Mah Sing founder and group managing director Tan Sri Leong Hoy Kum.
KUALA LUMPUR: Mah Sing Group Bhd
achieved property sales of RM1.85bil in the first nine months of 2024, keeping it on course to reach its RM2.5bil sales target for the year.
The property developer stated that the strong performance highlights the success of Mah Sing's strategic focus on its M Series properties, which are aimed at first-time homebuyers.
In the third quarter ended Sept 30 (3Q24), Mah Sing’s net profit rose 20% to RM60mil, or earnings per share of 2.35 sen compared with RM50mil, or 2.06 sen in the year-ago quarter.
Revenue, however, dipped to RM639.3mil against RM644.3mil achieved last year.
For the first nine months to Sept 30, the developer posted a net profit of RM180.3mil, up 19.8% from RM150.5mil while revenue fell 8.1% to RM1.77bil from RM1.93bil a year ago.
The group's balance sheet remains healthy with a net gearing of 0.22x as at Sept 30.
Mah Sing acquired four lands this year with a cumulative potential gross development value (GDV) of RM5.12bil, including the latest M Aurora in Old Klang Road with a potential GDV of RM660mil
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said the group remained dedicated to the success of its M Series, focusing on affordable residential properties.
“With the recent launch of the M Azura and M Aspira sales galleries, the group anticipates strong contributions from these projects. At the same time, we are strategically positioning ourselves to venture into the mid to high-end segment when the timing is right to capitalise on opportunities in that market.
“We will also continue exploring new landbank acquisitions for residential and industrial developments, while actively pursuing diversification opportunities to create recurring income,” he said.
