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BUSINESS

MAH SING GROUP'S FY2023 NET PROFIT IMPROVES TO RM215.29 MLN

27/02/2024 04:21 PM

KUALA LUMPUR, Feb 27 (Bernama) -- Mah Sing Group Bhd saw its net profit improved to RM215.29 million in the financial year ended Dec 31, 2023 (FY2023) from RM180.05 million. 

In a filing with Bursa Malaysia today, the group said revenue jumped 12.3 per cent to RM2.60 billion from RM2.32 billion, with its balance sheet remaining healthy with cash and bank balances and investment in short-term funds of RM981.3 million as at Dec 31, 2023.

The property development division saw marked improvement with operating profit of RM368.4 million on the back of revenue of RM2.11 billlion, which were 8.8 per cent and 14.9 per cent higher than the operating profit and revenue recorded a year ago. 

The higher revenue and operating profit were mainly driven by property sales and progressive revenue recognition from ongoing construction progress. 

Net profit for the fourth quarter rose to RM64.74 million from RM46.78 million while revenue slightly increased to RM671.28 million from RM670.87 million. 

For FY2023, the group achieved new property sales of RM2.26 billion, a 13 per cent increase compared with RM2 billion, (excluding land sales of RM115 million in 2022) and the highest property sales recorded since 2016. 

It also acquired six new pieces of land with a potential gross development value (GDV) of RM6.23 billion in Puchong, Semenyih, Kepong and Setapak in the Klang Valley and in Johor.

It also acquired industrial land in Sepang, boasting a potential GDV of up to RM2 billion.

The group plans to launch new developments by end-2024, anticipating early contributions from the newly acquired industrial land. 

Meanwhile, the group has declared a first and final dividend of four sen per share for FY2023, representing a 45 per cent payout, higher than dividend policy of aminimum 40 per cent for the 18th consecutive year. This would be paid out in May 2024. 

Encouraged by the sales achieved last year, the group projects a higher sales target of at least RM2.5 billion for 2024, underpinned by a compelling pipeline of projects in the affordably priced housing segment. 

Supported by unbilled sales of RM2.33 billion and fast-track project completions, the group is anticipating a stronger financial performance in 2024. 

-- BERNAMA


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