Mah Sing records RM1.8bil property sales in 9MFY23

KUALA LUMPUR: Mah Sing Bhd registered RM1.8bil in property sales in the first nine months of the year, a 14.4% increased over the same period last year, which puts it on track to meeting its 2023 minimum sales target of RM2.2bil.

During the third quarter of 2023, the property developer's highly differentiated product offering, M Series, met the market’s demand as shown by the high take-up rates, said founder and group managing director Tan Sri Leong Hoy Kum in a statement.

"Our unbilled sales have grown to RM2.42bil, providing future revenue visibility for the group.

"Leveraging our healthy balance sheet and confidence in our quick turnaround business model, we are actively seeking to replenish our landbanks in Klang Valley, Johor and Penang to expand our residential and industrial development portfolios,” he added.

To-date, the group has a remaining landbank of 2,282 acres with a remaining gross development value of RM26.3bil.

In 3QFY23, Mah Sing recorded a net profit of RM50.02mil as compared to RM47.06mil in the same quarter in 2022, representing a basic earnings per share of 2.06 sen against 1.94 sen previously.

Revenue was slightly lower at RM644.26mil as compared to RM671.12mil in 3QFY22.

For the nine months period to Sept 30, 2023, the group's net profit was RM150.55mil compared to RM133.27mil while revenue was RM1.93bil, up from RM1.65bil

The group reported a balance sheet of about RM865.4mil in cash and bank balances and investment in short-term funds.

Meanwhile, free cash flows from timely completions and vacant possession of properties reduced net gearing to a low 0.13x as of Sept 30, 2023.

On prospects, Mah Sing said the mid- to long-term outlook remains positive supported by strong fundamental demand for properties due to the young demographic while demand for houses from first-time homebuyers should remain resilient.

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