MAH SING Group Bhd, a property developer, said its fourth quarter net profit rose 18 per cent to RM20.4 million due to better sales from new projects.

The company, whose shares are a favourite with investors, plans to pay 45 per cent of its 2007 net profit as dividends.

"We believe 2008 will be another good year for the group and we should be able to perform and achieve another good year," Group managing director and chief executive Datuk Seri Leong Hoy Kum said in a statement.

This year, its performance will be driven by some RM1 billion of sales that have yet to be booked into its accounts.

The company also plans to develop properties worth some RM3.2 billion over the coming years.

Mah Sing made a net profit of RM81.1 million in the financial year ended December 31 2007, a 24 per cent increase. Revenue was up 16 per cent to RM573.4 million.

Projects like The Icon Jalan Tun Razak (West Wing), Perdana Residence, Hijauan Residence, Kemuning Residence and Aman Perdana in the Klang Valley helped to boost profits last year.