KUALA LUMPUR: Mah Sing Group Bhd
’s net profit for the primary quarter ended March 31, 2022 (Q1 2022) rose to RM43.18 million from RM40.28 million in the identical quarter a 12 months in the past.
Revenue for the quarter elevated to RM433.23 million from RM413.32 million, primarily pushed by increased property gross sales and income recognition of property initiatives beneath building, coupled with the finalisation of building prices for sure building contracts.
“Going ahead, the group’s initiatives continued to report a rebound in gross sales momentum because the reopening of the nation’s borders and the transition to the COVID-19 endemic part spurred a restoration in financial actions,” it mentioned in a submitting with Bursa Malaysia at present.
Mah Sing founder and managing director Tan Sri Leong Hoy Kum mentioned the group has set a gross sales goal of RM2 billion and is on observe to obtain the goal.
The group has locked in RM450 million in new property gross sales for Q1 2022.
“With extra new launches deliberate in the second half of 2022, and 21 pipeline initiatives to help gross sales progress, the group is properly on observe to obtain its 2022 gross sales goal,” he added.
On future growth, he mentioned that the property developer is looking out for enticing value lands to replicate its success.
“We are open to land positioned in Klang Valley, Perak, Melaka, Seremban, Johor and Penang,” he added.
On its unbilled gross sales, Leong mentioned that it stood at about RM2.03 billion as of Marc 31, 2022, whereas the gearing ratio stood at 0.33 occasions. – Bernama
