Matrix Concepts Records Higher Residential And Commercial Sales, Q1 Profit Jumps 51%

For the first quarter ended 30 June 2022, Matrix recorded revenue of RM229.3 million, an increase of 40.3% from RM163.4 million in the previous quarter. The improved revenue was mainly due to the RM201.9 million contribution from the Group’s residential and commercial products, a 32.5% increment year-on-year.

The Group’s revenue performance was further supported by higher revenue contribution from its industrial products at Sendayan TechValley, with a total of RM17.5 million recognised during the quarter, an increase of 451.1% or RM14.3 million from previously. Sendayan Developments remains the Group’s biggest contributor, recording revenue of RM193.2 million during the quarter under review, an increase of RM72.1 million or 59.6%. Meanwhile, revenue from the Group’s investment properties, comprising its education and hospitality units, collectively increased by 25.6% to RM9.2 million during the quarter.

In line with the higher revenue, the Group reported improvements in gross profit to RM109.3 million from RM80.5 million in the previous quarter, an increase of 35.7% year-on-year. Matrix adds it managed to achieve the performance despite cost pressures relating to materials cost inflation and labour shortage issues. Profit after tax for the quarter was 51.6% higher than the previous year as revenue grew to RM46.2 million from RM30.5 million recorded in the previous quarter, mainly due to the increase in revenue and further enhanced by improvements in net profit margin to 20.2% from 18.7% previously

Despite the multi-faceted challenges experienced by the property market and the general Malaysian economy, the Group managed to record healthy new property sales of RM309.2 million for the quarter, as it focused on the affordable-premium segment which has continued to benefit from healthy demand. Meanwhile, the Group’s unbilled sales of RM1.3 billion as at 30 June 2022 provide solid earnings visibility over the next 12-15 months.

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