Wednesday 31 May 2023
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KUALA LUMPUR (Nov 30): Mah Sing Group Bhd said it is confident of meeting property sales target of RM1.6 billion for the financial year ended Dec 31 (FY21), having met 80% of its target at RM1.28 billion in the first nine months.

It said this in its latest filing for the financial results for the nine-month period ended Sept 30, 2021 (9MFY21), where revenue rose 15% to RM1.22 billion from RM1.06 billion amid improved properties contribution while hotels contribution slipped.

Net profit in 9MFY21 rose 79% to RM120.85 million from RM67.49 million, on improved property division while the hotels division returned to the black from loss to profit, which more than offset its bleeding glove manufacturing segment and weaker investment holding segment.

The glove segment booked pre-operating expenses and lower absorption of overhead costs as a result of low production volume in its first two quarters due to Covid-19 operating restrictions, it said.

“Including all the three new lands acquired to-date i.e. M Senyum in Sepang, M Astra in Setapak and M Nova in Kepong, the group has a remaining landbank of 2,051 acres with a remaining gross development value and unbilled sales of approximately RM24.98 billion,” Mah Sing said.

For the third quarter ended Sept 30, 2021 (3QFY21), Mah Sing's net profit rose 54.72% to RM40.17 million from RM25.96 million a year ago, despite revenue shrinking 6.09% to RM364.57 million, from RM388.22 million.

Separately, Mah Sing’s unit Myvilla Development Sdn Bhd has inked an agreement to acquire a parcel measuring 8.09 acres near Kepong for RM95 million from Nation Holdings Sdn Bhd.

The land parcel will be utilised for the development of service residences with gross development value of around RM790 million, it said.

Shares of Mah Sing fell 4.5 sen or 5.84% to 72.5 sen at the time of writing, giving it a market capitalisation of RM1.75 billion.

Edited ByJoyce Goh
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