Matrix Concepts FY17 net profit up 28.9%; plans RM1.4b new launches

KUALA LUMPUR (May 16): Matrix Concepts Holdings Bhd recorded a 28.9% increase in net profit to RM187.8 million for its full financial year ended March 31, 2017 (FY17), from RM145.7 million in FY16, on increased new sales of its residential properties in Negeri Sembilan and Johor.

Revenue rose 31.2% to RM780.4 million from RM594.6 million a year ago.

In a statement today, the property developer said the increase was contributed by higher new sales of residential properties at its township developments of Bandar Sri Sendayan in Seremban, Negeri Sembilan, and Bandar Seri Impian in Kluang, Johor.

Matrix Concepts declared a fourth interim single-tier dividend of 3.75 sen per share in respect of FY17, payable on June 20, 2017.

For its fourth quarter of FY17 (4QFY17), Matrix Concepts recorded a net profit of RM38.98 million, down 18.1% from the corresponding period in the previous year.

Its 4QFY17 revenue declined 23.6% to RM161.35 million, due to lower revenue from both commercial and industrial properties during the quarter as a significant portion of the progress billings would only be recognised after 4QFY17, the group said.

At the end of FY17, the group had RM1.9 billion worth of ongoing development projects, significantly higher from RM1.5 billion last year.

Its unbilled sales climbed to RM859.5 million as at end of FY17, from RM621.4 million previously, to be recognised until 2019, the group said.

Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin said moving forward, the group is aiming for RM1.4 billion worth of new launches in FY18.

"With the majority consisting of affordably-priced residential homes together with full scale township amenities, we are confident of maintaining strong sales performance going forward," he said.

Matrix Concepts also proposed a one-for-four bonus issue of up to 163.9 million shares to facilitate greater equity participation by shareholders and increase the trading liquidity of its shares. The exercise is expected to be completed in the second half of 2017.

At 12.30pm, Matrix Concepts shares were three sen or 1.1% lower at RM2.70, for a market capitalisation of RM1.55 billion. — theedgemarkets.com

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