ft in size.

The construction is expected to be completed by the end of 2019.

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