Matrix Concepts’ 1Q net profit rises 37% to RM64.6m, declares 2.5 sen dividend

KUALA LUMPUR (Aug 22): Matrix Concepts Holdings Bhd’s net profit for the first quarter ended June 30, 2023 (1QFY2024) rose 37.3% to RM64.6 million from RM47.04 million a year ago, as it benefitted from improved speed of construction activity with labour shortage issues resolved. 

Earnings per share was 5.16 sen versus 3.76 sen previously, the property developer reported in a Bursa Malaysia filing on Tuesday (Aug 22).

Revenue grew 44.6% to RM331.43 million in 1QFY2024 from RM229.3 million in 1QFY2023, mainly driven by higher contributions from the group’s property development division, which rose by 46.4% to RM321.3 million in the current quarter from RM219.4 previously. 

“Residential and commercial properties made up the key revenue contributor, amounting to RM306.3 million for the quarter under review, an increase by 51.7% from RM201.9 million previously,” Matrix said. 

The company declared a first interim dividend of 2.5 sen per share in respect of FY2024, to be paid on Oct 5, 2023. 

Matrix said the group has extended its strong sales momentum by securing RM305.3 million worth of new property sales for the quarter, while unbilled sales amounted to RM1.4 billion as at June 30, 2023, providing secure earnings visibility over the next 15- to 18 months. 

It expects to continue benefitting from the healthy demand trend moving forward, particularly at its flagship Sendayan Developments — comprising Bandar Sri Sendayan, Ara Sendayan and Tiara Sendayan in Negeri Sembilan, and Bandar Seri Impian in Kluang, Johor.

It added that the proposed acquisition of the 1,382-acre land within the Malaysian Vision Valley corridor on Aug 24, 2022, will help the group to further capitalise on the solid housing demand in Seremban. 

Besides that, Matrix said its Indonesian development, Menara Syariah in Pantai Indah Kapuk 2, Jakarta, Indonesia, undertaken via a joint venture with Indonesian conglomerates Agung Sedayu Group and Salim Group, is targeted for completion in the 3QFY2024. 

“The completion of Menara Syariah will further supplement the group’s financial performance for FY2024 and will be followed up by the launch of the group’s second Indonesian project,” it said. 

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