KUALA LUMPUR (Feb 27): Mah Sing Group Bhd (KL:MAHSING) saw a decline in net profit for the final quarter of 2024, but the developer achieved a higher full-year profit, driven by its highest new property sales in a decade.

During the quarter under review, net profit fell about 10% to RM58.74 million from RM65.17 million a year ago as higher costs of sales more than offset improved revenue.

Quarterly revenue gained nearly 11% to RM744.42 million from RM671.28 million.

It declared a final dividend of 4.5 sen per share.

For the full year ended Dec 31, 2024 (FY2024), net profit grew almost 12% to RM240.75 million while revenue jumped to RM2.52 billion, driven by highest new property sales since 2015.

According to a separate statement, Mah Sing targets RM2.65 billion in property sales for 2025, representing a 10% increase over its previous performance.

In the statement on Thursday, the developer, which has traditionally focused on residential properties, is now diversifying its pipeline to include a broader range of projects aimed at sustaining growth and generating recurring income.

The expanded pipeline includes residential, mixed commercial, industrial, and data centre projects, with key developments slated for prime locations across the country.

Among the key projects set to drive sales in the coming years are a mix of residential and commercial developments in high-demand areas such as Taman Desa, Setapak, Kepong, Puchong, Bangi, Semenyih, Old Klang Road, Sentul, Petaling Jaya, Johor Bahru, and Penang.

Notable developments include the M Aspira and Residensi Suria Madani in Taman Desa, M Zenya and M Nova in Kepong, M Terra in Puchong, and Meridin East in Johor Bahru.

Mah Sing is also expanding its presence in the premium property market through its M-Grand Series, which targets properties priced at RM700,000 and above.

This move is fuelled by growing demand for affordable homes, particularly for first-time buyers and middle-income groups.

Mah Sing said its M-Series residential projects have been well received, and aims to cater to upgraders, foreign buyers, and investors with its premium offerings.

Additionally, the group is strategically tapping into the burgeoning industrial and data centre sectors, capitalising on the growing demand for digital infrastructure.

According to the developer, Mah Sing’s Data Center Hub at Southville City will emerge as a key player in the data centre space, with a planned power capacity of at least 500 megawatts (MW).

Notably, Bridge Data Centres has already committed to a combined 300MW capacity at the hub.

The company is also exploring the development of a 42-acre data centre site in Meridin East, Johor Bahru, further strengthening its position in the high-growth digital asset market.

“Compared to mainly residential property launches in 2024, from 2025 onwards, the group will have a more diversified pipeline including residential, mixed commercial, industrial and data centre developments for recurring income,” said Mah Sing founder and group managing director Tan Sri Leong Hoy Kum.

“Our commitment to shareholder value continues with a 4.5 sen dividend. We are optimistic about 2025 and remain focused on sustainable, high-growth opportunities,” he added.

Mah Sing is principally engaged in property development, manufacture of high-tech plastic in Malaysia and Indonesia, and manufacture and trading of gloves and related healthcare products.

At the midday break, Mah Sing shares were up one sen or 0.8% at RM1.32, valuing the company at RM3.38 billion.