KUALA LUMPUR (March 12): Eco World Development Group Bhd (KL:ECOWLD) kicked off the financial year 2026 (FY2026) strongly as both its top and bottom lines hit record highs in the first quarter, on the back of the completion of two industrial land sales.

Net profit for the three months ended Jan 31, 2026 (1QFY2026) rose to RM156.4 million from RM80.3 million a year earlier, the property developer said in a filing with Bursa Malaysia. Quarterly revenue also more than doubled to RM1.35 billion from RM539.6 million.

EcoWorld attributed the stronger performance mainly to the completion of the industrial land sales to Microsoft Payments (Malaysia) Sdn Bhd and Pearl Computing Malaysia Sdn Bhd.

Other projects that contributed to revenue and gross profit in 1QFY2026 included Eco Botanic, Eco Botanic 2, Eco Spring, Eco Tropics, Eco Business Park I, Eco Business Park III and Eco Business Park VI in the southern region, as well as Eco Majestic, Eco Forest, Eco Sanctuary and Paragon Pinnacle in the central region.

The board declared a first interim dividend of two sen per share, payable on April 13, with an ex-date of March 27.

As at end-February 2026, EcoWorld recorded RM2.06 billion in sales for the first four months of FY2026, achieving 52% of its full-year sales target of RM4 billion.

Of the total sales, RM1.14 billion or 55% came from projects in the central region, covering Klang Valley and Negeri Sembilan, followed by 39% from the southern region in Iskandar Malaysia and 6% from the northern region in Penang.

The sales performance to date has lifted the group’s future revenue to RM5.11 billion as at Feb 28, 2026. Gross and net gearing ratios also improved to 0.63 times and 0.17 times respectively as at Jan 31, 2026.

The group’s cash balance, including deposits and short-term funds, stood at RM2.90 billion as at end-January 2026.

“The sales outperformance is a testament to the increasing breadth and depth of market penetration achieved by all our revenue pillars,” EcoWorld president and chief executive officer Chang Khim Wah said in a statement.

He noted that preparations are underway for the launch of two new projects aimed at expanding the group’s market reach, including Eco Radiance in Semenyih, Selangor, and Eco Business Park 8 in Kulai, Johor.

EcoWorld said it remains optimistic about its prospects and the underlying demand for its projects and products.

However, the company acknowledged uncertainties stemming from the ongoing Middle East crisis, unresolved tariff tensions and other global headwinds, adding that it will remain prudent in future investments, continue implementing cost-saving measures and maintain strict financial discipline in its operations.

Shares in EcoWorld rose five sen or 2.4% to settle at RM2.10 on Thursday, giving the group a market capitalisation of RM6.76 billion.