KUALA LUMPUR (Feb 28): Property developer Mah Sing Group Bhd ended the financial year ended Dec 31, 2022 (FY2022) on a positive note, with an 11.9% increase in net profit on higher property sales.
Full-year net profit rose to RM180.05 million, from RM160.86 million for FY2021. The group saw property sales of RM2.12 billion for the year, the highest figure recorded since 2016, up 32.2% from RM1.6 billion achieved in 2021.
Revenue grew 32.1% to RM2.32 million, from RM1.75 million for FY2021.
For FY2023, Mah Sing is targeting higher property sales of at least RM2.2 billion, supported by a strong project pipeline and resilient sales momentum across all projects.
It has proposed a first and final dividend of three sen per share for FY2022, subject to shareholders’ approval in the upcoming annual general meeting.
For the fourth quarter ended Dec 31, 2022 (4QFY2022), net profit rose 16.9% to RM46.78 million from RM40.01 million a year earlier, which led to higher earnings per share of 1.93 sen, compared with 0.53 sen for 4QFY2021.
Quarterly revenue also grew 24.8% to RM670.87 million, from RM537.42 million for 4QFY2021.
In a filing with Bursa Malaysia on Tuesday (Feb 28), Mah Sing said the development projects that were the key earnings contributors to its FY2022 results included M Vertica in Cheras, M Arisa in Setapak, M Luna in Kepong, M Aruna in Rawang, Meridin East in Johor, M Oscar in Sri Petaling, M Adora in Wangsa Melawati, and Southville City in KL South.
Other projects that also contributed included M Senyum in Salak Tinggi, D'sara Sentral in Sungai Buloh, Southbay City and Ferringhi Residence in Penang, Sierra Perdana, Meridin @ Medini and Mah Sing i-Parc in Johor.
On its prospects, Mah Sing said its unbilled sales of RM2.18 billion will support liquidity and provide future revenue visibility.
"The nimble and execution-focused culture should continue to ensure operational reliability.
“In view of the significant volume of construction progress and property completions for 2023, the group expects further growth and stronger delivery of performance for FY2023,” it added.
The group’s land bank stood at RM726 million in gross development value at end-December 2022. "Going forward, the group expects further momentum in land replenishment for even stronger growth visibility," said Mah Sing.
Its shares ended up half a sen or 0.83% at 60.5 sen on Tuesday, giving the group a market value of RM1.47 billion.
Source: TheEdge - 1 Mar 2023
