Kuala Lumpur, 18 December 2015 – EKOVEST Berhad (“EKOVEST”) at its 30th Annual General Meeting today reported a profit after tax of RM20.0 million on the back of a revenue of RM438.0 million for the financial year ended 30th June 2015. This is an increase from previous financial year profit after tax of RM13.2 million and revenue of RM229.1 million. EKOVEST Berhad, with presence in construction, civil engineering and infrastructure, property development and infrastructure concession, attributed the increase in revenue and profitability from the progress of their DUKE Phase 2 construction project as well as recognised billings from their EkoCheras development project.
Speaking to the press after the AGM, Datuk Lim Keng Cheng said “From the revenue of RM438.0 million, our construction division is still the largest contributor with 65% or RM285.4 million. Our operations from the DUKE contributed approximately 21% or RM93.4 million and the property development division contributed 13% or RM58.2 million. The segmental result is in line with our long term aspirations where we have targeted for the revenue mix to be 60% from construction, 20% from property development and 20% from our DUKE operations respectively.”
He further added “The overall results of our Group remains strong and we believe that our performance will remain satisfactory in the current financial year as the progress of the EkoCheras and DUKE Phase 2 construction reaches its peak stages.” He cited that the RM1.9 billion outstanding order book from various construction projects on hand, together with unbilled sales in excess of RM500 million from the sales of development project will help the Group to maintain its strong financial position in the next few years. Furthermore, Datuk Lim Keng Cheng expressed that despite the challenges and uncertainties faced by property developers, EKOVEST is delighted to have received good responses from the public for the launch of EkoTitiwangsa in this year.
“We believe that our long term presence and commitment towards redeveloping northern Kuala Lumpur will allow us the flexibility to ensure these developments are able to return value not only to our shareholders, also to the community around us.”
As part of EKOVEST philosophy of ensuring sustainability in doing business, they have also committed to the “Sustainable Infrastructure in Malaysia Pledge” with Lembaga Pembangunan Industri Pembinaan Malaysia (“CIDB”), Public Works Department, Malaysian Highway Authority, Prof Dr S N Pollalis Inc, Universiti Sains Malaysia and Universiti Teknologi Mara. EKOVEST, being in the forefront of the construction industry have given its commitment to work towards enhancing the sustainability and resilience of the Malaysia’s building industry and environment to reduce environmental damage and the maintenance cost of buildings. The upcoming Setiawangsa-Pantai Expressway SPE (formerly known as DUKE Phase-3) has also been selected as the pioneer highway infrastructure project in Malaysia to be rated under the Envision Sustainable Infrastructure Rating System, a holistic framework for evaluating and rating the community, environmental, and economic benefits of all types and sizes of infrastructure projects.