KUALA LUMPUR: Mah Sing Group Bhd achieved property sales of RM2.41 billion in 2024, reflecting a 6.6% growth from RM2.26 billion in 2023, marking its highest new property sales since 2015.
The group enjoyed a 11.8% jump in its profit after tax attributable to equity holders to approximately RM241 million. Effective capital management has reinforced Mah Sing’s balance sheet, with year-end cash, bank balances, and short-term investments totaling RM1.35 billion and a low net gearing of 0.16x as of Dec 31, 2024.
Building on this momentum, Mah Sing is targeting RM2.65 billion, an increase of approximately 10% in property sales for 2025. This target assumes the timely progress of regulatory approvals in line with expectations.
Mah Sing founder and group managing director Tan Sri Leong Hoy Kum said that compared to mainly residential property launches in 2024, from 2025 onwards, the group will have a more diversified pipeline including residential, mixed commercial, industrial and data center developments for recurring income.
“With a robust balance sheet, cash position of approximately RM1.35 billion and low net gearing of 0.16x, we remain well-positioned for strategic land acquisitions and efficient project execution. Our commitment to shareholder value continues with a 4.5 sen dividend, marking nearly 50% payout for 2 consecutive years. We are optimistic about 2025 and remain focused on sustainable, high-growth opportunities,” he added.
With M Legasi approved for launch in 2025, the group is targeting its sales in 2025 to be at least RM2.65 billion assuming the authorities’ approvals proceed according to the planned timeline.
Robust balance sheet with cash of RM1.35 billion and net gearing of 0.16x, primed to continue land acquisition spree.
Driven by healthy market demand and supported by a strong balance sheet, Mah Sing expanded its landbank with the acquisition of 6 new land parcels in 2024, adding a GDV of RM5.8 billion. This follows the acquisitions of 5 land parcels in 2023, with a GDV of RM5.5 billion. As of early 2025, the group has secured its first new land in Sentul, with a GDV of RM283 million. The group remains focused on identifying additional strategic land opportunities, prioritising efficient turnaround residential and industrial developments.
For the fourth quarter ended Dec 31, 2024, the group recorded PAT of approximately RM60 million on the back of revenue of RM744.4 million. For the financial year ended Dec 31, 2024, the group recorded PAT of approximately RM241 million and revenue of RM2.52 billion respectively.
The revenue from property development was RM2.01 billion for the financial year ended Dec 31, 2024 while operating profit was RM381.3 million while the manufacturing segment recorded a revenue of RM458.2 million, reflecting an increase from RM435.2 million in the previous year.
Mah Sing is continuing its track record of rewarding shareholders by declaring a final dividend of 4.5 sen per ordinary share for the financial year ended Dec 31, 2024.
This is a payout of RM115.2 million and will be the second consecutive year of payout close to 50%. It also marks the group’s 19th consecutive year of paying at least 40% of annual profit as dividend.
