29/11/2023 02:19 PM

KUALA LUMPUR, Nov 29 (Bernama) -- Property developer Mah Sing Group Bhd recorded RM1.8 billion in sales for the nine-month period ended Sept 30, 2023 (9MFY2023), a 14.4 per cent increase over the same period last year.

In a statement today, the group said that the rise in sales has placed the business on track to meet its 2023 minimum sales target of RM2.2 billion.

Mah Sing reported that its net profit for the third quarter ended Sept 30, 2023 (3Q FY2023) rose to RM50.02 million from RM47.06 million in 3Q FY2022.

In 3Q FY2023, the group achieved robust revenue of RM644.3 million from RM671.12 million a year ago and for 9MFY2023, the group recorded revenue of RM1.93 billion from RM1.65 billion in 3Q FY2022.

Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said unbilled sales grew to RM2.42 billion, providing future revenue visibility for the group.

“Leveraging on our healthy balance sheet and confidence in our quick turnaround business model, we are actively seeking to replenish our landbanks in the Klang Valley, Johor and Penang to expand our residential and industrial development portfolios,” he said.

Leong also said that the group maintains a robust balance sheet with approximately RM865.4 million in cash and bank balances and investment in short-term funds.

The property developer also said that backed by a healthy cash and bank balance as well as a low 0.13x net gearing ratio, the group is actively seeking to acquire more landbanks, especially in the Klang Valley, Johor and Penang.

“Free cash flows from timely completions and vacant possession of properties reduced net gearing to a low 0.13x as of Sept 30, 2023,” he added.

Meanwhile, the group entered into a joint venture collaboration in September 2023 to offer a one-stop service solution for foreign businesses looking to set up manufacturing bases in Malaysia.

“The joint venture is expected to open up more opportunities to fuel the group’s industrial development portfolio,” Leong noted.

During the quarter, the company paid RM72.8 million to shareholders in the form of dividends, representing the 17th year of an uninterrupted dividend payout, while recording a 40 per cent minimum annual profit.

Including all new land acquired to date, the group has a remaining landbank of 923.5 hectares with a remaining gross development value of RM26.3 billion.

On the outlook, Mah Sing said its projects would benefit from several key infrastructure projects, such as the Johor Bahru-Singapore Rapid Transit System, the potential revival of the Kuala Lumpur-Singapore high-speed rail project, the Johor-Singapore special economic and financial zones, and the Penang Transport Master Plan.

“The mid to long-term outlook remains positive and supported by strong fundamental demand for properties due to the young demography.

“Demand from first-time homebuyers should continue to remain resilient,” said the group.


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