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The Sun
3 days ago
- Business
- The Sun
Mah Sing new sales in first 5 months of 2025 top RM1b
KUALA LUMPUR: Mah Sing group Bhd recorded a profit before tax (PBT) of RM91.4 million on the back of revenue of RM649.7 million for the first quarter ended March 31, 2025 (Q1'25), compared to RM82.1 million and RM558.2 million in the same quarter of the preceding year, representing 11.4% and 16.4% improvement respectively. The group recorded RM1.01 billion in new property sales during the first five months of 2025 compared to RM992 million achieved in the same period in the preceding year. Backed by strong sales momentum and a strategic focus on its M Series affordable offerings, Mah Sing has more launches lined up for 2H'25, spanning the Central, Northern, and Southern regions. The group remains confident of achieving its full-year sales target of a minimum of RM2.65 billion. The group's prudent capital management and strong operational execution have enabled them to maintain a healthy balance sheet with approximately RM1 billion in cash, bank balances and short-term investments as of May 30, 2025, and a low net gearing of 0.17x as of March 31, 2025. This financial strength empowers Mah Sing to seize strategic opportunities such as their recent land acquisition – M Aria in Sentul with GDV of RM283 million. For 2025, the group has over RM3.3 billion worth of new property launches planned. Its newly launched projects have already attracted strong interest in the first five months of the year which include Phase 1A Impira of M Legasi in Semenyih, Residensi Suria Madani in Taman Desa, Phase 4A5 Allamanda and Phase 1B Jasmine of Meridin East, as well as Phase 2B of M Tiara in Johor Bahru. In the Central region, the group will be opening the M Legasi Show Village in Semenyih in June 2025, which is the group's largest township in the region with a GDV of RM3.3 billion. Last month, the group secured more than 90% take-up for Phase 1, Impira, during its opening weekend. Phase 1B is now open for sale. The new Show Village will allow homebuyers to experience a realistic preview of their future homes. Other new launches in the Central region include M Aurora in Old Klang Road, a transit-oriented development, and M Aria in Sentul. The ongoing projects in this region are M Aspira in Taman Desa, M Azura in Setapak, M Terra in Puchong, M Nova and M Zenya in Kepong, as well as M Sinar in Southville City, Bangi. In the Southern region, Johor remains the group's second-largest development hub after Klang Valley. The group will be launching its new premium M Grand Series lifestyle development – M Grand Minori in Taman Pelangi, Johor Bahru. Located just 3km from the upcoming Johor–Singapore RTS Link and near the Special Economic Zone, this development has a GDV of approximately RM1.5 billion. Scheduled for launch this year, a 3-storey sales gallery with show units will be opened for customers in June 2025. Another new development planned for launch this year is Tiara Hills in Johor Bahru, which offers super-linked homes with an estimated GDV of RM463 million. Also slated for launch this year is M Tiara 2 in Johor Bahru, with a GDV of approximately RM1.45 billion. The ongoing projects in the Southern region include M Tiara, Meridin East, and M Minori. In the Northern region, the group will unveil M Zenni in Penang, a freehold mixed development located in Southbay, Batu Maung with an estimated GDV of RM309 million. M Zenni is targeted for launch in Q4'25. The ongoing project in the Northern region is Ferringhi Residence 2 in Penang, a development expected to benefit from the newly approved North Coastal Paired Road project. As of end May 2025, the group maintained a strong financial position with approximately RM1 billion in cash, bank balances and short-term investments. As at March 31, 2025, its net gearing is 0.17x. The group paid a dividend of 4.5 sen on May 26, 2025, representing approximately a 48% payout, surpassing their minimum 40% payout policy and reflecting their ongoing commitment to reward shareholders while supporting sustainable growth. The group's unbilled sales of approximately RM2.73 billion offer clear visibility for future revenue. Mah Sing's property development segment recorded an operating profit of RM103.4 million on the back of revenue of RM521 million, which were 16.3% and 16.2% respectively, higher than the operating profit and revenue as compared to the preceding year's corresponding quarter. The higher revenue and operating profit were mainly driven by progressive revenue recognition from ongoing construction progress.
See - Sada Elbalad
10-06-2025
- Business
- See - Sada Elbalad
Malaysian Jewelry Exports Surge, Boosted By Gulf ,Asian Markets
Waleed Farouk Both Singapore and the United Arab Emirates are experiencing a significant increase in their purchases of Malaysian gold jewelry, as rising global gold prices have dampened domestic demand, according to the Penang Jewellers Association. Josson Khor, an advisor to the association, said that foreign demand, coupled with strong prices, will push Malaysian gold jewelry exports this year beyond the $2.17 billion recorded in 2024. He noted that about 80% of Malaysian gold jewelry exports come from manufacturers and exporters based in Penang. Khor added, "There is stable demand from overseas markets for Malaysian gold jewelry, as the cost of local craftsmen remains competitive, despite the shortage of this specialized labor." It is worth noting that gold prices remain up more than 26% since the beginning of 2025, despite having retreated slightly from their record peak of $3,431 per ounce last month. According to data from the Malaysia External Trade Development Corporation, domestic gold jewelry exports reached $780 million (RM3.3 billion) during the period from January to April 2025, compared to approximately $6.6 million (RM2.8 billion) during the same period last year. The UAE recorded the highest purchase volume, importing jewelry worth $260 million (RM1.12 billion), a 7.4% increase, while Singapore increased its imports by nearly 16% to $240 million (RM1 billion). Conversely, domestic demand has suffered a significant decline due to high prices, with average retail gold jewelry sales halving from around 10 kg per month, according to Khor. The Penang Jewellers Association has approximately 650 members, more than 60% of whom are small and medium-sized enterprises (SMEs) with an annual turnover of less than RM25 million. Khor warned that continued high gold prices could lead to a further contraction in domestic retail sales, predicting they will fall to around 4 kg per month by 2027. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
New Straits Times
03-06-2025
- Business
- New Straits Times
Mah Sing's growth intact despite data centre delay
KUALA LUMPUR: Analysts remain upbeat on Mah Sing Group Bhd's outlook, citing steady property sales and resilient fundamentals, despite the company missing a deadline to formalise its data centre (DC) deal with Bridge Data Centres (BDC). RHB Investment Bank, CIMB Securities, Hong Leong Investment Bank (HLIB Research), and BIMB Securities have all maintained their "Buy" or "Add" calls, citing the group's solid fundamentals and long-term growth prospects. RHB Investment, which trimmed its target price to RM1.83 from RM2.16, said Mah Sing's first-quarter results were within expectations and highlighted the potential of its Southville City land in Bangi as a strategic DC location. "Although Mah Sing did not sign the definitive agreement with BDC within the required timeline, the land remains highly strategic," it said. CIMB Securities, which lowered its target price to RM1.90 from RM2.10, said the lapse in exclusivity now allows Mah Sing to pursue discussions with other parties. The firm said Mah Sing "remains committed to unlocking value from its sizeable landbank." BIMB Securities echoed the positive sentiment, citing RM1.01 billion in property sales in the first five months of 2025, driven by strong take-up rates at projects such as M Nova and M Legasi. It set a target price of RM2.02. HLIB Research noted that unbilled sales of RM2.73 billion provide earnings visibility into 2025 and revised its target price to RM1.85 from RM2.05. Mah Sing has lined up RM3.3 billion worth of new launches this year and is on track to achieve its full-year sales target of RM2.65 billion. Despite the BDC setback, analysts said the stock offers strong upside potential, with RHB Investment estimating a total return of nearly 84 per cent, including dividends. "Investors should look beyond the noise and focus on Mah Sing's proven execution and product-market fit," the firm said.
New Straits Times
29-05-2025
- Business
- New Straits Times
Sime Darby property optimistic on 2025 outlook, backed by RM3.8bil unbilled sales
KUALA LUMPUR: Sime Darby Property Bhd remains optimistic about its outlook for 2025, underpinned by record-high unbilled sales of RM3.84 billion in 2024, despite concerns over ongoing global tariff uncertainties. Group managing director Datuk Azmir Merican said the group's focus on execution and portfolio diversification has enabled it to navigate external headwinds effectively. "A key concern for this year and 2026 is whether future launches and bank lending will be affected," he said during a virtual press conference today. In the first quarter ended 31 March 2025 (Q1FY25), Sime Darby Property recorded RM927.5 million in sales, representing 26 per cent of its full-year target of RM3.6 billion. Of this, industrial products contributed 50 per cent, followed by residential high-rise units at 27 per cent, landed homes at 16 per cent, and commercial properties at seven per cent. Azmir said the group plans to launch RM3.3 billion in gross development value across 3,044 units for the remainder of 2025. This will include industrial projects worth RM1.21 billion, residential landed homes at RM1.12 billion, residential high-rise units at RM1.07 billion, and commercial properties at RM546 million. Internationally, the group's flagship Battersea Power Station development in the United Kingdom continues to gain traction. Footfall increased eight per cent year-on-year in Q1FY25, bringing total visitors since its 2022 opening to over 30 million. The Phase 3B (Electric Boulevard) residential component recorded a take-up rate of 74 per cent, up six per cent quarter-on-quarter, while commercial leasing remains steady at 45 per cent, with efforts ongoing to secure more long-term tenants. In May 2025, the property developer secured planning approval for Phase 3C, which will comprise 306 new homes including 121 senior living units with anticipated completion by 2029. Azmir highlighted the group is scheduled to open the upcoming KLGCC Mall within the prestigious Kuala Lumpur Golf & Country Club (KLGCC) precinct in the second half of the year. The new retail asset is expected to strengthen Sime Darby Property's recurring income strategy, joining its existing investment properties such as KL East Mall and Elmina Lakeside Mall. He added the group's SHIFT25 transformation agenda, aimed at becoming a fully integrated real estate player by the end of 2025, is progressing steadily. These goals will be further supported by the group's growing industrial portfolio, particularly in data centre leasing, logistics parks, and warehouse operations, alongside improving performance across its retail segment.
New Straits Times
28-05-2025
- Politics
- New Straits Times
RM450mil flood mitigation project in Melaka gets green light
ALOR GAJAH: The federal government has approved RM450 million in funding for the Sungai Baru Flood Mitigation Plan (RTB) in Masjid Tanah, aimed at addressing recurring floods in the area. Melaka Chief Minister Datuk Seri Ab Rauf Yusoh said the project will span a 15km stretch from Sungai Durian Daun to the mouth of Sungai Kuala Baru, and will include the construction of four flood retention ponds in Kampung Londang, Kampung Jeram, Kampung Lubuk Redan and Taman Gamelan. "This is a long-term initiative to tackle the flood problems affecting Masjid Tanah," he told reporters after visiting a Department of Irrigation and Drainage (DID) pump house as part of the Wakil Rakyat Untuk Rakyat (WRUR) engagement programme for the Lendu constituency at Taman Masjid Tanah Ria. Also present were State Secretary Datuk Azhar Arshad, State Science, Technology, Innovation and Digital Communications Committee chairman Datuk Fairul Nizam Roslan and Lendu assemblyman Datuk Seri Sulaiman Md Ali. For short-term flood prevention, Ab Rauf said the DID is implementing RM3.3 million worth of state-funded projects, including the installation of pumps, construction of pump houses and compact substations, and river maintenance works. Two existing flood retention ponds, Durian Daun and Solok Duku, are also undergoing rehabilitation at a combined cost of RM1.85 million, with completion expected by December. On a separate matter, Ab Rauf urged the state's stage bus operator to take greater responsibility for safety standards, calling for improved driver training following a series of fatal public transport accidents. He said several incidents were linked to negligent driving, resulting in loss of life. – Bernama
