KUALA LUMPUR: Mah Sing Group Bhd registered new property sales of RM2.26bil in 2023, which was a 13% increase over RM2bil in the previous year.

With this achievement, the property developer said it is projecting a higher minimum sales target of RM2.5bil in 2024.

"This optimistic forecast is underpinned by a compelling pipeline of projects strategically positioned in the affordably priced housing segment, aligning seamlessly with current market demand, particularly from the rapidly growing first-home market," it said in a statement.

Supporting a stronger financial performance in 2024, the group said it has unbilled sales of RM2.33bil and a strategic emphasis on fast-track project completions.

In the fourth quarter ended Dec 31, 2024, Mah Sing recorded a net profit of RM64.74mil, an improvement from RM46.78mil in the year-ago quarter, representing an earnings per share of 2.67 sen compared to 1.93 sen.

Revenue was slightly higher at RM671.28mil against RM670.87mil in the previous corresponding quarter.

Mah Sing declared a first and final dividend of four sen per share, representing a 45% payout, to be paid on May 23, 2024.

As at Dec 31, 2023, Mah Sing's cash and bank balances and investment in short-term funds amounted to about RM981.3mil, while its net gearing stood at a record low of 0.08x.

Cumulatively over four quarters, the group's net profit has risen to RM215.29mil as compared to RM180.05mil in FY22, while revenue gained to RM2.6bil from RM2.32bil in the previous year.

On its plans for the year ahead, founder and group managing director Tan Sri Leong Hoy Kum said it aims to launch all its new developments by end-2024, and anticipates early contributions from its newly acquired industrial land.

Since 2023, Mah Sing has acquired six new lands with a potential gross development value (GDV) of about RM6.2bil, including a tract of industrial land in Sepang named Mah Sing Business Park, which boasts a GDV of up to RM2bil.

"Mah Sing has a good track record with industrial projects and we have the right partners, network and design know-how.

"We anticipate a heightened contribution from the industrial developments going forward, complementing to our focus on residential developments," said Leong.