Dynamic duo: (from left) Matrix Concepts Holdings Bhd founder and group executive deputy chairman Datuk Seri Lee Tian Hock and Mohamad Haslah.
PETALING JAYA: Matrix Concepts Holdings Bhd, which posted growth in its bottom line despite a decline in revenue for the second quarter ended Sept 30, 2024 (2Q25), is on track to achieve its RM1.3bil property sales target for the financial year ending March 31, 2025 (FY25).
The property developer reported a 10% increase in new property sales to RM341.7mil in 2Q25, compared with RM310.8mil in the same period last year.
This brought its total new property sales for the first half of its financial year 2025 (1H25) to RM663mil, a 7.6% increase from RM616.1mil in 1H24, representing 51% of its full-year target.
In a statement, Matrix Concepts said the growth was driven by strong performance across its developments. The group said its Sendayan township developments in Negeri Sembilan remained a key contributor, with RM618.5mil in new launches.
Meanwhile, Levia Residence, the group’s second high-rise development in Kuala Lumpur, recorded strong sales of RM55.7mil in 1H25, “prompting the acceleration of its second phase.”
Looking ahead, Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin is optimistic about the group’s future growth, citing its strong track record and robust pipeline of projects as key drivers.
“We enjoyed an encouraging sales performance in 1H25 and remain on track to achieve RM1.3bil in property sales in the current financial year,” he noted.
“We will continue to pace our launches strategically in line with current housing demands, strengthen our presence across Negeri Sembilan, Klang Valley and Johor, and leverage our strong branding for affordable and premium quality properties.”
For 2Q25, Matrix Concepts’ revenue dropped by 10.7% to RM321mil compared to RM359.4mil in 2Q24, mainly due to lower revenue recognition from the group’s Sendayan developments.
However, this decline was offset by strong performance from its developments in the Klang Valley and Johor, where revenue grew 71.4% to RM16.8mil in 2Q25, up from RM9.8mil in the same quarter last year.
Despite the drop in topline, Matrix Concepts posted a 5.3% increase in net profit for the quarter under review, rising to RM67.4mil from RM64mil in the same quarter last year.
This was thanks to a significant improvement in the group’s gross profit margin, which rose to 49.8% in 2Q25, compared to 43.6% in the previous quarter, driven by a favorable product mix, including the recognition of industrial property developments.
Furthermore, net margin improved to 21% in 2Q25, up from 17.8% previously, primarily due to an increase in other income, which included a gain on disposal of RM11.5mil.
For 1H25, Matrix Concepts’ revenue declined by 13% to RM600.8mil, down from RM690.8mil in 1H24. The property development division saw a 15.7% drop in revenue to RM566.2mil, due to timing issues with project launches, compared to RM671.5mil in the previous year. However, the group’s other business units, including education and hospitality, recorded a 30.5% increase in revenue to RM25.1mil.
The group also achieved an improvement in its 1H25 gross profit margin, which rose to 49.8% from 43.6% in the prior year, driven by a favorable product mix, including industrial property developments.
As a result, Matrix Concepts’ net profit for 1H25 remained relatively flat at RM128.1mil, compared to RM128.6mil in 1H24.
The group declared a second interim dividend of 2.75 sen per share for 2Q25, bringing the total dividend per share for 1H25 to 5.25 sen. The total payout amounts to RM65.7mil, representing 50.6% of its 1H25 profit after tax.
As at 30 Sept 2024, Matrix Concepts’ unbilled sales stood at RM1.32bil, providing earnings visibility over the next 15 to 18 months.
Separately, Matrix Concepts announced that its proposing a bonus issue of 625.67 million shares on the basis of one new share for every two shares held.
As at Nov 5, the company’s issued share capital stood at RM961.32mil, with a total of 1.25 billion shares in circulation.
Following the proposed bonus issue, the company’s share capital is expected to expand to 1.88 billion shares.
