Mah Sing posts 7% increase in 1Q net profit

Mah Sing’s founder and group managing director Tan Sri Leong Hoy Kum said the group would continue to strengthen its product leadership position in affordable homes targeting first-time homebuyers with an emphasis on attractive price points and practical design.

KUALA LUMPUR: Mah Sing Group Bhd’s net profit rose 7.2% to RM43.17mil in the first quarter ended March 31, 2022 (1Q22) from RM40.28mil a year ago bolstered by higher revenue in the quarter.

In a filing with Bursa Malaysia, the property developer said its revenue was up 4.8% to RM433.22mil in the quarter compared with RM413.31mil a year ago driven by RM450mil worth of new property sales and revenue recognition of property projects under construction, coupled with the finalisation of construction costs for certain construction contracts.