KUALA LUMPUR, Feb 28 — Mah Sing Group Bhd’s net profit for the financial year ended December 31, 2019 (FY2019) declined to RM200.33 million from RM271.58 million in FY2018.

On a quarterly basis, the group posted a lower net profit of RM44.98 million for the fourth quarter ended December 31, 2019 compared with RM66.01 million in the previous corresponding quarter.

Revenue for FY2019 decreased to RM1.78 billion from RM2.19 billion previously. On a quarterly basis, revenue declined to RM442.64 million for the fourth quarter ended December 31, 2019 from RM514.64 million previously.

Mah Sing Group, an innovative property developer in Malaysia, recorded revenue from property development of RM1.4 billion compared to RM1.8 billion in the previous year, while operating profit was RM254.6 million as compared to RM327.7 million previously.

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This is mainly attributable to a higher proportion of new sales secured from new projects, whose contribution to revenue is expected to progressively increase upon completion of the initial stages of construction.

“Higher revenue and profit contribution are expected from these projects when construction momentum starts to increase,” the company said in a filing with Bursa Malaysia today.

The group’s planned new launches for 2020 include M Arisa in Sentul (Phase 2), M Luna at Kepong Metropolitan Park, M Adora at Taman Melawati, M Vertica, Cheras Tower D, Cerrado Suites Phase 2 and Sensory Residences Tower B at Southville City @ KL South, as well as Carya and Phase 3 of M Aruna, Rawang.

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Meanwhile, in a statement today, the group said it has set a minimum sales target of approximately RM1.6 billion for 2020, with 84 per cent of target sales from residential properties below RM700,000.

“Concurrently, in line with the group’s tagline ‘Reinvent Spaces. Enhance Life’, Mah Sing recently launched its ‘Eazy to Own’ sales campaign, an initiative targeted at first-time homebuyers offering easy entry with low upfront costs and affordability and great incentives and savings for homebuyers,” the group said.

It said with a healthy balance sheet, Mah Sing is also in a good position to continue to pursue more landbanking activities should opportunities arise, whilst exploring joint venture prospects.

It said the group’s balance sheet remains healthy with cash and bank balances of approximately RM1 billion as at December 31, 2019. — Bernama