corporate

Mah Sing's Q2 net profit up 19pct on higher sales from first-time buyers

KUALA LUMPUR: Mah Sing Group Bhd's net profit rose 19.3 per cent to RM60.2 million in the second quarter ended June 30, 2024 (Q2 2024) from RM50.48 million in Q2 2023 driven by higher sales primarily in the group's M series.

The developer said the M series resonated strongly with first time home buyers and aligned perfectly with current market demand.

The company logged a revenue of RM578.39 million in the quarter under review, down 10.2 per cent from RM644.22 million in Q2 2023 dragged by lower revenue in manufacturing and property development segments.

Revenue from property development was RM914.5 million compared with RM1.04 billion.

The revenue for the manufacturing segment was partially impacted by shipment delays amid the ongoing global shipment constraints.

For the first half of 2024, (1H24), the company's net profit rose 19.6 per cent to RM120.26 million from RM100.53 million in 1H23.

Revenue for the period was slightly lower at RM1.14 billion from RM1.29 billion a year ago.

Gearing up with multiple new launches, the group said it is on track to meet its minimum sales target of RM2.5 billion for 2024 and anticipates stronger sales in the remaining of the year. "Looking ahead, Mah Sing remains committed to meeting the evolving needs of the market. With plans to further expand our M Series and introduce new offerings, we are well-positioned to continue our upward trajectory and achieve our 2024 objective,"  said Mah Sing founder and group managing director Tan Seri Leong Hoy Kum.

Mah Sing maintains a strong balance sheet with approximately RM911.5 million in cash and bank balances and investment in short-term funds, and a low net gearing of 0.10 times as ofJune 30, 2024.

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