Leong is optimistic about the group’s performance in 2025.
PETALING JAYA: Mah Sing Group Bhd (Mah Sing) achieved property sales of RM2.41 billion in 2024, reflecting a 6.6% growth from RM2.26bil in 2023. Profit after tax (PAT) attributable to equity holders was about RM241mil, an 11.8% increase compared to 2023 while revenue was RM2.52bil.
Group founder and managing director Tan Sri Leong Hoy Kum said the group is targeting RM2.65bil in property sales in 2025 with a more diversified pipeline including residential, mixed commercial, industrial and data centre developments for recurring income.
For residential and mixed residential, this includes Taman Desa (M Aspira and Residensi Suria Madani), Setapak (M Azura), Kepong (M Zenya and M Nova), Puchong (M Terra), Bangi (M Sinar, Southville City), Semenyih (M Legasi), Old Klang Road (M Aurora), Sentul (M Aria), Petaling Jaya (Icon City 2), Johor Bahru (Meridin East, M Tiara 2 and 3, M Grand Minori) and Penang (Southbay City).
In Johor Bahru, the group is expanding into the premium market with the M-Grand Series, targeting properties priced at RM700,000 and above. This expansion is driven by the opportunity to develop projects in proximity to major infrastructure initiatives, such as the RTS Link and the Johor-Singapore Special Economic Zone.
For industrial and data centres, the group said Mah Sing DC Hub@Southville City will become a key data centre hub with a minimum 500MW power capacity, with Bridge Data Centres (BDC)’s two partnerships within the hub taking a combined 300MW power capacity. Mah Sing is also exploring a 42-acre site in Meridin East, Johor Bahru, for a potential 300MW power capacity data centre, reinforcing its commitment to high-growth digital assets.
The group has declared a dividend of 4.5 sen per ordinary share for the financial year ended Dec 31, 2024, representing the second consecutive year of payout close to 50%. The group has a year-end cash and bank balance and investment in short-term funds of approximately RM1.35bil and a low net gearing of 0.16x as of Dec 31, 2024.
“With a robust balance sheet, we remain well-positioned for strategic land acquisitions and efficient project execution. We are optimistic about 2025 and remain focused on sustainable, high-growth opportunities,” Leong said.
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