KUALA LUMPUR: Mah Sing Group Bhd
set a higher minimum sales target of RM2.2bil for 2023 after achieving total sales of RM2.12bil in 2022.
The property developer said the 2022 sales figures was a 32.2% improvement over sales in 2021 and its highest tally since 2016.
In a statement, Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said it expects further growth and stronger performance delivery in 2023 in view of the significant volume of construction progress and property completions.
He added that the continued exemption of stamp duty on certain properties will pique the interest of middle-to-upper income first-time home buyers as well as those looking to upgrade their property.
In the fourth quarter of the 2022 financial year, Mah Sing posted a net profit of RM46.78mil, which was up from RM40.01mil in the previous corresponding quarter, representing an earnings per share of 1.93 sen.
The group said revenue was RM670.87mil, up from RM537.42mil.
Full-year net profit in 2022 was RM180.05mil and revenue was RM2.32bil compared with net profit of RM160.86mil and revenue of RM1.75bil in 2021.
Mah Sing said the key contributors to the property segment included M Vertica in Cheras, M Arisa in Setapak, M Luna in Kepong, M Aruna in Rawang, Meridin East in Johor, M Oscar in Sri Petaling, M Adora in Wangsa Melawati and Southville City in KL South.
Meanwhile, the group's manufacturing segment recorded an increase in revenue of 19.17% to RM441.3mil, on the back of continuous strong demand for plastic pallets and automotive parts.
For the financial year, Mah Sing proposed a first and final dividend of three sen per share, subject to approval by shareholders at the annual general meeting.
On balance sheet, the group said its net gearing was at a new low of 0.22 times as at Dec 21, 2022, which provides financial flexibility for further growth.
It added that unbilled sales of about RM2.18bil will further support liquidity and provide future revenue visibility.
