3 days ago
Mah Sing Posts Higher Net Profit Of RM66.04 Mln In 1Q 2025, On Track For Full-Year Sales Target
BUSINESS
KUALA LUMPUR, May 30 (Bernama) -- Mah Sing Group Bhd's net profit increased to RM66.04 million in the first quarter ended March 31, 2025 (1Q 2025) from RM60.05 million in 1Q 2024, supported by an increase in the property development segment.
Revenue expanded to RM649.69 million from RM558.21 million previously, the property developer said in a Bursa Malaysia filing today.
The group's balance sheet remains healthy with cash and bank balances as well as investment in short-term funds of approximately RM790.6 million as at March 31, 2025.
'In 1Q 2025, the property development segment recorded an operating profit of RM103.4 million and revenue of RM521 million, which were 16.3 per cent and 16.2 per cent higher than the operating profit and revenue as compared to the preceding year's corresponding quarter, respectively.
'The higher revenue and operating profit were mainly driven by progressive revenue recognition from ongoing construction progress,' it said.
The key projects contributing to earnings include M Vertica in Cheras, M Arisa in Sentul, Meridin East, M Tiara and M Minori in Johor Bahru, M Astra in Setapak, M Senyum in Salak Tinggi, M Panora in Rawang and M Nova in Kepong.
'Other projects which also contributed include Southville City in Bangi, Ferringhi Residence in Penang, M Zenya in Kepong, M Terra in Puchong and M Azura in Setapak,' it said.
The group achieved RM1.01 billion in property sales for the five months of 2025.
Meanwhile, its manufacturing segment reported revenue of RM113 million and an operating loss of RM1.3 million in 1Q 2025, compared to a revenue of RM98.5 million and an operating profit of RM0.7 million (including one-off insurance recoveries income of RM2.7 million) in the previous year's corresponding quarter.
