KUALA LUMPUR: Mah Sing Group Bhd
registered RM600.6mil in new property sales in the first quarter of 2023, which puts it on track to meeting its full-year minimum sales target of RM2.2bil.
In a statement, it said its performance was supported by strong sales momentum and a strategic focus on its M Series of affordable products.
According to founder and group managing director Tan Sri Leong Hoy Kum, the group was able to generate significant interest for its recently launched properties with take up rates of 85% to 95%.
"The group's active land banking replenishment is ongoing supported by a healthy balance sheet and its unwavering confidence in the fast turnaround delivery of its projects.
"We remain on the active lookout for strategic lands in the Klang Valley, Penang and Johor for the development of residential and industrial properties," he said.
Underpinning the strategy, he said the group has a healthy balance sheet with cash and bank balances and investment in short-term funds of about RM706.9mil, and net gearing that improved further to 0.2x as at end-March 2023.
He added that the group has unbilled sales of about RM2.26bil, which provides future revenue visibility.
In the first quarter ended March 31, 2023, Mah Sing posted a net profit of RM50.06mil, representing an earnings per share of 2.06 sen, up from a net profit of RM43.18mil in the same quarter in 2022.
It said revenue was up to RM643.45mil from RM433.23mil in the comparative quarter.
On a segmental basis, the property development segment recorded an operating profit of RM89.7mil, up 20.4% year-on-year (y-o-y), and revenue of RM514.8mil, up 61.2% y-o-y, due to higher property sales and progressive recognition from ongoing construction progress.
Meanwhile, the manufacturing segment's revenue grew 6.5% y-o-y to RM114.7mil due to the increased sales of plastic pallets, automotive parts and gloves.
The segment's operating loss narrowed 52.6% y-o-y to RM3.7mil due to efforts to improve glove plant utilisation and cost management.
