Mah Sing hits RM1bil sales mark

Best quarter and first half since 2017

KUALA LUMPUR: Mah Sing Group Bhd registered new property sales of Rm550mil in the second quarter of the year to hit the Rm1bil mark in new property sales year-to-date.

In a statement, the property developer said this marked its best quarterly and first half sales achievement since 2017.

With the addition of upcoming launches in the second-half of the year, the group said it remains on track to achieving its 2022 sales target of Rm2bil.

According to founder and group managing director Tan Sri Leong Hoy Kum, the strong performance was largely due to recovery momentum driven by border re-openings, successful launches of new parcels of affordably priced homes and the good take-up of other ongoing projects.

“The strategic shift to a greater emphasis on our affordable M Series developments has proved to be an effective and timely move in ensuring the stable performance of the group,” he added.

He said Mah Sing intends to further enhance its development pipeline growth with more selective and disciplined acquisitions.

“Armed with a robust balance sheet, a market-led portfolio, and a focus on execution, the group is well positioned to navigate nearterm volatility and uncertainties,” Leong said in the statement.

Announcing its quarterly results, the property developer said net profit was up 6.52% to Rm43.04mil on revenue of Rm542.01mil, an increase of 23.56% year-on-year (y-o-y).

Earnings per share were 0.85 sen compared with 0.55 sen in the comparative quarter.

For the six-month period ended June 30, 2022, net profit was Rm86.21mil, up 6.86% y-o-y, while revenue rose 14.46% to Rm975.24mil.

The manufacturing segment recorded revenue of Rm214mil during the period, an increase of 19% compared to Rm179.1mil in the previous year’s corresponding period, it said.

Mah Sing reported a net gearing of 0.34 times and unbilled sales of about Rm2.16bil.

Commenting on the group’s effort in environmental, social and governance, Leong said Mah Sing did not institute any pay cuts for the past two years, despite the challenged faced by the real estate industry.

On top of that, the group had continued to pay out performance bonuses, according to Leong.

“The strategic shift to a greater emphasis on our affordable M Series developments has proved to be an effective and timely move.” Tal soi Ldmlg Hmy Kui