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apple developer account(buyappleacc.com):Mah Sing 2Q net profit jumps to RM40.4mil

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,KUALA LUMPUR: Mah Sing Group Bhd's net profit for the second quarter ended June 30, more than tripled to RM40.4mil from RM12.82mil in the same quarter last year.Revenue for the quarter under review was up 47% to RM438.7mil from RM298.6mil in the comparative quarter last year.It said in a statement that it has successfully recorded new property sales to-date of about RM1.06bil for the first eight months of 2021.Property sales for the first half of 2021 almost doubled to RM800.9mil from RM418.6mil in the first half of last year."Our continuous efforts in adopting digital marketing campaigns in the first half of the year have panned out well and put us on track to meet our RM1.6bil sales target this year."In line with the extension of the Home Ownership Campaign until Dec 31, 2021, and the low interest rate environment which are beneficial to the property market, we have also launched the 'Mah Sing NOW' campaign as part of our efforts in driving sales in the second half of the year," said Mah Sing founder and group managing director Tan Sri Leong Hoy Kum.He added that two new lands acquired this year - M Senyum in Bandar Baru Salak Tinggi, Sepang, and M Astra in Setapak - are targeted to be launched in the final quarter of 2021."We are confident that they will be well-received as the demand for affordable segment continues to persist."With disciplined financial management and a healthy balance sheet, we are eyeing more land as part of the strategy for continuous growth, with Greater Kuala Lumpur, Klang Valley, Johor and Penang being the focus areas," he said.For the six months period to June 30,2021, Mah Sing posted a net profit of RM80.68mil, which was almost twice the net profit of RM41.53mil in 1HFY20.Revenue over the period was RM851.99mil, 27.2% improved over RM669.8mil in the previous corresponding period.As at end-June, Mah Sing had cash and bank balances and investment in short-term funds of about RM807.5mil.The group had remaining landbank of 2,045 acres with a remaining gross development value and unbilled sales of about RM24.45bil, which could provide earnings visibility for at least eight years as at end-June 2021, it said.Meanwhile, Mah Sing is optimistic over the outlook for personal protective equipment including gloves, which is expected to see structural increase."We believe 2021 would be an exciting year for us as we show out commitment to be a long-term player in the glove business and continue to grow our network globally."We are also more than ready to receive more orders as we have the capacity to cater to the global glove demand in the near future, said Mah Sing group CEO Ho Hon Sang.
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