Matrix Concepts says deferred revenue recognition drags down 3Q net profit to RM43m, will be recouped in coming quarters, declares 1.35 sen dividend

• New property sales rose 2.6% to RM354.3 million in 3QFY2025, lifting unbilled sales 21.1% to RM1.4 billion to be recognised in the next 15 to 18 months. Matrix Concepts has racked up sales totalling RM1.0 billion, putting the company on track to achieve its target of RM1.3 billion for FY2025.

KUALA LUMPUR (Feb 27): Matrix Concepts Holdings Bhd (KL:MATRIX) said on Thursday its net profit was down 24% in the third fiscal quarter from a year earlier on lower revenue and higher indirect expenses.

Net profit for the three months ended Dec 31, 2024 (3QFY2025) was RM43.32 million, according to an exchange filing. Revenue for the quarter slipped 5.4% year-on-year to RM280.93 million due to a delay in revenue recognition from its developments in Negeri Sembilan and Johor.

However, the deferred recognition is expected to be recouped in the upcoming quarters, Matrix Concepts said in a statement. The company also stressed that it is well-positioned for sustained growth.

New property sales rose 2.6% to RM354.3 million in 3QFY2025, lifting unbilled sales 21.1% to RM1.4 billion to be recognised in the next 15 to 18 months. Matrix Concepts has racked up sales totalling RM1.0 billion, putting the company on track to achieve its target of RM1.3 billion for FY2025.

“As we expand our footprint by developing new projects and townships, we are confident in sustaining growth and reinforcing our position as a leading developer,” said Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin.

For its first nine months of FY2025, net profit was down 7.7% to RM171.43 million when compared to the same period a year earlier. Revenue was RM881.69 million, an 11% decline from the same nine-month period in FY2024.

The group declared a third interim dividend of 1.35 sen, bringing total dividends to 6.6 sen per share.

The strong take-up of its Levia Residence in Cheras, Kuala Lumpur prompted the company to accelerate the launch of the project’s second phase, Matrix Concepts said.

In addition to ongoing projects, Matrix Concepts is also planning its next major development MVV City in Seremban, which covers 2,382 acres with a gross development value of RM15 billion over 12 years.

The project covers residential, commercial, and industrial properties with initial launches planned for FY2026. “MVV City is expected to be a major growth driver for the group in the coming years,” Mohamad Haslah added.

At 4.20pm, shares of Matrix Concepts were down slightly at RM1.44, giving the company a market capitalisation of RM2.7 billion.

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