Doing great: (From left) Matrix Concepts founder and group executive deputy chairman Datuk Seri Lee Tian Hock, Mohamad Haslah and group managing director Ho Kong Soon. The firm’s unbilled sales amounted to RM1.45bil as at June 30, providing earnings visibility over the next 15 to 18 months.
PETALING JAYA: Matrix Concepts Holdings Bhd’s net profit increased by 37.3% year-on-year (y-o-y) to RM64.6mil in the first quarter of financial year 2024 (1Q24), driven by strong demand for landed homes in its Sendayan Developments township in Negri Sembilan.
The property developer also reported that its revenue in 1Q24 rose by 44.6% y-o-y to RM331.4mil following accelerated construction progress, with the growth primarily attributed to Sendayan Developments.
Residential and commercial properties made up the key revenue contributor, amounting to RM306.3mil for the quarter under review, an increase of RM104.4mil or 51.7% y-o-y.
“Notably, the resolution of labour concerns through the recruitment of new construction workers led to noticeable improvements in project construction, further bolstering revenue.
“As a result, revenue from Sendayan Developments experienced a substantial uptake of 55.3% to RM300mil in 1Q24, a significant increase from its previous value of RM193.2mil,” the company said in a statement.
However, Matrix Concepts’ Bandar Seri Impian township in Kluang posted a revenue of RM8mil in 1Q24, which was 46.4% lower from RM14.8mil previously as existing projects neared completion.
Meanwhile, the firm said that its recently completed first Klang Valley development, The Chambers, and second Australian development, M. Greenvale, registered a revenue of RM11.1mil and RM2.2mil, respectively, in 1Q24 with contribution from minimal remaining inventories.
Out of the RM305.3mil new property sales in 1Q24, about 88.6% or RM270.6mil was generated from the Sendayan Developments township.
It is noteworthy that Matrix Concepts launched two developments in 1Q24 at Sendayan Developments, with a combined gross development value of RM188.2mil.
The launches feature bungalow lots at Resort Villa and 336-units of double-storey terrace houses at the Tiara Sendayan development series.
With the strong new property sales achieved in 1Q24, Matrix Concepts’ unbilled sales amounted to RM1.45bil as at June 30, providing earnings visibility over the next 15 to 18 months.
Bullish on the outlook, Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin said the company had recovered from the “disruptions experienced in recent years”.
“Plans are afoot to accelerate construction activities and we are now in a comfortable position to fast-track our launches to meet increasing demand, highlighting the exceptional value offered by our affordably priced, premium-quality properties.
“While we continue to serve the affordable-premium segment, our recent introduction of higher-priced properties has also been well-received, providing encouragement on the prospects at Sendayan Developments.
“Our outlook is also supported by an improving property market, bolstering our confidence for sustainable growth in financial year 2024 (FY24), albeit maintaining a prudent approach to potential challenges,” he said.
Matrix Concepts declared a first interim dividend of 2.5 sen per share for FY24, representing a total dividend payout of RM31.3mil.
The dividend ex-date is Sept 21, with payment date on Oct 5.
“We observe increasing recognition of our environmental, social and governance (ESG) initiatives, and were recently upgraded to the top 25% by ESG ratings among listed companies in the FTSE Bursa Malaysia EMAS Index as of June 2023.
“This achievement further enhances our appeal to domestic and foreign investors,” stated Mohamad Haslah.
