Mah Sing Group Berhad’s (Mah Sing) profit before tax jumped almost threefold, leaping 193% to RM58 million for the second quarter ended 30 June 2021 as compared to RM19.8 million in the preceding corresponding quarter.
The Group’s revenue also increased 47% to RM438.7 million for the quarter under review as compared to RM298.6 million in the corresponding quarter a year ago.
Mah Sing has recorded new property sales of approximately RM1.06 billion for the first eight months of 2021, while property sales for the first half of 2021 surged almost double to RM800.9 million in comparison with RM418.6 million in the same period last year.
Mah Sing’s Founder and Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum said, “Our continuous efforts in adopting digital marketing campaigns in the first half of the year have panned out well and put us on track to meet our RM1.6billion sales target this year.
“In line with the extension of the Home Ownership Campaign until 31 December 2021, and the low interest rate environment which are beneficial to the property market, we have also launched the “Mah Sing NOW” campaign as part of our efforts in driving sales in the second half of the year.”
“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 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.” Tan Sri Dato’ Sri Leong Hoy Kum said.
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For the six months period ended 30 June 2021, the Group’s profit before tax rose 86% to RM114.2million from RM61.4million, while revenue rose to RM852million from RM669.8million in the same period a year ago.
Mah Sing’s property segment recorded an operating profit of RM123.6million on the back of revenue of RM652.1million in the first six months of this year, which are 58% and 28% higher respectively than the operating profit and revenue recorded in the same period last year. This was mainly driven by higher property sales and revenue recognition of ongoing property projects under construction.
The development projects which mainly contributed to the Group’s results include M Vertica in Cheras, M Centura in Sentul and Meridin East in Johor.
Other projects which 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.
Besides doubling their sales from RM418.6million to RM800.9million for the first half of 2021, Mah Sing has locked in approximately RM1.06billion for the first 8 months of 2021.
The Group is confident it will be on track to achieve the RM1.6 billion sales target for the year and will leverage on its new “Mah Sing NOW” campaign. This sales campaign is a three-pronged approach for buyers who wish to own residential and/or commercial properties.
Property buyers will be able to enjoy “THREE DOSES” of homeownership boosters, namely Own Now, Zero Now, and Save Now, for selected units in participating projects until 30 September 2021.
Amongst others, this campaign offers incentives such as low booking fee, zero payment during construction, saving up to 50% off monthly payments subject to terms and conditions.
The Group is cautiously optimistic that its property projects will continue to attract buyer interest mainly due to their strategic locations, affordable price points with attractive packages, innovative design and layout.
Two new projects namely M Astra in Setapak and M Senyum in Bandar Baru Salak Tinggi, Sepang which were acquired in 2021 has commenced registration of interest. The last block (Tower E) of M Vertica, Cheras was also opened for preview in July 2021.
Looking ahead, Mah Sing’s other planned new launches for remaining 2021 include Tower E of M Vertica, Cheras, remaining phases of M Arisa, Sentul, Phase 2 of Cerrado Suites and Tower B Sensory Residences at Southville City in Bangi, Phase 3 of M Aruna and M Panora in Rawang, service apartments in Southbay City, Penang and double-storey link homes in Meridin East, Johor Bahru.
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