PETALING JAYA (Aug 30): Mah Sing Group Bhd net profit for the second quarter ended June 30, 2021 (2QFY21) tripled to RM40.4 million, from RM12.82 million a year ago, mainly driven by higher property sales and revenue recognition of ongoing property projects under construction
The group’s revenue has also jumped close to 47% to RM438.7 million, as compared to RM298.6 million a year ago.
In a media statement today, Mah Sing said it has recorded approximately RM1.06 billion of new property sales to-date, while property sales for the first half of 2021 surged almost double to RM800.9 million.
The projects which have contributed to the Group’s result include M Vertica in Cheras, M Centura in Sentul and Meridin East in Johor.
Other project which has also contributed include M Oscar in Off Kuchai Lama, M Aruna in rawang, M Arisa in Sentul, M Luna in Kepong, M Adora in Wangsa Melawati, Southville City in Bangi, Ferringhi Residence and Southbay City in Penang, Sierra Perdana, Meridin @ Medini and Mah Sing i-Parc in Johor.
Mah Sing’s founder and group managing director Tan Sri Leong Hoy Kum (pictured) said the group is on track to meet their RM1.6 billion sale target this year.
While taking a cautiously optimistic view on the market, Leong is confident that Mah Sing’s project will continue to generate market interest for its affordability and good locations. He noted that there are plans to continue to accumulate landbank in prime locations.
“The two new lands we acquired this year - M Senyum in Bandar Baru Salak Tinggi, Sepang and M Astra in Setapak are targeted to be launched in Q42021. We are confident that they will be well-received as the demand for the affordable segment continues to persist.
With disciplined financial management and a healthy balance sheet, we are eyeing more land as part of the strategy for continuous growth, with Greater Kuala Lumpur, Klang Valley, Johor and Penang being the focus areas.” He added.
The Group currently has a remaining landbank of 2,045 acres with a remaining gross development value and unbilled sales totalling approximately RM24.45 billion.
Meanwhile, Mah Sing's healthcare business unit, Mah Sing Healthcare Sdn Bhd has made steady progress in the commercialization of its glove manufacturing business.
The glove manufacturing factory in Kapar, Klang commenced operations in May. Mah Sing Healthcare’s 12 high-speed production lines under Phase 1 have an annual production capacity of up to 3.68 billion pieces of gloves once fully completed.
Mah Sing’s Group Chief Executive Officer Datuk Ho Hon Sang said the company has obtained global certifications and is ready to serve the export markets such as United States, Canada, Middle East, Europe, United Kingdom, Japan, China, Korea, Singapore, amongst others, to capture higher demand of gloves in these countries.”
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