KUALA LUMPUR: Matrix Concepts Holdings Bhd's net profit rose 37.3 per cent to RM64.60 million for the first quarter ended June 30, 2023 (1QFY24) from RM47.03 million a year ago.
This is due to new property sales of RM305.3 million, fuelled by solid demand for the company's affordable-premium residential properties at Sendayan Developments.
The company's revenue grew 44.56 per cent to RM331.42 million from RM229.25 million underpinned by higher contribution from its property development segment.
Matrix Concepts posted an earnings per share of RM5.16 from RM3.76 previously.
In a Bursa Malaysia filing, the company said its residential and commercial properties emerged as key revenue contributors which accumulated to RM306.3 million in 1QFY24.
This signified an increase of 51.7 per cent from RM201.9 million previously.
"The group benefited from improved speed of construction activity, as labour shortage issues encountered over the past 18 months have been resolved, with a steady stream of new recruitments since late 2022," it said.
Revenue from industrial properties declined 14.5 per cent to RM15.0 million from RM17.5 million previously.
For the company's hospitality and education units, it registered a revenue of RM10.1 million in 1QFY24, a slight improvement of 2.9 per cent from 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.
Matrix Concepts' expects sales to exceed its RM1.3 billion target for financial year 2024 (FY24). This will driven by its launch pipeline of RM1.9 billion.
"Following the success of its first high rise development in the Klang Valley, Chambers Kuala Lumpur, which was fully sold and successfully completed in 2022, the Group plans to launch Levia Residences in Cheras in the second half of FY2024.
"The Group also expects the completion of its Menara Syariah project in Jakarta, Indonesia in the last quarter of 2023, while its Australian boutique apartment project, M333 St. Kilda, further bolsters its international footprint," it said.
Chairman Datuk Mohamad Haslah Mohamad Amin said the company is optimistic about its prospect in FY24.
"We shall continue to strengthen the growing acceptance of the Matrix Concepts as a major property developer in Malaysia and the recognition for our products. Over the years, the Group has also been proactive in developing and incorporating its ESG ethos in its strategic growth plan.
"Our efforts have been rewarded with the Group being upgraded to the Top 25% by ESG ratings among listed companies in the FTSE Bursa Malaysia EMAS Index as of June 2023," he said.
Additionally, he said Matrix Concepts has received shareholder support for the acquisition of a 1,382 acre land in Malaysian Vision Valley 2.0.
"The projected RM7.0 billion development will spearhead the group's next phase of expansion, while bringing transformative growth to the state and local communities," he said.
