Mah Sing lifts 2Q net profit 9.8% as revenue jumps 16%

PETALING JAYA, KEPONG, SETAPAK, SEMENYIH, SALAK TINGGI, JOHOR BAHRU, PUCHONG, PENANG, MUKIM DENGKIL, SEPANG, SELANGOR, AMPANG, 28 AUGUST 2026 —

Mah Sing Group Bhd posted a 9.8% rise in second-quarter net profit to RM72.47 million from RM66.02 million a year earlier, driven by a 16% increase in revenue to RM656.29 million.

For the first half ended June 30, net profit attributable to shareholders rose 6.4% to RM140.55 million from RM132.06 million, while revenue edged up to RM1.22 billion. Profit before tax increased 3% to RM192.68 million from RM186.98 million.

Mah Sing recorded RM1.32 billion in new property sales in the first half, up 15% from RM1.15 billion a year earlier and about 48% of its RM2.76 billion full-year sales target. The group had RM3.57 billion in unbilled sales and said it remained cautiously optimistic of meeting its full-year target and delivering improved financial performance in 2026, barring unforeseen economic disruptions.

Within property development, first-half revenue reached RM990.82 million, up 2.8% year on year, while operating profit edged up 0.7% to RM212.91 million. Key earnings contributors included M Nova and M Zenya in Kepong, M Azura and M Astra in Setapak, M Legasi in Semenyih, M Senyum in Salak Tinggi, and Meridin East, M Tiara and M Minori in Johor Bahru.

Sales momentum is expected to be supported by upcoming launches including M Hana in Puchong, M Mira in Setapak, M Cora in Penang and M Tiara 2 in Johor Bahru, as well as future phases of existing developments. Mah Sing is also set to launch MS Industrial Park @ Kulai in Johor as it expands its industrial property segment.

Mah Sing’s manufacturing segment returned to profitability for the first time since FY2020, posting an operating profit of RM9.69 million compared with an operating loss of RM5.17 million a year earlier, despite an 8.2% drop in revenue to RM204.05 million. The turnaround was mainly attributed to improved plant utilisation in its glove business, higher average selling prices following raw-material cost adjustments, and cost optimisation after the disposal of its automotive parts business.

As at June 30, the group held RM1.01 billion in cash, bank balances, deposits and short-term funds, with a net gearing ratio of 0.39 times. It expects project completions in the second half to generate more than RM250 million in incoming vacant-possession funds from M Nova in Kepong, phases 3A and 3B of M Senyum in Salak Tinggi, and phase 4A2 of Meridin East in Johor Bahru.

No dividend was declared for the first half. Mah Sing paid a final single-tier dividend of five sen per share, amounting to RM128.01 million, on May 26 for FY2025.

Separately, Mah Sing’s wholly-owned Southville City Sdn Bhd entered into a conditional sale and purchase agreement on Aug 20 to dispose of around 78.8 acres of freehold land in Mukim Dengkil, Sepang, Selangor, to WG Malaysia X Sdn Bhd for RM617.86 million in cash. The land forms part of Mah Sing DC Hub @ Southville City within the group’s 428-acre freehold Southville City township.

The proposed disposal remains subject to fulfilment of conditions precedent. Mah Sing said the transaction supports its push into digital infrastructure as a second growth engine alongside property development, with plans for a colocation data centre through a proposed partnership with an experienced operator. The project remains at a preliminary stage and is subject to further assessment.

In a separate conditional agreement, Mah Sing said it will acquire approximately 14.38 acres of land in Ampang, Selangor, for RM186.17 million. Subject to approvals, the site will be developed into M Araya, a serviced apartment project with an estimated gross development value of RM1.92 billion. Built-up areas are planned from 700 to 1,000 sq ft, with prices starting from RM399,000.

Mah Sing intends M Araya to cater to young professionals, first-time buyers and growing families, as well as existing homeowners seeking to upgrade within established neighbourhoods. Registration of interest is expected to begin in the first quarter of 2027, with launch targeted for the same year.

Group chief executive officer and executive director Datuk Voon Tin Yow said the group remains focused on replenishing its landbank with strategically located opportunities that can support sustainable growth.

“M Araya is aligned with our M Series strategy, offering well-designed and attainable homes in an established location,” he said. “We will continue to evaluate suitable opportunities while maintaining disciplined capital allocation.”

Related: Mah Sing Group Bhd · Datuk Voon Tin Yow