KUALA LUMPUR: Mah Sing Bhd recorded a 32% increase in property sales in the nine months to Sept 30, 2022, which shored up the property developer's revenue and bottomline for the period.
In a statement, the group said its property sales of RM1.69bil, compared with RM1.28bil in the same period las year, was mainly owing to new launches and ongoing projects under its M Series affordable development.
"The strategic focus on M Series affordable developments in recent years has positioned the group well to capture the resilient first-home buyers' market.
"We will maintain discipline in execution for continued momentum in revenue and earnings delivery as well as free cash flow generation," said founder and group managing director Tan Sri Leong Hoy Kum in a statement.
For the nine months period, Mah Sing posted a net profit of RM133.27mil, up from RM120.85mil in the same period in 2021. Earnings per share was 4.57 sen versus 3.86 sen in 9MFY21.
Revenue rose to RM1.65bil as compared with RM1.22bil in the comparative period.
By segment, the property development business recorded an operating profit of RM247.5mil on the back of revenue of RM1.3bil, which represented increases of 30.8% and 41.3% year-on-year respectively.
The manufacturing segment meanwhile recorded revenue of RM326mil during the nine-month period as compared to RM268.1mil in the same period in 2021, due to strong demand for plastic pallets and automotive parts.
On future plans, Leong said the group plans to launch M Astra in Setapak by 4Q22, while our upcoming developments to be launched include M Nova in Kepong, Phase 3 of M Senyum in Salak Tinggi, Phase 1B of M Panora in Rawang and Meridin East (Jasmine and Erica West) in Johor Bahru.
"We believe now is still a good time for first-time homebuyers to purchase as buying property is the best hedge against inflation and out products are mainly for customers who are buying for own stay," he added.
The group's balance sheet improved with net gearing at a new low of 0.27 times as at Sept 30, 2022.
Mah Sing has a remaining landbank of 1,916.73 acres with a remaining gross development value of RM21.12bil.
