Mah Sing posts jump in net profit to RM120.85mil in 9MFY21

KUALA LUMPUR: Mah Sing Group Bhd recorded a net profit of RM120.85mil in the nine months period to Sept 30, 2021, which was a 79.06% jump over RM67.49mil in the same period in 2020 as an improvement in new property sales bolstered the group's topline.

Cumulative revenue over the nine months period was RM1.22bil compared to RM1.06bil in the year-ago period, underpinned by a 51.5% surge in new property sales to RM1.28bil.

For just the recent quarter ended Sept 30, 2021, Mah Sing posted a 54.72% higher year-on-year (y-o-y) net profit of RM40.17mil on the back of 6.09% lower revenue of RM364.57mil

In a statement, the property group said it had observed an upward trend in property sales, especially from its M-Series of affordably prices high-rises in the central business district and landed properties in strategic locations and good catchment areas.

It said Phase 1 of Erica@Meridin was fully taken up during its launch while new projects like M Adora in Wangsa Melawati have also recorded strong take-up rates of about 90%.

The group also reported overwhelming interest for its two newly acquired lands in 2021 - M Senyum in Sepang and M Astra in Setapak - which it targets to launch in the first half of 2022.

In line with the strong take-up rate for its M-Series, the group announced on Tuesday that it had acquired about 8.09 acres of prime land in Mukim Batu in Kuala Lumpur for RM95mil to house a RM790mil gross development value (GDV) mixed-development called M Nova.

According to the group, the proposed development will comprise serviced residences with indicative sizes of 700 sq ft, 850 sq ft and 1,000 sq ft, supported by some retail components. The most affordable residential unit's indicative selling price starts from RM318,000.

Subject to authorities' approval, M Nova is targeted for registration of interest in the first quarter of 2022 and estimated to be launched in the third quarter that same year.

"We are bullish on our M-Series, which caters for the affordable segment in line with the current market demand,

"Encouraged by the positive track record and rapid turnaround time of our projects, we are continuously eyeing for more land with Greater Kuala Lumpur, Klang Valley, Johor and Penang being the focus areas, as well as looking at other property hot spots in Seremban, Melaka and Perak to develop affordable landed homes," said Mah Sing founder and group managing director Tan Sri Leong Hoy Kum.

As at end-September 2021, the group had cash and bank balances and investment in short-term funds of about RM720.1mil.

Including all new lands acquired to-date, the group had a remaining landbank of 2,051 acres with a remaining GDV and unbilled sales of about RM24.98bil.

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