KUALA LUMPUR, Feb 27 (Bernama) -- Mah Sing Group Bhd's net profit for the financial year ended Dec 31, 2024 (FY2024) rose to RM240.75 million from RM215.29 million recorded in FY2023, demonstrating the resilient demand for its affordably priced and strategically located developments.
Revenue in FY2024, however, dipped to RM2.52 billion from RM2.60 billion previously, it said in a filing to Bursa Malaysia today.
For the fourth quarter (4Q) of FY2024, the company posted a lower net profit of RM60.44 million from RM64.74 million in the corresponding quarter of the preceding year, while revenue climbed to RM744.42 million from RM671.27 million previously.
Mah Sing's founder and group managing director Tan Sri Leong Hoy Kum highlighted that the strong performance in 2024 sets a solid foundation for 2025.
"We are targeting RM2.65 billion in property sales this year. Compared to mainly residential property launches in 2024, from 2025 onwards, the group will have a more diversified pipeline including residential, mixed commercial, industrial and data centre developments for recurring income.
"With a robust balance sheet, cash position of approximately RM1.35 billion and low net gearing of 0.16 times, we remain well-positioned for strategic land acquisitions and efficient project execution," he said in a separate statement filed with Bursa Malaysia.
According to the property developer, the residential property market is expected to remain resilient in 2025, driven by strong local employment conditions, wage growth for civil servants, and the flexible EPF Account 3 initiative.
"Affordable housing will continue to be a key driver, with Mah Sing's M-Series catering to first-time buyers and middle-income groups, while the upgraded M-Series will appeal to upgraders, foreign buyers, and investors with premium units starting at RM700,000.
"Mah Sing's strategy is to focus on the core residential property segment while exploring emerging opportunities in industrial developments, data centres, and manufacturing," it added.
Meanwhile, the group has also declared a final single-tier dividend of 4.5 sen per ordinary share for FY2024, payable on May 26, 2025.
-- BERNAMA
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