PETALING JAYA: Property developer Matrix Concepts Holdings Bhd recorded 37.3% growth in profit after tax attributable to shareholders to RM64.6 million in the first quarter ended June 30 2023 (Q1’24), up from RM47 million in the year-ago quarter.
The higher net profit underlines the fourth consecutive quarter of net profit growth as the group benefits from continued strong demand for its affordable-premium landed residential properties in Sendayan Developments, being boosted by accelerated construction progress.
In Q1’24, group revenue surged by 44.6% to RM331.4 million from RM229.3 million previously. The growth was primarily attributed to contribution from Sendayan Developments, the flagship township development of the group.
Notably, the resolution of labour concerns through the recruitment of new construction workers led to noticeable improvements in projects construction, bolstering revenue. As a result, revenue from Sendayan Developments experienced a substantial uptake of 55.3% to RM300 million in Q1’24, a significant increase from its previous value of RM193.2 million.
Meanwhile, the group’s Bandar Seri Impian township in Kluang posted RM8 million revenue in Q1’24, 46.4% lower from RM14.8 million previously as existing projects neared completion. Additionally, Matrix Concept’s recently completed first Klang Valley development, The Chambers, and second Australian development, M. Greenvale, registered revenue of RM11.1 million and RM2.2 million respectively in Q1’24 with contribution from minimal remaining inventories.
The group continued to register consistent new property sales of RM305.3 million in Q1’24 compared with RM309.2 million achieved in the previous year. Of total new property sales in the first quarter, 88.6% or RM270.6 million was generated from Sendayan Developments.
With the strong new property sales achieved in Q1’24, the group’s unbilled sales amounted to RM1.45 billion as at June 30, 2023, providing secure earnings visibility over the next 15-18 months.
In line with the positive financial performance, the group declared a first interim dividend of 2.5 sen per share in respect of financial year 2024, representing a total dividend payout of RM31.3 million or 49.1% of Q1’24 profit after tax. The dividend will be paid on Oct 5.
