Mah Sing Group Berhad (Mah Sing)’s healthcare business unit, Mah Sing Healthcare Sdn Bhd (Mah Sing Healthcare) has successfully clinched long-term glove orders which takes up to 4 glove dipping lines’ production capacity.
At the same time, 2 more new production lines are completed at Mah Sing’s highly automated factory in Kapar, ready to take on more orders which are coming in.
Besides these 6 lines, another 6 production lines are scheduled to come on-stream in the third quarter of this year. These 12 lines makes up Phase 1 of Mah Sing’s glove manufacturing business which is expected to contribute positively to the Group’s earnings for the financial year ending 2021.
Mah Sing’s Group Chief Executive Officer, Datuk Ho Hon Sang said, “The strong orders reflect market confidence towards Mah Sing as a credible new glove manufacturer in producing quality gloves to meet pent-up demand globally. We will focus on expanding capacity at our glove factory to meet these secured orders, and so far we are operationally on-track. We have also continuously received enquiries from distributors and customers around the world and are currently in negotiation with more interested parties to lock down their orders. We are planning to explore further expansion if the demand continues to outstrip supply.”
The Group also held its 29th Annual General Meeting (AGM) virtually today following the ongoing lockdown under phase 1 of the National Recovery Plan (NRP), and saw shareholders approving all the resolutions, which include the first and final single-tier dividend of 1.66 sen per ordinary share for the financial year 2020. Mah Sing has been consistently paying dividend rates of at least 40% of net profit over the last 15 years, upholding its commitment to reward shareholders while maintaining a prudent and disciplined approach for long-term sustainable growth.
The Group briefed its shareholders on Mah Sing’s initiatives, market outlook, operational performance and strategy – all conducted via live streaming.
Mah Sing’s Founder and Group Managing Director, Tan Sri Dato’ Sri Leong Hoy Kum said, “We are seeing gradual improvement in sentiments towards the property market early this year, which can be observed through the positive sales figures in our first five months, hitting RM650.5milion or 40% of our 2021 sales target. We have the benefit of right price point and locations, coupled with our effective marketing campaigns. We hope homebuyers will take the opportunity to leverage on current low interest rate environment and the extended Home Ownership Campaign by the Government to lock in their dream homes.”
“The four-phase exit strategy under the National Recovery Plan (NRP) announced by the Government recently have provided a clear path towards the country’s economic recovery. We foresee that ramping up the vaccination process is a strong catalyst towards this direction. With more segments of the population being vaccinated and opening of more economic sectors as we progress to the subsequent phases under NRP, business sentiments will improve with consumer spending picking up. We believe that the property sector is one of the many industries to benefit from the economic recovery following the revival of homebuyers’ interest. Revitalisation of the property sector is also projected to bring a spill-over effect on other sectors which can contribute towards the country’s economic performance in terms of gross domestic product.” Tan Sri Dato’ Sri Leong Hoy Kum added.