PETALING JAYA: Mah Sing Group Bhd recorded strong revenue of RM643.5 million and profit before tax of RM75.8 million for the first quarter ended March 31, 2023 (Q1’23), compared with RM433.2 million and RM56 million in the same quarter of the preceding year, representing 48.5% and 35.2% improvement respectively.
The group achieved RM600.6 million new property sales in Q1’23, which marks a 33.5% increase compared with RM450 million in Q1’22. Mah Sing is well on track to meet its full-year sales target of minimum RM2.2 billion, supported by strong sales momentum and strategic focus on M Series affordable products.
“In the first quarter, the group was able to generate significant interest for its recently launched properties, with take-up rates ranging from 85% to 95%. The group’s active land banking replenishment is ongoing supported by healthy balance sheet and its unwavering confidence in the fast turnaround delivery of its projects.
“We remain on an active lookout for strategic lands in Klang Valley, Penang and Johor for the development of residential and industrial properties. This strategy is underpinned by our healthy balance sheet and strong cash flow. In addition, our net gearing has improved further to 0.20x as of end March 2023,” said Mah Sing’s founder and group managing director, Tan Sri Leong Hoy Kum.
The group’s property development segment recorded an operating profit of RM89.7 million on the back of revenue of RM514.8 million for the first quarter ended March 31, 2023, which were 20.4% and 61.2% higher respectively compared with last year. The higher revenue and operating profit were mainly driven by higher property sales and progressive revenue recognition from ongoing construction progress.