KUALA LUMPUR: Matrix Concepts Holdings Bhd expects to see healthy demand moving forward, particularly at its flagship Sendayan Developments, as there is a growing inclination for Klang Valley residents to relocate outside of the city centre.
“Supported also by an established and broadened sales channel through digital solutions such as social media platforms, the group intends to capitalise on the strong demand driven by the strong value proposition of its residential properties, particularly those within the RM600,000 price range,” said the property developer in a bourse filing.
Announcing its results for the first quarter of its 2024 financial year, Matrix Concepts said net profit was RM64.6mil, up 37.33% from RM47.04mil in the same quarter in 2022.
The group’s earnings per share rose to 5.16 sen from 3.76 sen previously.
The board of directors declared a first interim dividend of 2.5 sen per share to be paid on Oct 5, 2023, for shareholders registered on Sept 21, 2023.
According to the group, revenue grew to RM331.43mil from RM229.26mil in the comparative quarter, a 44.6% increase driven mainly by higher contribution from the property development division.
Matrix Concepts said residential and commercial properties contributed RM306.3mil, which was a 51.7% increase from RM201.9mil previously as the speed of construction increased while labour shortage issues were resolved through new recruitments.
Industrial properties however saw a 14.5% decrease in revenue to RM15mil from RM17.5mil in the previous corresponding quarter.
By development, the group’s Sendayan Developments saw the highest revenue contribution at RM300mil, up 55.3% from RM193.2mil previously.
The group said its other businesses, comprising the hospitality and education units, registered revenue of RM10.1mil for the quarter under review, an improvement of 2.9% compared to the previous corresponding quarter.
“This is in line with steady demand for the group’s hospitality offerings, while the education unit is seeing a positive, gradual increase in student enrolment over the past 12 months,” it said.
