KUALA LUMPUR (May 29): Mah Sing Group Bhd's net profit for the first quarter ended March 31, 2023 (1QFY2023) rose 15.9% to RM50.06 million, from RM43.18 million a year earlier, on higher property sales.

In a bourse filing on Monday (May 29), Mah Sing also said its revenue rose 48.5% to RM643.5 million, from RM433.23 million previously.

Earnings per share stood at 2.06 sen, versus 1.78 sen previously.

Mah Sing did not declare any dividend for the quarter.

In a separate statement, the company said it achieved RM600.6 million new property sales in 1QFY2023, marking a 33.5% increase compared with RM450 million a year earlier.

The developer said it is well on track to meet its full-year sales target of a minimum RM2.2 billion, supported by strong sales momentum and a strategic focus on its M Series affordable products.

Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said that 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%.

He said the group’s active landbanking replenishment is ongoing, supported by a healthy balance sheet and its unwavering confidence in the fast turnaround delivery of its projects.

“We remain on an active lookout for strategic land in the 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 had improved further to 0.20 times as of end-March 2023,” said Leong.

He said that in 2023, the group is offering 96% residential properties priced below RM700,000 and 65% residential properties priced below RM500,000, which are highly sought after in the current market.

He said during the first quarter, Mah Sing’s launches included Tower B of M Astra in Setapak, Phase 2A of M Senyum in Salak Tinggi, and Erica West 1 & 2 of Meridin East in Johor Bahru.

He said upcoming launches include M Nova in Kepong with an indicative starting price of RM328,000, M Minori in Taman Seri Austin in Johor Bahru from RM260,000, future phases of M Senyum in Salak Tinggi from RM530,000, double-storey link homes in Meridin East in Johor Bahru from RM446,000, and M Panora in Rawang from RM659,700, and M Sinar in Southville City, Bangi with an indicative starting price of RM270,000.