Matrix Concepts 3Q net profit hits record high; confident of over 10% sales growth in FY18

KUALA LUMPUR (Feb 28): Property developer Matrix Concepts Holdings Bhd's third quarter net profit jumped 40% year-on-year to a record high of RM70.56 million from RM50.45 million a year ago, as it registered higher revenue from all its developments.

Quarterly revenue for the three months ended Dec 31, 2017 (3QFY18) rose 34% year-on-year to RM266.17 million, from RM198 million.

In a statement today, the group said its revenue from residential sales leapt 42% to RM168.4 million, while revenue from sales of commercial properties rose 15% to RM25.2 million; revenue from sales of industrial properties grew 29% to RM63.6 million, while revenue from investment properties — comprising Matrix Global Schools and d’Tempat Country Club — grew 8% to RM9 million.

The stronger quarterly earnings pushed earnings per share to 9.52 sen, from 8.83 sen a year ago. The property developer declared a third interim single tier dividend of 3.5 sen per share, bringing its dividend payout to date for FY18 to 9.35 sen.

The YTD dividend payout, an estimated payout of RM69.4 million, is about 41% of the group's net profit for the nine months ended Dec 31 period (9MFY18) of RM167.94 million, which grew 13% y-o-y from RM148.84 million. Cumulative revenue rose 4% y-o-y to RM641.92 million, from RM619.08 million.

The group said it is positive of achieving more than 10% sales growth in FY18, exceeding the RM1 billion new sales recorded a year ago.

In the same statement, Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin said the group is currently undertaking RM2.48 billion worth of ongoing projects as at end-2017.

“This is coupled with unbilled sales of RM1.1 billion, which would provide strong earnings visibility for the next few years,” Haslah said.

As at Dec 31, 2017, the group said its total undeveloped landbank stood at about 1,600 acres, with an estimated gross development value (GDV) of RM6.7 billion.

Its launches for the remaining three months of FY18 have a combined GDV of RM584 million, amounting to an estimated RM1.41 billion in total launches for FY18.

Shares in Matrix Concepts were up four sen or 1.83% at RM2.22 at 3.04pm, giving the group a market capitalisation of RM1.63 billion. — theedgemarkets.com

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