EcoFirst to pay 1st dividend in 12 months’ time

SUBANG, Oct 26 (Bernama) — Property Developer EcoFirst Consolidated Bhd is planning to start paying its first dividend on a smaller sum from its profit in 12 months’ time, said Group Chief Executive Officer Datuk Tiong Kwing Hee.

He said the company would increase the dividend amount every year and this would be its dividend policy.

“I have promised my shareholders that I will pay them the dividend in 12 months’ time. This is the first dividend (payout) after so many years,” he told reporters after the company’s annual general meeting here today.

EcoFirst’s first quarter net profit ended on Aug 31, 2018 stood at RM4.7 million despite a softer property market, while revenue was maintained at RM44.7 million.

Tiong said the company sustained continued track record of profitability, thanks to the efficient management of resources, agile cost structure and ability to maintain low gearing.

“With phase 1 Liberty@Ampang Ukay (Liberty) 95 per cent sold, our results demonstrate EcoFirst’s ability to tap into undeserved segments of the market, producing the right products to meet customers’ demand,” he added.

Tiong said Liberty was progressing according to plan and on track to meet its full completion by November 2019.

“We are now working on Ampang Ukay’s project phase 2 which is being planned as a low-density development with three blocks proposed, comprising larger-sized units, that would suit young growing families, set for launch in the third quarter of 2019.

“As the last large freehold land on the borders of Ulu Klang, the 35.21 hectares Ampang Ukay project will be the main driver of growth over the medium-to-long term with an estimated gross development value of RM5 billion,” he said.

Going forward, Tiong said EcoFirst was targeting opportunities to develop small pockets of land in prime, affluent neighbourhoods for quick turnaround and steady cash flow.

On Budget 2019 wish list, EcoFirst Head of Properties and Development Janice Loh said the company hoped that the government would not introduce additional real estate taxes as they could weigh heavily on the current sluggish property market.

“However, we believe that continuing focus on housing affordability is still needed and hope the government will allow provisions that will help Malaysians buy homes and secure housing loans. These measures will potentially boost the real estate sector,” she said.

She also hoped banks would be more lenient on financing, especially for homebuyers.

Publication: Bernama

Channel: Online

Language: English

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