PETALING JAYA: Matrix Concepts Holdings Bhd’s net profit in the first quarter of financial year 2024 (Q1 FY2024) soared to RM64.6 million, fueled by faster construction activity and resolved labour shortages.

The figure marks a 37.3% increase from Q1 FY2023’s net profit of RM47.04 million.

Meanwhile, revenue surged to RM331.43 million for Q1 FY2024, a significant 44.6% leap from the RM229.26 million in the same quarter last year.

The boost was primarily propelled by increased contributions from the group’s property development segment.

Revenue from the property development segment substantially increased by 46.4% to RM321.3 million in the current quarter from RM219.4 million previously.

The company has declared a first interim dividend of 2.5 sen per share in respect of FY2024, to be paid on Oct 5, 2023.

In a Bursa Malaysia filing today, Matrix said that residential and commercial properties made up the group’s key revenue contributor, amounting to RM306.3 million in Q1 FY2024, an increase of 51.7% from RM201.9 million in Q1 FY2023.

Matrix anticipates ongoing benefits from the strong demand trend ahead, particularly on its flagship Sendayan Developments – which are Bandar Sri Sendayan, Ara Sendayan and Tiara Sendayan in Negeri Sembilan, as well as Bandar Seri Impian in Kluang, Johor.

The company stated that the proposed acquisition of the 1,382-acre land within the Malaysian Vision Valley corridor, in August last year, will also help the group to further capitalise on the solid housing demand in Seremban.

Additionally, Matrix is also capitalising on its Indonesian property development, namely the Menara Syariah in Pantai Indah Kapuk 2, Jakarta.

The project is a joint venture between Indonesian conglomerates Agung Sedayu Group and Salim Group, and is targeted for completion in Q3 FY2024.

Matrix expects the upcoming completion of Menara Syariah will add to the company’s FY2024 financial performance. It also plans to launch a second Indonesian project subsequently.

As at 4.53pm, Matrix’s share price was up by three sen or 2.05% at RM1.49, giving the group a market capitalisation of RM1.86 billion.