Matrix Concepts 'confident' it can surpass sales target

KUALA LUMPUR (July 18): Matrix Concepts Holdings Bhd is unfazed by the prevailing market conditions and is “confident” about surpassing its sales target of RM1.1 billion for the financial year ending March 2021 (FY2021), reported The Edge Malaysia.

“We are confident that we can surpass or at least meet the target,” Matrix Concepts founder and deputy executive chairman Datuk Lee Tian Hock (pictured) told the media recently after the release of its financial results for the fourth quarter ended March 31, 2020.

Lee also feels that the recent reduction in Bank Negara Malaysia’s key interest rate to 1.75% will make “it easier for people to get loans to purchase properties while encouraging those who put their money in fixed deposits to invest in properties”.

The Movement Control Order (MCO) was no obstacle to Matrix Concepts as it saw RM827 million worth of property bookings registered between March 18 and June 30, Lee revealed.

According to reports, the group “was receiving” RM150 million to RM200 million worth of property bookings a month during the pre-MCO period.

He is also “cautiously optimistic that the group can convert 70% of the bookings into sales for FY2021”.

The same report by the weekly showed that Matrix Concepts has RM1.04 billion worth of property launches set for FY2021, with RM1 billion in unbilled sales to be recognised in the next 15 months.

The company’s chairman Datuk Mohamad Haslah Mohamad Amin said he is “bullish” on the group’s earnings for FY2021.

It will “show some good numbers, if not better. We should be able to sustain ourselves”, he added.

Reports show that Matrix Concepts’ net profit for FY2020 rose 7% year on year to RM234.3 million, achieving this via a record revenue of RM1.28 billion, up 23% y-o-y, on higher contribution from its residential and industrial properties mainly concentrated in Negeri Sembilan.

It is well known for its Sendayan developments.

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Read the full report in this week’s The Edge Malaysia