DailySpaceEcoFirst Consolidated Bhd.
3557 · Main Market主板（Main Market） · annual reports 2023 to 2025, 1707 entries read2023 至 2025 年报，共读出 1707 条
The company这家公司
EcoFirst Consolidated Bhd is a property development and property investment group operating principally in Malaysia. Its major projects include the KL48 apartment project in Sungai Besi and investment properties including South City Plaza in Seri Kembangan and retail units at Liberty Arc in Ampang Ukay.EcoFirst Consolidated Bhd 是一家主要在马来西亚运营的房地产开发与房地产投资集团。其主要项目包括位于 Sungai Besi 的 KL48 公寓项目，以及包括 Seri Kembangan 的 South City Plaza 和 Ampang Ukay 的 Liberty Arc 零售单位在内的投资产业。
Source: annual report 2023, page 138; annual report 2024, pages 5, 187; annual report 2025, page 24.出处：2023 年年报第 138 页；2024 年年报第 5、187 页；2025 年年报第 24 页。
Property management ceased operations during the 2024 financial year. There was no single external customer contributing 10% or more of group revenue.物业管理业务已于 2024 财政年度停止运营。没有任何单一外部客户占集团营业额的 10% 或以上。
Source: annual report 2025, pages 24, 173, 177.出处：2025 年年报第 24、173、177 页。
In the 2025 report, Tan You Tiong holds 128,041,900 shares (11.01%) via Maybank Nominees (Tempatan) Sdn Bhd and 28,880,000 shares (2.48%) in a pledged securities account. Other holdings include 60,000,000 shares (5.16%) held by Janaki @ Mallika A/P Palaniappan, 52,290,000 shares (4.50%) held by Aspirewell Sdn Bhd, and 52,290,000 shares (4.50%) in a pledged account for Chew Hian Tat.在 2025 年报中，Tan You Tiong 通过 Maybank Nominees (Tempatan) Sdn Bhd 持有 128,041,900 股（11.01%），并通过质押证券账户持有 28,880,000 股（2.48%）。其他持股包括 Janaki @ Mallika A/P Palaniappan 持有的 60,000,000 股（5.16%）、Aspirewell Sdn Bhd 持有的 52,290,000 股（4.50%），以及 Chew Hian Tat 在质押账户中的 52,290,000 股（4.50%）。
Source: annual report 2025, pages 180, 181.出处：2025 年年报第 180、181 页。
Dato’ (Dr) Teoh Seng Foo is the brother of Teoh Seng Aun and Dato’ Teoh Seng Kian, who were substantial shareholders in the 2023 report. Teoh Seng Aun held 48,532,916 shares (4.17%) in a pledged securities account under MBSB Investment Nominees (Tempatan) Sdn Bhd.Dato’ (Dr) Teoh Seng Foo 是 Teoh Seng Aun 和 Dato’ Teoh Seng Kian 的兄弟，二人在 2023 年年报中为主要股东。Teoh Seng Aun 在 MBSB Investment Nominees (Tempatan) Sdn Bhd 的质押证券账户中持有 48,532,916 股（4.17%）。
Source: annual report 2023, page 11; annual report 2025, pages 12, 181.出处：2023 年年报第 11 页；2025 年年报第 12、181 页。
In October 2023, Dato’ Tiong Kwing Hee retired from the Board, and in June 2024 Dato’ (Dr) Teoh Seng Foo resigned. In May 2024, Dato’ Faisal Zelman bin Datuk Abdul Malik was appointed Chairman and Independent Non-Executive Director, while Chew Hian Tat was appointed Executive Director. An executive was promoted to Acting Group Chief Executive Officer in December 2023 and to Group Chief Executive Officer in February 2025.2023 年 10 月，Dato’ Tiong Kwing Hee 从董事会退休；2024 年 6 月，Dato’ (Dr) Teoh Seng Foo 辞职。2024 年 5 月，Dato’ Faisal Zelman bin Datuk Abdul Malik 获委任为主席兼独立非执行董事，Chew Hian Tat 获委任为执行董事。一名高管于 2023 年 12 月获擢升为代理集团首席执行员，并于 2025 年 2 月升任集团首席执行员。
Source: annual report 2024, pages 11, 13, 18, 88; annual report 2025, page 17.出处：2024 年年报第 11、13、18、88 页；2025 年年报第 17 页。
Revenue by segment, 2025 (RM'000)2025 年各部门营业额（千令吉）
Source: annual report 2025, page 174.出处：2025 年年报第 174 页。
Major events大事记
Source: annual report 2023, pages 64, 67.出处：2023 年年报第 64、67 页。
Source: annual report 2023, page 22; annual report 2024, page 5.出处：2023 年年报第 22 页；2024 年年报第 5 页。
Source: annual report 2024, pages 93, 148.出处：2024 年年报第 93、148 页。
Source: annual report 2024, pages 25, 108.出处：2024 年年报第 25、108 页。
Source: annual report 2025, page 27.出处：2025 年年报第 27 页。
Source: annual report 2025, pages 28, 48.出处：2025 年年报第 28、48 页。
Revenue, profit and operating cash营业额、盈利与营运现金
Assets, liabilities and equity资产、负债与权益
20232023 年
Proceeds from term loans were RM20.9 million, while term loan repayments were RM9.5 million and interest paid was RM17.6 million. The company raised funds through a private placement of 31,800,000 new shares at RM0.325 per share and disposed of 11,500,000 treasury shares for RM4,089,052. Net cash inflow from the disposal of a subsidiary was RM2.5 million, and no dividend was declared or paid.定期贷款提取获得现金 RM20.9 million，定期贷款偿还支出 RM9.5 million，支付利息 RM17.6 million。公司通过以每股 RM0.325 私下配售 31,800,000 股新股筹集资金，并以 RM4,089,052 脱售了 11,500,000 股库存股。脱售子公司的现金净流入为 RM2.5 million，未宣布或派发任何股息。
Source: annual report 2023, pages 74, 75, 90.出处：2023 年年报第 74、75、90 页。
20242024 年
The company completed the acquisition of the remaining 49% stake in BCM Holdings Sdn. Bhd. for RM78,400,000 in cash. Drawdown of term loans provided RM195.2 million, while term loan repayments took RM91.4 million and interest paid took RM18.6 million. The company repurchased 24,735,700 shares from the open market for RM8,376,773 at an average price of RM0.34 per share, and received deposits of RM23.5 million for a proposed disposal of investment properties. No dividend was recommended for the year.公司以 RM78,400,000 现金完成了对 BCM Holdings Sdn. Bhd. 剩余 49% 股权的收购。提取定期贷款获得 RM195.2 million，偿还定期贷款支出 RM91.4 million，支付利息 RM18.6 million。公司以平均每股 RM0.34 的价格从公开市场回购 24,735,700 股，总代价为 RM8,376,773，并收到拟脱售投资产业的定金 RM23.5 million。本年度未建议派发股息。
Source: annual report 2024, pages 102, 105, 122, 148.出处：2024 年年报第 102、105、122、148 页。
20252025 年
Progress billings issued during the year were RM356.8 million. With no new term loans drawn, the group applied cash to debt reduction, repaying RM119.8 million of term loans and paying RM19.5 million in interest. The company repurchased 19,155,500 shares from the open market for RM6,906,304 at an average price of RM0.36 per share. No dividend was recommended to conserve cash for expansion.本年度开出的 工程进度账单达 RM356.8 million。在没有提取新定期贷款的情况下，集团将现金用于削减债务，偿还了 RM119.8 million 的定期贷款并支付了 RM19.5 million 的利息。公司以平均每股 RM0.36 的价格从公开市场回购 19,155,500 股，总代价为 RM6,906,304。为保留现金用于未来扩张，未建议派发股息。
Source: annual report 2025, pages 32, 94, 112, 144.出处：2025 年年报第 32、94、112、144 页。
Across the three years三年合看
The company declared and paid no dividends across the three reports. Instead, it accumulated 44,649,700 treasury shares with a carrying amount of RM15,523,358 by 31 May 2025. Net fair value gains on investment properties were recognised in profit or loss in all three years: RM24.8 million in 2023, RM32.9 million in 2024, and RM13.3 million in 2025.在三份年报中，公司均未宣布或派发股息。相反，截至 2025 年 5 月 31 日，公司累计持有 44,649,700 股库存股，账面值为 RM15,523,358。三年均在损益中确认了投资产业公允价值净收益：2023 年为 RM24.8 million，2024 年为 RM32.9 million，2025 年为 RM13.3 million。
Source: annual report 2023, pages 74, 140; annual report 2024, pages 102, 142; annual report 2025, pages 92, 130, 146.出处：2023 年年报第 74、140 页；2024 年年报第 102、142 页；2025 年年报第 92、130、146 页。
Still to be spent尚未支出的承诺
Capital commitments approved and contracted for the acquisition of development land were RM31.5 million. A subsidiary's acquisition of 4.506 acres of freehold land in Kajang for RM35,000,000 was completed after the financial year end on 14 August 2025.已批准并签约用于收购开发土地的资本承诺为 RM31.5 million。一家子公司以 RM35,000,000 收购加影 4.506 英亩永久地契土地，已于财政年度结束后于 2025 年 8 月 14 日完成。
Source: annual report 2025, pages 28, 97, 171.出处：2025 年年报第 28、97、171 页。
Four years of figures四年数字
Group figures, in RM thousand (×1,000), as printed in the statements.集团数字，单位千令吉（×1,000），照财务报表所印。
| Group集团 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | RM'000千令吉 | |
| Revenue营业额 | 24,035 | 31,462 | 162,683 | 453,909 |
| Profit/(Loss) before tax税前盈利/（亏损） | (9,109) | 14,912 | 5,996 | 35,844 |
| Profit for the financial year年度盈利 | – | 10,734 | 11,865 | 25,430 |
| Net cash from/(used in) operating activities营运活动所得/（所用）现金净额 | (39,310) | (1,881) | (3,348) | 152,655 |
| Net cash from/(used in) investing activities投资活动所得/（所用）现金净额 | (1,996) | 2,057 | (58,714) | (1,814) |
| Net cash from/(used in) financing activities融资活动所得/（所用）现金净额 | 41,885 | 7,032 | 75,296 | (147,257) |
| Total assets总资产 | 959,298 | 946,336 | 1,042,017 | 974,140 |
| Total liabilities总负债 | 377,188 | 343,361 | 514,466 | 428,059 |
| Total equity总权益 | 582,110 | 602,975 | 527,551 | 546,081 |
| Cash and bank balances现金与银行结余 | 8,234 | 17,007 | 29,110 | 32,967 |
| Non-current loans and borrowings非流动贷款与借款 | 160,517 | 106,708 | 179,769 | 172,435 |
| Current loans and borrowings流动贷款与借款 | 28,757 | 96,899 | 127,288 | 15,688 |
On a computer, hover over a figure for the report and page it is printed on.在电脑上把鼠标移到数字上，可看到它印在哪份年报的哪一页。
Said and done说过的与做到的
| What the reports said年报说要做的 | What later reports show之后年报显示的 | Status状态 |
|---|---|---|
| KL48 was expected to be completed over the coming four years (2023 report)KL48 预计在未来四年内完工（2023 年报） | The 2024 report targeted completion by the third quarter of 2026, and the 2025 report slated completion in the second quarter of 2026 with overall work progress at 71%.2024 年报将完工目标定在 2026 年第三季度，2025 年报在整体工程进度达 71% 的情况下将完工期定在 2026 年第二季度。 Source: annual report 2023, pages 27, 40; annual report 2024, page 5; annual report 2025, page 27.出处：2023 年年报第 27、40 页；2024 年年报第 5 页；2025 年年报第 27 页。 | Still in progress仍在进行中 |
| The group planned to launch a new mixed development on the Kajang land in the first quarter of 2025 with an estimated gross development value of RM400 million (2024 report)集团计划于 2025 年第一季度在加影土地推出预计开发总值为 RM400 million 的新综合开发项目（2024 年报） | In the 2025 report, the launch target was moved to the first quarter of 2026, following completion of the land acquisition on 14 August 2025.在 2025 年报中，随着土地收购于 2025 年 8 月 14 日完成，推出目标推迟至 2026 年第一季度。 Source: annual report 2024, pages 22, 25; annual report 2025, pages 22, 28.出处：2024 年年报第 22、25 页；2025 年年报第 22、28 页。 | Deferred to 2026推迟至 2026 年 |
| The group expected to complete the sale of leasehold land in Mukim Bukit Raja for RM34 million within four months by end-December 2024 (2024 report)集团预计在四个月内、即 2024 年 12 月底前完成以 RM34 million 出售 Mukim Bukit Raja 租赁地契土地的交易（2024 年报） | The 2025 report records a proposed disposal completed on 18 July 2024; the cited line does not name the land.2025 年年报记录一项拟议脱售于 2024 年 7 月 18 日完成；所引句子未指明是哪块土地。 Source: annual report 2024, page 25; annual report 2025, page 132.出处：2024 年年报第 25 页；2025 年年报第 132 页。 | Unclear不明确 |
| South City Plaza planned to transition to LED or energy-efficient lighting covering a minimum of 95% of floor space area (2024 report)South City Plaza 计划过渡至覆盖至少 95% 建筑面积的 LED 或节能照明系统（2024 年报） | The 2025 report stated that South City Plaza had achieved over 95% LED coverage across car parks, walkways, and shared spaces.2025 年报表示 South City Plaza 在停车场、走道和共用空间已实现超过 95% 的 LED 覆盖率。 Source: annual report 2024, page 59; annual report 2025, page 54.出处：2024 年年报第 59 页；2025 年年报第 54 页。 | Carried out已执行 |
| The group targeted launching the Ampang Ukay township with an estimated gross development value over RM8 billion in 2026/2027 once rezoning approval is granted (2024 report)集团目标在获得重新分区批准后，于 2026/2027 年推出预计开发总值超过 RM8 billion 的 Ampang Ukay 城镇项目（2024 年报） | The 2025 report maintained the planned township with an estimated gross development value of RM8.00 billion over the next 10 years, with planning continuing.2025 年报维持了未来 10 年预计开发总值为 RM8.00 billion 的城镇规划，规划工作仍在继续。 Source: annual report 2024, page 26; annual report 2025, pages 22, 29.出处：2024 年年报第 26 页；2025 年年报第 22、29 页。 | Still in planning仍在规划中 |
What the reports leave open年报留下待看的事
- The legal proceedings by purchasers of retail units in South City Plaza against subsidiary Pujian Development Sdn Bhd, where the Court of Appeal has fixed an appeal hearing for 19 June 2026 following an order on 19 February 2025 that restrained purchasers from filing a winding-up petition.南城广场（South City Plaza）零售单位买家对子公司 Pujian Development Sdn Bhd 提起的诉讼案，在法院于 2025 年 2 月 19 日下令禁止买家提交清盘呈请后，已定于 2026 年 6 月 19 日审理买方的上诉。
Source: annual report 2025, page 170.出处：2025 年年报第 170 页。
- The conversion of remaining unbilled sales of RM385.26 million from the KL48 project into revenue as the project approaches completion slated for the second quarter of 2026.随着 KL48 项目预计于 2026 年第二季度完工，其剩余 RM385.26 million 的未入账销售额能否顺利转化为营业额。
Source: annual report 2025, page 27.出处：2025 年年报第 27 页。
- The planned launch in the first quarter of 2026 of the mixed housing development on the 4.506 acres freehold land in Kajang, carrying an estimated gross development value of over RM400 million, after completion of the land acquisition on 14 August 2025, subject to the approval of the authorities.在 2025 年 8 月 14 日完成加影 4.506 英亩永久地契土地收购后，预计开发总值逾 RM400 million 的综合住宅项目能否在 2026 年第一季度如期推出（须获有关当局批准）。
Source: annual report 2025, pages 28, 48.出处：2025 年年报第 28、48 页。
- The outcome of 423,442,855 unexercised warrants with an exercise price of RM0.40 per share, which expire on 22 July 2026.行使价为每股 RM0.40 的 423,442,855 份未行使凭单将于 2026 年 7 月 22 日到期的后续情况。
Source: annual report 2025, pages 94, 183.出处：2025 年年报第 94、183 页。
Facts as printed in the company's annual reports, with the page of each; no rating and no advice. Built 2026-11-02.内容为公司年报所印的事实，并注明页码；不评级，不构成投资建议。生成日期 2026-11-02。