KUALA LUMPUR, Nov 30 — Mah Sing Group Bhd’s net profit for the third quarter (Q3) ended Sept 30, 2022, increased to RM47.06 million from RM40.17 million in the same quarter last year.

Revenue, meanwhile, surged to RM671.12 million from RM364.57 million previously, the group said in a filing with Bursa Malaysia today.

For the nine-month period ended Sept 30, 2022, Mah Sing said the property development segment recorded an operating profit of RM247.5 million on the back of RM1.30 billion revenue, at 30.8 per cent and 41.3 per cent, respectively, higher than the operating profit and revenue recorded a year ago.

"The higher revenue and operating profit were mainly driven by higher property sales and revenue recognition of property projects under construction.

"The group’s property sales for the nine-month period ended Sept 30, 2022 increased 32 per cent to RM1.69 billion (including land sales of RM115 million) from RM1.28 billion in the same period last year,” it said.

The group said it achieved RM640 million in new sales, including land sales of RM66 million for Q3, the highest quarterly sales recorded since 2017.

With nine months of cumulative sales of RM1.69 billion, including land sales of RM115 million, Mah Sing said it is well on track to achieve the full-year sales target of RM2 billion, of which the unbilled sales position has grown to RM2.29 billion, providing more than one year of future property revenue visibility.

"New launches during the quarter have garnered overwhelming response, with a 96 per cent take-up rate for M Senyum Phase 2 in Salak Tinggi and a 100 per cent take-up rate for M Panora Phase 1A in Rawang during the weekend launches in August and September, respectively.

"Registration of interests has also been strong for upcoming projects such as M Astra in Setapak, M Nova in Kepong, and the upcoming new phases of M Senyum (Phase 3), M Panora (Phase 1B) as well as the Meridin East (Jasmine and Erica West) in Johor Bahru,” it added. — Bernama