Thursday February 28, 2013
Mah Sing 2012 profit advances 37% to RM231mil
By LIZ LEE
PETALING JAYA: Mah Sing Group Bhd delivered another bumper year with its 2012 full-year net profit 37% higher at RM230.6mil while its revenue for the year increased by 13% to RM1.78bil compared to a year ago, supported by its developments in the Klang Valley.
The property group's fourth quarter net profit was up 35% to RM55.4mil and its revenue was RM441.4mil, 4.6% higher compared to the same quarter last year.
In a statement, the group cited Kinrara Residence in Puchong, Garden Residence, Clover @ Garden Residence and Garden Plaza in Cyberjaya, M-Suites and M-City in Jalan Ampang, Icon City in Petaling Jaya, Aman Perdana in Meru - Shah Alam, M Residence in Rawang, One Legenda, Hijauan Residence in Cheras and Icon Residence in Mont' Kiara as the residential projects that contributed to net profit and revenue.
Commercial projects that made an impact on the group's performance were Star Avenue @ D'sara, Southgate Commercial Centre in Sungai Besi, StarParc Point in Setapak and industrial projects i-Parc 1, i-Parc 3 in Bukit Jelutong and i-Parc 2 in Shah Alam. The group said that it intends to roll out at least RM3.7bil worth of launches in 2013 to fulfill their sales target of RM3bil, which is 20% higher than for 2012 but in line with the existing scale of operations of 40 projects.
“Greater KL and Klang Valley will make up the bulk of 2013's sales target at 62%. Penang island is expected to contribute 13%, with 20% from Johor Baru and the balance 5% from Sabah,” group chief executive Tan Sri Leong Hoy Kum said. “We have been spot-on with market demand in terms of our launches, allowing us to deliver commendable double-digit growth in both revenue and profits.”
The group recorded sales above RM2.5bil, compared with RM2.26bil locked in property sales for 2011.
Besides ongoing projects, the group has six new projects which will drive their growth in 2013 - Southville City and M Residence 2 in the Klang Valley, Ferringhi Residence in Penang island, Mah Sing iParc@Tanjung Pelepas and The Meridin@Medini which are located in Iskandar Malaysia and Sutera Avenue in Kota Kinabalu, Sabah.