KUALA LUMPUR: Mah Sing Group Bhd
is on track of achieving its sales target of RM1.5bil for 2019, underpinned by healthy take-up from the group’s affordably priced properties so far this year.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said more than 80% of the company’s residential target sales were priced below RM700,000.
“Most of our projects are also strategically located and we’re optimistic about our prospects going forward,” he said after the company AGM today.
“When the market recovers, we will continue to cater to more high-end products and cater to the T20 segment.”
Mah Sing recorded a net profit of RM55.01mil in its first quarter ended March 31 compared with RM64.20mil in the previous corresponding period, while revenue came in at RM450.33mil compared with RM584.76mil a year earlier.
The company achieved property sales of approximately RM300.5mil for the period ended March 31, 2019.
The group’s balance sheet remained healthy, with cash and bank balances of RM1.28bil as at the first quarter of this year.
It’s landbank stands at 2,099 acres as at March 31, 2019, constituting total remaining gross development value and unbilled sales of RM25.1bil, which can sustain the company’s growth for the next eight to nine years.
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