KUALA LUMPUR: Mah Sing group Bhd recorded a profit before tax (PBT) of RM91.4 million on the back of revenue of RM649.7 million for the first quarter ended March 31, 2025 (Q1’25), compared to RM82.1 million and RM558.2 million in the same quarter of the preceding year, representing 11.4% and 16.4% improvement respectively.
The group recorded RM1.01 billion in new property sales during the first five months of 2025 compared to RM992 million achieved in the same period in the preceding year. Backed by strong sales momentum and a strategic focus on its M Series affordable offerings, Mah Sing has more launches lined up for 2H’25, spanning the Central, Northern, and Southern regions. The group remains confident of achieving its full-year sales target of a minimum of RM2.65 billion.
The group’s prudent capital management and strong operational execution have enabled them to maintain a healthy balance sheet with approximately RM1 billion in cash, bank balances and short-term investments as of May 30, 2025, and a low net gearing of 0.17x as of March 31, 2025. This financial strength empowers Mah Sing to seize strategic opportunities such as their recent land acquisition – M Aria in Sentul with GDV of RM283 million.
For 2025, the group has over RM3.3 billion worth of new property launches planned. Its newly launched projects have already attracted strong interest in the first five months of the year which include Phase 1A Impira of M Legasi in Semenyih, Residensi Suria Madani in Taman Desa, Phase 4A5 Allamanda and Phase 1B Jasmine of Meridin East, as well as Phase 2B of M Tiara in Johor Bahru.
In the Central region, the group will be opening the M Legasi Show Village in Semenyih in June 2025, which is the group’s largest township in the region with a GDV of RM3.3 billion. Last month, the group secured more than 90% take-up for Phase 1, Impira, during its opening weekend. Phase 1B is now open for sale. The new Show Village will allow homebuyers to experience a realistic preview of their future homes. Other new launches in the Central region include M Aurora in Old Klang Road, a transit-oriented development, and M Aria in Sentul. The ongoing projects in this region are M Aspira in Taman Desa, M Azura in Setapak, M Terra in Puchong, M Nova and M Zenya in Kepong, as well as M Sinar in Southville City, Bangi.
In the Southern region, Johor remains the group’s second-largest development hub after Klang Valley. The group will be launching its new premium M Grand Series lifestyle development – M Grand Minori in Taman Pelangi, Johor Bahru. Located just 3km from the upcoming Johor–Singapore RTS Link and near the Special Economic Zone, this development has a GDV of approximately RM1.5 billion. Scheduled for launch this year, a 3-storey sales gallery with show units will be opened for customers in June 2025. Another new development planned for launch this year is Tiara Hills in Johor Bahru, which offers super-linked homes with an estimated GDV of RM463 million. Also slated for launch this year is M Tiara 2 in Johor Bahru, with a GDV of approximately RM1.45 billion. The ongoing projects in the Southern region include M Tiara, Meridin East, and M Minori.
In the Northern region, the group will unveil M Zenni in Penang, a freehold mixed development located in Southbay, Batu Maung with an estimated GDV of RM309 million. M Zenni is targeted for launch in Q4’25. The ongoing project in the Northern region is Ferringhi Residence 2 in Penang, a development expected to benefit from the newly approved North Coastal Paired Road project.
As of end May 2025, the group maintained a strong financial position with approximately RM1 billion in cash, bank balances and short-term investments. As at March 31, 2025, its net gearing is 0.17x.
The group paid a dividend of 4.5 sen on May 26, 2025, representing approximately a 48% payout, surpassing their minimum 40% payout policy and reflecting their ongoing commitment to reward shareholders while supporting sustainable growth.
The group’s unbilled sales of approximately RM2.73 billion offer clear visibility for future revenue.
Mah Sing’s property development segment recorded an operating profit of RM103.4 million on the back of revenue of RM521 million, which were 16.3% and 16.2% respectively, higher than the operating profit and revenue as compared to the preceding year’s corresponding quarter. The higher revenue and operating profit were mainly driven by progressive revenue recognition from ongoing construction progress.
