Mah Sing Sets Revenue Goal of RM1.6bil This Year

Last updated on May 6th, 2021 at 09:19 am

Mah Sing Group Bhd has retained its revenue target of RM1.6 billion by 2020 with 84 per cent of its goods priced below RM700,000. The group said it was preparing to push ahead with its planned launches in the second half of the year in a statement today after its virtual annual general meeting ( AGM).

During its weekend launch on June 13 and 14, Mah Sing ‘s latest high-rise residential building, M Luna in Kepong, garnered 90 per cent take-up for its first 200 units. It plans to launch its forthcoming M Adora residential project in Wangsa Melawati in mid-July. In addition to M Luna and M Adora, Mah Sing ‘s founder and group managing director Tan Sri Leong Hoy Kum said it also planned to launch M Vertica ‘s fifth tower in Cheras.

The take-up for the first three towers is more than 90% and the fourth tower is also picking up. 640 units have been launched for M Arisa since January 2020 and the take-up has been very high at 73%, with further units planned to be launched in the rest of the year,” he said in the release.

It plans to launch its forthcoming M Adora residential project in Wangsa Melawati in mid-July.

In addition to M Luna and M Adora, Mah Sing ‘s founder and group managing director Tan Sri Leong Hoy Kum said it also planned to launch M Vertica ‘s fifth tower in Cheras. The take-up for the first three towers is more than 90% and the fourth tower is also picking up. 640 units have been launched for M Arisa since January 2020 and the take-up has been very high at 73%, with further units planned to be launched in the rest of the year.

As at March 31 this year, the company had a minimum of 2,019 acres of remaining land bank, with about RM24.9 billion worth of outstanding GDV and unbilled revenues. It will provide the profit exposure for the company for at least the next eight years.

Mah Sing also has a balanced balance sheet of cash and bank deposits at about RM1.05 billion. At the AGM, the group pays a minimum of 40 per cent of its net profit as dividend to its owners for the 14th consecutive year since 2006.

Leong said the 3.35 sen dividend declared for the financial year 2019 converted to an enticing dividend yield of more than six per cent based on Mah Sing’s current share price.