Developer Matrix Concepts in the second quarter of the financial’s ending September, reported a significant improvement with revenue of RM359.4 million, a substantial increase of 61.6% compared to RM222.4 million in the corresponding
quarter of the previous year.
Profit after tax was reported at RM64 million versus RM50 million the group registered in the same quarter 2022.
The group said the primary catalyst for this growth was the robust performance of the property development division, which surged by 65.0%, to RM350.3 million in the current quarter from RM212.3 million previously due to considerable improvement in construction activities as issues relating to insufficient workers in the previous year has now dissipated.
A major contributor to the revenue improvement was the recognition of revenue from the sale of residential and commercial properties, contributing RM 347.0 million during the quarter under review. This marked a noteworthy increase of 65.5% from RM209.7 million in the previous year’s quarter with the normalisation of construction speed.
Matrox saw its flagship Sendayan Developments continue to be a significant revenue driver, contributing RM340.5 million for the quarter, marking an 87.0% growth compared to RM182.1 million in the previous year.
