Latest news with #EWI
The Star
4 days ago
- Business
- The Star
Paramount still keen on foreign markets
Paramount Corp Bhd group chief executive officer Jeffrey Chew. SHAH ALAM: Property developer Paramount Corp Bhd remains committed to overseas property investment amid market uncertainty and Eco World International Bhd 's (EWI) plans to re-enter the Malaysian property scene. In May 2024, Paramount became a major shareholder of EWI after acquiring a 21.54% stake in the international property developer for a cash consideration of RM170.61mil. Loss-making EWI focuses on international property development, mainly in Britain and Australia, but had recently announced plans to venture into the local market. Group chief executive officer Jeffrey Chew said EWI's decision to tap into the local market does not divert Paramount's objective of diversifying its earnings base and expanding property development activity overseas. 'I think our objective has always been to keep some assets outside of Malaysia. The fact that EWI has actually decided to launch in Malaysia does not mean that they are going to get rid of all the overseas projects. 'In a way, it still does meet our objective and original intonation of having assets outside of Malaysia,' he told the media during a briefing after Paramount's 55th AGM, yesterday. Chew noted that if EWI were to launch projects locally, revenue recognition would likely be faster compared to markets such as Britain or Australia. He said Paramount sees long-term value in maintaining its investment in EWI, maintaining a positive outlook over the next few years. On Paramount's broader overseas investment strategy, Chew said that the group tries to 'not put all its eggs in one basket' and continues to explore new opportunities. He acknowledged that earlier projects, including a venture in Bangkok, had underperformed due to post-pandemic market conditions. As a result, Paramount is now focusing on lower-risk, structured international investments that offer fixed returns and defined exit mechanisms. To date, Paramount has invested in six international property projects across Australia, Britain and the United States. In line with its updated investment approach, the group also revised its international profit contribution target to 20%, down from the earlier goal of 30%. He said the company was also working to improve internal performance metrics. 'We've grown our return on equity (ROE) from just over 2% a few years ago to 7.2% today, one of the highest in the domestic property sector. Our aim is to reach double-digit ROE in the next few years by improving operational efficiency, shortening development cycles and managing land acquisition more strategically,' he added. Looking ahead, Paramount remains confident in its ability to achieve its sales target of RM1.5bil, supported by the robust demand in the property market, specifically for residential property. Paramount posted a net profit of RM14.43mil or a basic earnings per share of 2.32 sen for the first quarter of this year (1Q25). This was higher from the RM7.71mil or 1.24 sen in the same quarter of the preceding year. Revenue also increased from RM172.61mil to RM217.84mil.
The Sun
4 days ago
- Business
- The Sun
Paramount aims to maintain momentum after record high sales of RM1.4b in FY24
KUALA LUMPUR: Paramount Corporation Bhd is poised to build on the momentum of record high property sales amounting to RM1.4 billion in 2024, a 24% increase compared to 2023, for the current financial year. Group CEO and director Jeffrey Chew Sun Teong said the milestone of achieving the highest annual sales in its history underlines strong market demand and the company's effective project pipeline. In addition to the record-breaking achievement, Paramount's unbilled sales rose by 12% to RM1.6 billion, providing healthy earnings visibility moving forward. 'While the overall take-up rate was not exceptionally high, the company views this as a natural result of its large number of project launches in 2024. The company remains unfazed, noting that developments with longer sales periods are expected to register lower take-up rates initially, especially when launched at scale,' Chew told reporters after the Paramount's annual general meeting today. Moving forward, Paramount is expected to sustain its growth trajectory into 2025, supported by a robust pipeline of ongoing projects stemming from a record RM2.2 billion worth of property launches in 2024. 'This marked the highest launch value in the company's history, with many of the developments continuing to drive sales into the current year. The launches were well diversified, with 72% comprising high-rise units, 27% landed properties and the remaining 1% commercial. 'Spread across multiple locations, the breadth of projects reflects Paramount's strategic focus on maintaining a balanced portfolio, both in terms of product mix and geographical distribution, helping to ensure resilience amid varying market conditions,' Chew said. Paramount achieved revenue of RM1 billion in FY24, a 3% increase from FY23. The group's profit before tax (PBT) rose by 20% to RM156.9 million compared to RM130.2 million in FY23 on the back of sustained revenue from the property segment and dividend income from its investment in another property developer. Profit attributable to ordinary equity holders grew 24% to RM102.4 million from RM82.8 million in FY23. In FY24, the property segment achieved a record high PBT of RM145 million, contributing 92.4% of the group's total PBT, supported by revenue of RM965.3 million. The investment and other segments saw strong improvements, largely driven by the group's stake in Eco World International Bhd (EWI). The coworking segment reported an 80% jump in revenue to RM23.5 million (including RM5.2 million in intersegment revenue). However, PBT declined to RM700,000 from RM2 million achieved in FY23, primarily due to the absence of a one-off impairment reversal that was recognised in FY23. As of Dec 31, 2024, total assets stood at RM3.1 billion, up from RM3 billion a year earlier. Total liabilities rose to RM1.6 billion from RM1.3 billion. Chew said, 'Paramount's gearing level rose slightly in 2024, mainly due to higher borrowings and financing related to its investment in EWI. The company also refinanced its perpetual debt during the year, contributing to the increase. 'Gearing level is currently higher due to the structure of its financial instruments and recent refinancing activities. Despite this, the company has maintained a consistent dividend payout track record, distributing at least 38% of its profits annually over the past decade. 'In total, shareholders have received approximately RM1.15 in dividends over 10 years, exceeding the company's current share price of under RM1.10.' With RM2.2 billion worth of launches in 2024, Paramount's portfolio remains well diversified, comprising 72% high-rise developments, 27% landed properties and 1% commercial projects. This broad spread across product types and locations provides resilience against unforeseen challenges. The company believes this balanced approach will help sustain overall performance throughout the year, even if individual projects face temporary setbacks.
Yahoo
29-05-2025
- General
- Yahoo
Radford Army Ammunition Plant holds community meeting
RADFORD, Va. (WFXR) — The Radford Army Ammunition Plant held an online community meeting Wednesday. It included updates on incidents that occurred over the past year. There was a nitric acid spill April 22 at the plant. Environmental Manager for government contractor BAE Systems, Nelson Hernandez says they ultimately determined 6,500 gallons were spilled. The preliminary estimate was 600 gallons. The spill covered an area about 500 by 10 feet in size he added. Hernandez says there was no immediate impact to the environment or public health. 'The area is a natural clay-based soil,' he explained. 'It prevents any kind of permeation.' 'We are going through the due diligence to properly profile and analyze the material so we ensure that BAE Systems properly disposes of the material. That's next and really the last step of this process.' He also addressed the thirteen totes swept away during Hurricane Helene in September. Hernandez says they recently found the tenth downstream of Big Falls. Hernandez says the 275-gallon chemical container didn't leak. Radford Army Ammunition Plant holds groundbreaking ceremony for EWI There are still three containers missing. Anyone who thinks they see one is asked to contact their local sheriff. Andrea Henry with the U.S. Army Corp of Engineers also provided an update on the plant's energetic waste incinerator. The first of its kind facility is an alternative to their 'Open Burning Ground,' which is where they burn propellant to process it. 'It will nearly eliminate use of the OBG,' she said. There's nearly a yearlong delay. The project was supposed to be complete this July, but it's now set for June 2026. Henry says their contractor has brought in additional crews, but that weather impacts over the last several months, plus redesigns and construction challenges lent to the slowdown. You can watch the whole meeting on the Radford Army Ammunition Plant Facebook. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
The Star
23-05-2025
- Business
- The Star
JLand Group and Eco World International to jointly explore real estate projects in Malaysia and Australia
From left: JLand Group managing director Datuk Sr. Akmal Ahmad, JLand Group managing director, property development Zamri Yusof, EcoWorld International Bhd (EWI) president & CEO Datuk Teow Leong Seng and EWI Chairman Cheah Tek Kuang. KUALA LUMPUR: JLand Group (JLG), the real estate and infrastructure arm of Johor Corp (JCorp), and Eco World International Bhd (EWI) have signed a framework agreement to explore joint real estate development opportunities in Malaysia and Australia. In a joint statement, the companies said the agreement reflects a shared ambition to unlock strategic value across both markets by leveraging the strengths of two forward-looking development platforms. The non-binding agreement, signed through JLG Investment Holdings Sdn Bhd, paves the way for both parties to jointly evaluate high-potential projects and explore appropriate partnership structures for sites owned or identified by either side. JLG has shown interest in EWI's residential site at Macquarie Park, a prime location just 18 kilometres from Sydney's central business district. Meanwhile, EWI is considering involvement in a proposed 300-acre industrial development within Ibrahim Technopolis (IBTEC), JLG's flagship integrated township in Sedenak, Johor. Situated within the Johor-Singapore Special Economic Zone (JS-SEZ), IBTEC benefits from over RM34bil in committed investments. JLand Group managing director Datuk Sr Akmal Ahmad said the framework agreement marks the next chapter in the company's deliberate regional growth strategy. 'Macquarie Park presents an opportunity to build on the momentum we've established in Australia, while IBTEC offers a compelling platform for global collaboration here in Johor. 'We remain firmly focused on our core mission to drive high-impact, sustainable development locally, and continue creating investor-ready ecosystems that attract the confidence of listed partners with international reach like EWI. This potential partnership reflects our commitment to scale with the right collaborators who share our long-term vision, values, and execution discipline,' he said in the statement. EWI president and CEO Datuk Teow Leong Seng said: 'We are equally excited about the opportunity to participate in a strategic development within IBTEC, which is already among the country's most prominent smart and sustainable industrial zones.' 'We look forward to working with JLG to create opportunities that attract high-value industrial players. The framework agreement creates a platform for us to explore how we can pool our combined capabilities, strengths, and resources to capture a larger share of the rapidly growing industrial demand in the Johor-Singapore Special Economic Zone and Iskandar Malaysia as a whole,' Teow said. Should the collaboration progress to formal agreements, it will represent EWI's first entry into Malaysian real estate development, and a continued regional stride for JLG—affirming that the group's formula for integrated, sustainable growth continues to resonate beyond domestic borders.
The Star
30-04-2025
- Business
- The Star
EcoWorld International unveils new strategy; to rebrand as EWI Capital
PETALING JAYA: Eco World Development Group Bhd (EcoWorld Malaysia) will no longer be confined to building properties only within Malaysia, after its 29%-owned Eco World International Bhd (EWI) announced a new business direction that involves its entry into Malaysia and a name change. With the loss-making EWI diversifying into Malaysia, EcoWorld Malaysia said it can also 'directly explore and pursue compelling investments' in real estate or development projects abroad. This may include Singapore, where it already has a marketing presence. However, the statement issued today stopped short of openly mentioning the Australian and UK property markets, where EWI is involved in currently. At the moment, a collaboration agreement signed in 2016 by both companies restricts EWI from venturing into Malaysia, while EcoWorld Malaysia is restricted from undertaking any property development or investments in countries other than Malaysia. EWI announced yesterday a series of proposals aimed at expanding the group's geographical scope of operations to broaden its revenue base and accelerate income generation. These include the proposed termination of the collaboration agreement. Following the termination, EWI will no longer carry the EcoWorld brand name and will thereafter be known as EWI Capital Bhd. As such, it is also proposed that the brand licence agreement signed in 2014 be terminated. For it to venture into Malaysia, EWI needs cash for reinvestment, and therefore, the company looks to sell some of its 'existing long gestational property assets' over the next 18-24 months. As for EcoWorld Malaysia, while the 29% equity interest in EWI will be retained, the stake will be de-recognised as an associate company and instead, recognised as a simple investment. Pursuant to the proposals, Tan Sri Liew Kee Sin and Datuk Heah Kok Boon have voluntarily resigned as the directors of EWI on April 30. Liew is the executive chairman and Heah is an alternate director of EcoWorld Malaysia. Following their resignations, EcoWorld Malaysia will no longer be privy to EWI's business strategies or be able to exercise any significant influence over its financial and operating policy decisions. The proposals will not take effect immediately and must be approved by shareholders of both EWI and EcoWorld Malaysia at an extraordinary general meeting to be convened later. EcoWorld Malaysia said it stands to benefit from EWI's efforts to protect and potentially enhance the company's long-term value proposition. In addition, with the termination of the collaboration agreement, this will open up fresh opportunities for EWI and EcoWorld Malaysia to work together in a different capacity or at the project level for their mutual benefit. In a statement, EcoWorld Malaysia president and chief executive officer (CEO) Datuk Chang Khim Wah said there are many ways for EcoWorld Malaysia and EWI to forge new areas of collaboration. 'We can be a development manager to help them develop their Malaysian projects or we can even explore joint ventures together at project level. 'The combination of our experience and expertise as well as pooling of resources and balance sheet strength with EWI should release good synergies to contribute towards greater value creation for both companies. 'In EcoWorld Malaysia's case, such an arrangement will help us grow our fee-based income stream and expand our portfolio of projects, whether as a development manager or joint venture partner,' said Chang. Meanwhile, EWI president and CEO Datuk Teow Leong Seng reaffirmed that the company will maintain its presence in the UK and Australia. This will allow the company the flexibility to launch its remaining sites when market conditions improve. According to Teow, several broad macroeconomic indicators in the UK and Australia have begun to trend in a more favourable direction. Nevertheless, both mortgage rates and construction costs are still elevated compared to pre-pandemic levels. Teow highlighted that the decision to spread EWI's wings to Malaysia was also driven by the accounting rules governing revenue recognition from development activities. In both the UK and Australia, revenue is recognised only upon the completion of projects and the handover of units to purchasers. This creates a long timing gap between new launches and revenue recognition which will weigh on the group's financial performance over the next several years. Conversely, in Malaysia, the accounting rules permit development revenue to be recognised progressively, with only a short timing gap between new launches and income recognition. This can potentially generate nearer-term income for EWI once a project is secured and launched which will strengthen the group's financial performance. 'Depending on the nature and type of projects that we undertake in Malaysia, one possibility (for collaboration) could be in the area of development management services to be provided by EcoWorld Malaysia, given that we do not presently have our own property development team here. 'Combined with our zero gearing position and the gradual cash build-up from the sale of our remaining completed stocks, we are well-positioned to explore new investment and development opportunities,' said Teow.
