Kenanga like MAHSING for: (i) its efforts to keep its net gearing ratio in check, with a 3QFY23 reading of 0.13x being the lowest since creeping up to 0.34x in 2QFY22, (ii) lifestyle-focused products to provide ease of entry for first-time home buyers, and (iii) sound land bank management and turnaround which minimises carrying costs.
The group's revenue rose to RM19.46bil, 45.34% improved year-on-year (y-o-y).
Despite the year-to-date earnings growth, the group's 3Q net profit was 39.4% lower y-o-y at RM241.67mil due to losses incurred in the sugar sector and lower CPO and processed palm oil sales volume in the plantation sector.
The group's revenue was 16.3% higher y-o-y at RM6.18bil on the back of the higher average CPO prices realised.
"Our improved operating performance for 9M FY2022 is mainly attributed to higher palm product margins due to higher CPO price realised and higher throughput and tonnage carried by the Logistic Sector," said FGV group CEO Datuk Nazrul Mansor in a statement.
For the nine months ended Sept 30, 2022, FGV recorded a net profit of RM984.93mil, a 40.15% increase over the same period in 2021.
Earnings per share for the three quarters was 27 sen, up from 19.26 sen in the 9MFY21.
FGV Holdings Bhd is expecting to close out 2022 with a strong annual result on the back of improvements in its operating performance.
According to the plantations group, the sector is expected to remain resilient in 4QFY22 with a flat crude palm oil (CPO) production projection of 18.3 million tonnes.
It added that CPO prices are expected to average about RM4,000 per tonne in the final quarter despite increased supply from seasonally higher fresh fruit bunch (FFB) output as well as stockpiles in exporting countries such as Indonesia.
On future plans, Leong said the group plans to launch M Astra in Setapak by 4Q22, while our upcoming developments to be launched include M Nova in Kepong, Phase 3 of M Senyum in Salak Tinggi, Phase 1B of M Panora in Rawang and Meridin East (Jasmine and Erica West) in Johor Bahru.
"We believe now is still a good time for first-time homebuyers to purchase as buying property is the best hedge against inflation and out products are mainly for customers who are buying for own stay," he added.
The group's balance sheet improved with net gearing at a new low of 0.27 times as at Sept 30, 2022.
Mah Sing has a remaining landbank of 1,916.73 acres with a remaining gross development value of RM21.12bil.
Mah Sing Bhd recorded a 32% increase in property sales in the nine months to Sept 30, 2022, which shored up the property developer's revenue and bottomline for the period.
In a statement, the group said its property sales of RM1.69bil, compared with RM1.28bil in the same period las year, was mainly owing to new launches and ongoing projects under its M Series affordable development.
"The strategic focus on M Series affordable developments in recent years has positioned the group well to capture the resilient first-home buyers' market.