Datuk Seri Lee Tian Hock, founder and group executive deputy chairman of Matrix Concepts (left), and Datuk Mohamad Haslah Mohamad Amin, chairman of Matrix Concepts
KUALA LUMPUR: Matrix Concepts Holdings Bhd has set a target of RM1.3bil in new property sales for its 2025 financial year (FY25), supported by a pipeline of over RM1.6bil in projects.
The property developer made a strong start to the year with new property sales of RM321.3mil in 1QFY25, representing a 5.2% improvement over the same quarter last year.
It attributed the higher sales to healthy demand seen across all the group’s developments, namely Sendayan Developments at Seremban, Levia Residences at Kuala Lumpur, and Bandar Seri Impian at Kluang.
During the quarter under review, Matrix Concepts registered a net profit of RM60.69mil, down from RM64.6mil in the year-ago quarter, representing an earnings per share of 4.85 sen against 5.16 sen previously.
This came on the back of lower revenue of RM279.72mil, as compared to RM331.43mil in the previous corresponding quarter, mainly due to the timing of new property launches at its flagship Sendayan Development, which will be recognised in the coming quarters.
Sendayan Developments registered a 16.6% drop in revenue recognition to RM250.4mil from the previous year.
However, Matrix Concepts registered a 59.8% increase in revenue from the its other business units - education, hospitality and healthcare - to RM16.2mil. This included RM4.3mil in revenue from Mawar Medical Centre in Seremban.
The group's focus on cost-efficiency also led to an improved profit margin of 50.2% from 45.9% previously.
Matrix Concepts declared a first interim dividend of 2.5 sen per share, amounting to RM31.3mil or 50.9% of 1Q25 profit after tax, going ex on Sept 26, 2024, and payable on Oct 10, 2024.
Chairman Datuk Mohamad Haslah Mohamad Amin said the group remains committed to actively pursuing landbanking opportunities to further expand its presence in the Klang Valley and Johor, while also exploring promising international ventures in Australia and Indonesia.
He added that the recent land development agreement with NS Corp for 1,000 acres of land in the Malaysian Vision Valley 2.0 development corridor marks a significant milestone in the group's growth.
"These strategic initiatives, with an estimated combined gross development value of RM12.0bil, provide us with a substantial platform for long-term expansion, ensuring our ability to deliver sustainable growth well into the next decade," he said.
