KUALA LUMPUR: Mah Sing Group Bhd (Mah Sing) has achieved its sales target of RM1.1bil for the financial year ended Dec 31, 2020, notwithstanding the challenging market environment resulting from the Covid-19 pandemic.
This achievement was driven by its strategy in digital marketing and affordable properties offered at good locations in Klang Valley, Penang and Johor.
Mah Sing also saw a strong uptake in sales figures at the start of 2021 where the group achieved about RM250mil in sales within the first two months, it said in a press release.
Given the good results, the group has set a higher sales target of RM1.6bil for 2021, with 91% of products priced below RM700,000 and 51% below RM500,000.
“Mah Sing will focus on affordable landed homes in the outskirts/suburban areas and affordable high rises in the central business district areas as the group believes this is where the demand remains resilient.
“In addition, Mah Sing will also continue with its quick turnaround business model to acquire more prime lands at strategic locations, whilst being nimble and flexible to change to match the market demand.
“With its strong cash and bank balances of approximately RM1.16 billion as of 31 December 2020, the group will continue selectively scouting for strategic land bank for continuous growth,” it said.
Q42020 and FY2020 results
For the cumulative 12-month period ended Dec 31, the group posted a profit before tax of RM153.7mil on the back of a RM1.5bil revenue.
Mah Sing’s Q42020 profit before tax of RM47.6mil was higher as compared to the preceding quarter of RM40.5mil, mainly due to the increased contribution from on-going projects namely M Vertica and M Centura.
The revenue of RM472.8mil for Q42020 was also higher as compared to the corresponding quarter of RM388.2mil.
“As a market-driven developer, Mah Sing constantly listens to market feedback, tailoring its business strategies and product offerings in matching the home buyers’ needs.
“This can be seen through the positive response from the group’s latest project launches in December 2020 which reflect the gradual improvement in sentiments towards the property market.” the release said.