KUALA LUMPUR (May 27): Property developer Matrix Concepts Holdings Bhd (KL:MATRIX) said on Monday that its net profit rose 7.16% for the fourth quarter from a year earlier thanks to higher sales and a one-off writeback.
Net profit for the three months ended March 31, 2024 (4QFY2024) was RM60.6 million, compared to RM56.56 million recorded in the same period a year earlier, Matrix said in an exchange filing. During the quarter, the company booked RM12.1 million in reversal of impairment on other receivables.
Revenue grew 16.85% year-on-year to RM353.14 million from RM302.21 million, largely driven by its flagship Sendayan Developments.
Looking ahead, Matrix Concepts said the company is “well-positioned for sustained growth,” driven by strong demand at Sendayan Developments that benefits from rising preference of buyers relocating to areas outside the city centre.
“Active landbanking efforts are also underway to sustain its future project pipeline at these townships,” it said.
For the full FY2024, Matrix Concepts’ net profit rose 18.94% to RM246.47 million from RM207.22 million as revenue grew 20.38% to RM1.34 billion from RM1.11 billion.
Matrix Concepts declared a fourth interim dividend of 2.5 sen per share, to be paid on July 11, bringing the total dividend for the financial year ended March 31, 2024 (FY2024) to 10 sen per share.
Unbilled sales stood at RM1.2 billion as of end-March, which Matrix says will contribute to earnings for the next 15 to 18 months.
Beyond its mainstay property development business, Matrix Concepts said it is actively seeking to improve other businesses, including its healthcare, education and hospitality divisions.
“The group’s venture into healthcare via the management agreement in Pusat Perubatan Mawar is already bearing fruit,” Matrix said. “The group has enjoyed a healthy contribution and the income stream is expected to strengthen due to an expected increase in patient beds over the next 12 months.”
Shares of Matrix Concepts were three sen or 1.69% higher at RM1.80 at Monday’s noon break, giving the group a market capitalisation of RM2.25 billion.
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Source: EdgeProp.my
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