Mah Sing Group Berhad has exceeded its 2010 full year sales target of RM1 billion within 7 months. The Group recorded a 27% year-on-year increase in profit after tax after minority interests (PATMI) for the 2nd quarter of FY2010. PATMI for 2Q2010 was approximately RM29.2 million on the back of revenue of approximately RM289 million. There is 5% increase compared to the immediate preceding quarter which saw PATMI of RM27.9 million.
The Group’s first and final gross dividend per share of 6.5 sen for FY2009 will go ex-date on 8 September 2010 and payable on 17 September 2010. In the medium and longer term, the Group is able to leverage on its healthy balance sheet to take advantage of opportunities arising for quality land acquisitions/joint development, both in the domestic and regional markets. To-date in 2010, the Group has acquired new projects with a combined gross development value of approximately RM1.9 billion. Yet, due to careful planning, strong sales and financial discipline, their net gearing is only 0.05 times as at 30 June 2010.
Currently, the Group has a combined remaining gross development value and unbilled sales of approximately RM7.44 billion from their projects which are strategically located in the economic and property hot spots of Kuala Lumpur, Klang Valley, Penang Island and Johor Bahru.
Mah Sing’s Group Managing Director cum Group Chief Executive, Tan Sri Dato’ Sri Leong Hoy Kum said, “We have many exciting new launches coming up in the second half of the year and we target to achieve more than RM1.5 billion of sales this year.”
Tan Sri Dato’ Sri Leong Hoy Kum added, “We have been enjoying strong sales momentum from the previews of our new projects. With 15 active projects and 10 new projects in the planning stage, new launches will provide buyers with good investment choices. Buyers will be able to view newly completed show units for Garden Villa Hijauan Residence, One Legenda, Garden Residence, M Suites and Sierra Perdana. Before the end of the year, show units for Kinrara Residence, Icon Residence Mont’ Kiara and Austin Suites shall also be unveiled to the public.”
“Our new launches have always been eagerly awaited. Over the weekend, we had people already queuing up for Kinrara Residence; our preview is slated for this coming weekend, but as they are eager to select their units, we have prospective buyers already queuing up at our sales office!” he said.
There shall be a preview on Saturday, 28th August for those who had registered with Mah Sing in the last one month or so, and public preview only from Sunday 29th August onwards.