Matrix Concepts' FY22 profit falls 22%, declares 3.75 sen dividend, proposes 1-for-2 bonus issue

KUALA LUMPUR (May 25): Matrix Concepts Holdings Bhd posted a net profit of RM61.08 million for the fourth quarter ended March 31, 2022 (4QFY22), a year-on-year decline of 22.17% from RM78.47 million in line with lower revenue as well as higher administrative and general expenses.

Earnings per share decreased to 7.32 sen from 9.41 sen a year earlier, the group said in a bourse filing.

Quarterly revenue dropped 35.4% to RM250.81 million in 4QFY22 compared with RM388.25 million in 4QFY21 on lower recognition from residential and commercial products amid slower construction progress caused by the Covid-19 restrictions.

The property developer declared a fourth interim dividend of 3.75 sen per share, to be paid on July 7.

For full FY22, the group's net profit fell 21.81% to RM205.02 million compared with RM262.22 million in the previous year. FY22 revenue also declined 21.35% to RM886.82 million from RM1.13 billion.

Despite the challenges faced by the property market, the company recorded encouraging property sales of RM346.9 million as it focused on the affordable premium segment which continued to see healthy demand.

Total new sales reached RM1.34 billion for FY22, surpassing the group's initial target of RM1.2 billion.

"The group is cautiously optimistic of maintaining healthy performance in FY23, supported by encouraging demand for ongoing developments, continued economic recovery, and a low interest rate environment despite a revision in overnight policy rate of 2%," said Matrix Concepts.
1-for-2 bonus issue

In a separate filing, the company has proposed to undertake an issuance of up to 417.12 million bonus shares on the basis of one bonus share for every two existing shares, on an entitlement date to be announced later.

For illustration purposes, based on the five-day volume weighted average price of Matrix Concepts' shares up to and including the latest practicable date of RM2.2943, the theoretical ex bonus price after the proposed bonus issue of shares would be RM1.5295.

"Barring any unforeseen circumstances, the application to the relevant authorities will be made within two months from the date of this announcement," said the company.

At the time of writing on Wednesday, Matrix Concepts' share price was trading at RM2.34, down 0.85%. It had a market capitalisation of RM1.95 billion.

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