Matrix Concepts Holdings Bhd’s net profit for the first quarter ended 30 June 2023 (1QFY2024) surged by 37.3% to RM64.6 million from RM47.04 million a year ago, benefiting from improved construction activity speed due to resolved labour shortage issues.
The property developer reported these figures in a filing with Bursa Malaysia on Tuesday (22 August). Earnings per share stood at 5.16 sen, compared to 3.76 sen previously, as indicated by the company.
In 1QFY2024, revenue demonstrated significant growth of 44.6%, reaching RM331.43 million, in comparison to RM229.3 million during 1QFY2023. This upswing was primarily propelled by enhanced contributions from the group’s property development division, which escalated by 46.4% to RM321.3 million in the current quarter from RM219.4 million previously.
“Residential and commercial properties formed the primary revenue contributor, amounting to RM306.3 million for the reviewed quarter, signifying an increase by 51.7% from RM201.9 million previously,” stated Matrix.
The company announced a first interim dividend of 2.5 sen per share for FY2024, scheduled to be disbursed on 5 October 2023.
Matrix affirmed that it has maintained its robust sales momentum, securing RM305.3 million worth of new property sales for the quarter, with unbilled sales totalling RM1.4 billion as of 30 June 2023.
This provides secure earnings visibility for the upcoming 15 to 18 months. It anticipates ongoing advantages from the favourable demand trend, 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.
The company added that the proposed acquisition of the 1,382-acre land within the Malaysian Vision Valley corridor on 24 August 2022 will further enable the group to capitalise on robust housing demand in Seremban.
Additionally, Matrix noted that its Indonesian development, Menara Syariah in Pantai Indah Kapuk 2, Jakarta, Indonesia—undertaken through a joint venture with Indonesian conglomerates Agung Sedayu Group and Salim Group—is set to be completed in 3QFY2024.
“The completion of Menara Syariah will further bolster the group’s financial performance for FY2024 and will be followed by the launch of the group’s second Indonesian project,” the company remarked.
During the midday break on Tuesday, Matrix’s shares were trading one sen or 0.68% higher at RM1.47 apiece, valuing the group at RM1.84 billion.
