Matrix Concepts records RM31.7m net profit in 1Q2022, on track to achieving RM1.2b sales target

SEREMBAN (August 25): Matrix Concepts Holdings Bhd recorded RM31.7 million of net profit in the first quarter of 2022 financial year ended June 30, 2021, an year-on-year (y-o-y) increase of 2%.

Amid the challenging property market sentiment, the developer also saw its revenue increase 0.9% y-o-y to RM163.4 million in 1Q2022.

With the continued growth momentum, Matrix Concepts is confident of achieving its full year sales target of RM1.2 billion, said the developer in a media statement today.

Its chairman Datuk Mohamad Haslah Mohamad Amin (pictured) attributes the resilient performances to the robust demand of affordably priced landed properties, as well as a 15.6% reduction in sales and marketing expenses as a result of cost-effective marketing programmes in adapting to Covid-19 lockdown restrictions.

“Despite recent challenges due to the movement control order, we managed to hit our new sales targets for 1Q22. This is testament to the right strategies that we have put in place, as well as adaptability to the ever-changing market conditions.

“Not only that, we are aiming to expedite our construction activities, once restrictions are lifted, and replicate a swift return to our original development schedule, a feat which we achieved previously, six months after the initial lockdowns in 2020.

“Against this backdrop, we are confident of maintaining robust property sales as well as earnings performance for FY2022,” said Mohamad Haslah in a statement.

He added that the group intends to launch RM1.6 billion worth of properties for FY2022, up from RM1.0 billion in FY2021. New projects in Sendayan Developments, Negeri Sembilan will make up 65% of the total launches, while Kuala Lumpur and Johor will contribute 25% and 10% respectively.

As at June 30, the unbilled sales stood at RM1.04 billion, providing earnings visibility over 12 to 15 months.

“With earnings clarity and healthy financial position, we are able to continue rewarding our shareholders with sustainable returns even amidst the weaker market sentiment, as we aim to sustain the group’s growth momentum in FY2022.”

The group declared a first interim single-tier dividend of 2.0 sen per share in respect of FY2022, amounting to a payout of RM16.7 million or 54.7% of 1Q22 net profit.

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