KUALA LUMPUR, May 31 — Mah Sing Group Bhd’s net profit for the first quarter ended March 31, 2022 (Q1 2022) rose to RM43.18 million from RM40.28 million in the same quarter a year ago.
Revenue for the quarter increased to RM433.23 million from RM413.32 million, mainly driven by higher property sales and revenue recognition of property projects under construction, coupled with the finalisation of construction costs for certain construction contracts.
“Going forward, the group’s projects continued to record a rebound in sales momentum as the reopening of the country’s borders and the transition to the Covid-19 endemic phase spurred a recovery in economic activities,” it said in a filing with Bursa Malaysia today.
Mah Sing founder and managing director Tan Sri Leong Hoy Kum said the group has set a sales target of RM2 billion and is on track to achieve the target.
The group has locked in RM450 million in new property sales for Q1 2022.
“With more new launches planned in the second half of 2022, and 21 pipeline projects to support sales growth, the group is well on track to achieve its 2022 sales target,” he added.
On future expansion, he said that the property developer is on the lookout for attractive price lands to replicate its success.
“We are open to land located in Klang Valley, Perak, Melaka, Seremban, Johor and Penang,” he added. On its unbilled sales, Leong said that it stood at about RM2.03 billion as of March 31, 2022, while the gearing ratio stood at 0.33 times. — Bernama
