PETALING JAYA: Riding on the success of its affordable M Series and good market outlook for affordably priced properties, Mah Sing Group Bhd is confident of achieving its 2023 target of RM2.2 billion property sales, having locked in RM600.6 million sales in the first quarter of 2023.
During Mah Sing’s 31st AGM in Kuala Lumpur today, the management briefed shareholders on the company’s initiatives, market outlook, operational performance, and strategy – via live streaming.
Mah Sing continues to maintain a strong liquidity and balance sheet position with low net gearing of 0.2 times as at March 31, 2023. Total vacant possession (VP) funds from completion of properties for 2023 and 2024 amount to about RM500 million and RM440 million respectively, which should boost cash position of the group. The latest cash and bank balances and investment short-term funds were about RM900.6 million as at to-date.
Shareholders approved all the resolutions which include a first and final dividend of three sen per ordinary share for financial year 2022. Mah Sing has been consistently paying dividend rates for minimum 40% of net profit for the 17 consecutive years. The long dividend payout track record is further proof that Mah Sing is committed to staying consistent, resilient and dependable in the long term.
Moving forward, Mah Sing is adopting the Task Force on Climate-Related Financial Disclosures reporting framework to strengthen their process for evaluating, monitoring, and measuring material environmental, social and governance-related issues and risks.
At the AGM, all resolutions were approved by the shareholders. Tan Sri Siti Norma Yaakob did not offer herself for re-election and has officially retired from her positions as director and chairperson. Effective Aug 1, the new chairperson will be Admiral (R) Tan Sri Abu Bakar Abdul Jamal.
