Mah Sing Group Bhd’s net profit rose to RM50.48 million for the second quarter ended June 30, 2023 (2Q FY2023) from RM43.04 million in the same period last year, driven by higher property sales and progressive revenue recognition from ongoing construction progress.
Revenue was 18.85 per cent higher at RM644.22 million from RM542.01 million previously. For the cumulative six months ended June 30, 2023, the property company saw its net profit surging to RM100.53 million from RM86.21 million previously, while revenue was stronger at RM1.29 billion from RM975.24 million previously.
“The group’s balance sheet remains healthy with cash and bank balances and investment in short-term funds of approximately RM929.7 million as of June 30, 2023,” it said in a filing with Bursa Malaysia today.
On its property segment, Mah Sing said for the period ended June 30, 2023, its operating profit rose 20.1 per cent year-on-year to RM177.9 million on the back of higher revenue of RM1.04 billion.
“The group’s property sales for the first half of 2023 increased 20 per cent to RM1.2 billion as compared with RM1.0 billion in the same period last year,” it said.
On its manufacturing segment, Mah Sing said revenue grew by 2.1 per cent to RM218.7 million in the period ended June 30, 2023, versus RM214.0 million in the same quarter last year, with operating loss narrowing by 12.7 per cent to RM7.8 million compared with RM9.0 million in the preceding year’s corresponding period.
Moving forward, the group expects strong financial performance for FY2023, in view of strong sales performance and significant volume of construction progress or property completions for 2023.
In a separate statement, Mah Sing said it is on track to achieve its 2023 sales target of RM2.2 billion, supported by strong sales momentum and new launches in the first half of 2023.
