KUALA LUMPUR: Mah Sing Group (Mah Sing) has set a higher sales target of RM1.6 billion for 2021 after achieving its target of RM1.1 billion sales for the financial year ended Dec 31, 2020 (FY20).
The property developer said it attained the FY20 target driven by its strategy in digital marketing and affordable properties offered at strategic location, namely in the Klang Valley, Penang and Johor.
The group also continued to see strong uptake in sales figure at the start of 2021, with RM250 million sales recorded up to February, it said.
“In line with better property outlook this year, the group is now setting a higher sales target of RM1.6 billion for the entire 2021, with 91 per cent of products priced below RM700,000 and 51 per cent below RM500,000,“ it said in a statement today.
Mah Sing said it would focus on affordable landed houses in the outskirts/ suburban areas and affordable high rises in the central business district areas as it believed this was where the demand remained resilient.
The group today announced that its net profit was halved to RM100.39 million in FY20 from RM200.33 million in the preceding year.
Revenue declined to RM1.53 billion from RM1.79 billion previously, it said in a filing with Bursa Malaysia.
For FY20, the group proposed first and final dividend of 1.66 sen per share (FY19: 3.35 sen).
It said this marked its 15th consecutive year of paying at least 40 per cent of net profit as dividend and the group is committed to continue rewarding its shareholders while balancing growth. -Bernama
