KUALA LUMPUR (Aug 27): Matrix Concepts Holdings Bhd's net profit grew 10.1% to RM50.15 million in the first financial quarter ended June 30, 2018 (1QFY19), from RM45.55 million a year ago, on higher revenue recognition of projects under construction worth RM2.3 billion in gross development value (GDV).

Earnings per share, however, were lower at 6.67 sen in 1QFY19 versus 7.89 sen a year ago.

Quarterly revenue was 33.08% higher at RM230.04 million against RM172.86 million in 1QFY18.

The group also declared a first interim dividend of 3.25 sen per share for the financial year ending March 31, 2019 (FY19), payable on Oct 10.

"Our flagship development, Bandar Sri Sendayan (BSS), in Negeri Sembilan has seen growing demand from first-time homebuyers and young families in the past few years," said its chairman Datuk Mohamad Haslah Mohamad Amin in a statement today.

"This is in line with our philosophy of creating a sustainable township that provides quality lifestyle and community living, and also the prospect of owning a quality landed home in Greater Klang Valley at affordable price points," he added.

He noted that the demand for Matrix's properties has contributed to the group's strongest quarterly sales performance of RM381.6 million in 1QFY19, with take up of above 80%. Hence, Matrix has set a target of RM1.6 billion in new launches in FY19, versus RM1.2 billion in the previous year.

"Moving forward, we are excited by the next chapter of our growth as we make our mark in Kuala Lumpur with the upcoming launch of our first project in the city, the Chambers Kuala Lumpur serviced apartment with a GDV of RM310.6 million," he said.

As at June 30, 2018, the group's unbilled sales grew to RM1.2 billion compared with RM900 million a year ago, providing strong earnings visibility until 2020.

"We strive to maintain our double-digit growth performance and deliver sustainable shareholder returns. This comes in addition to continuous efforts to strengthen our business model to inculcate environmental, social and governance best practices, consistent with our recent inclusion into FTSE4Good Bursa Malaysia Index," said Mohamad Haslah.

Shares of Matrix ended the morning session up one sen or 0.48% at RM2.11, bringing a market capitalisation of RM1.58 billion. — theedgemarkets.com

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