Mah Sing founder and group managing director Tan Sri Leong Hoy Kum
KUALA LUMPUR: Mah Sing Group Bhd
has posted a strong eight-month sales performance of RM1.66bil, putting it on track to meeting its minimum annual sales target of RM2.5bil.
The property developer said the performance was driven primarily by its M Series, which attracted strong interest from first-time home buyers.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the group remains committed to meeting the evolving needs of the market.
"With plans to further expand our M Series and introduce new offerings, we are well-positioned to continue our upward trajectory and achieve our 2024 objective,” he said in a statement.
He added that the group is on track for a strong FY24 performance, supported by RM2.43bil in unbilled sales.
In addition, the group's data centre portfolio is expected to further enhance long-term earnings through recurring income and value unlocking opportunities.
In the second quarter ended June 30, 2024 (2QFY24), Mah Sing recorded a net profit of RM60.21mil, which was an improvement from RM50.48mil in the year-ago quarter, while earnings per share rose to 2.37 sen from 2.08 sen previously.
The group reported revenue of RM578.39mil in 2QFY24, down from RM644.22mil in 2QFY23.
In the first six months of the year, Mah Sing posted a net profit of RM120.26mil against RM100.53mil in 1HFY23, while revenue dipped to RM1.14bil from RM1.29bil in the year-ago period.
On balance sheet, the group maintained RM911.5mil in cash and bank balances and investment in short-term funds, as well as a low net gearing of 0.10x as at end-June 2024.
The group has secured nearly RM10bil in new gross development value, ensuring sustainable earnings visibility.
It said it has fresh cash flow of about RM500mil, which is periodically generated from vacant possessions, and property completions this year will further boost liquidity.
