PETALING JAYA: Mah Sing Group Bhd
has announced a net profit of RM271.6mil on the back of a revenue of RM2.2bil for the financial year 2018 ended Dec 31 (FY18).
On a quarterly basis, the group recorded a net profit of RM66mil and a revenue of RM514.6mil.
On the property development front, the company in a statement said revenue was RM1.8bil while operating profit was RM327.7mil for FY18.
“This was mainly attributable to a higher proportion of new sales secured from new projects such as M Vertica in Cheras, M Centura in Sentul and M Aruna in Rawang.
Contribution to revenue from these projects is expected to be more significant once past the initial stages of construction,” it said in a statement.
Revenue of the plastics segment grew to RM303.9mil and operating profit improved to RM21.7mil from the sales of mould, the gain of which has been included in other income.
The group also saw potential to expand its growth, as it announced a healthy balance sheet of RM1.22bil cash and bank balances.
“With disciplined financial management and a healthy balance sheet, we are in a good position to lock in more land and explore joint-venture opportunities with a focus on affordable housing projects within Greater KL,” Mah Sing founder and managing director Tan Sri Leong Hoy Kum said in the statement.
The group has proposed a final dividend of 4.5 sen per ordinary share in respect of FY18, subject to shareholders’ approval in the upcoming annual general meeting.
Mah Sing said it has been consistently paying dividend rates of at least 40% of net profit over the last 13 years.
In view of its Silver Jubilee year, Mah Sing has set a minimum sales target of RM1.5bil, with the focus on affordable homes at strategic locations.
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