KUALA LUMPUR (Feb 24): Matrix Concepts Holdings Bhd registered a near 20% drop in net profit year-on-year (y-o-y) for the third quarter ended Dec 31, 2021 (3QFY22) to RM60.45 million from RM75.34 million on lower revenue and decline in share of results in a joint venture and higher tax expenses.

Earnings per share decreased to 7.25 sen from 9.03 sen previously, the group’s filing with the local bourse on Wednesday (Feb 23) showed.

Quarterly revenue declined 26.1% to RM233.09 million from RM315.41 million mainly due to lower recognition from the group’s industrial and commercial products. 

Notwithstanding the lower revenue, the group recorded an improved gross margin of 58.4% during the quarter under review, compared to 47.3% in the previous year, due to improved contribution from more mature developments such as the Tiara Sendayan series, on the back of higher demand and selling price points.

The group declared a third interim dividend of 3.75 sen per share, to be paid on April 7, 2022.

Compared to 2QFY22, Matrix Concepts’ net profit was up by 16.71% from RM51.8 million on improved gross margin due to the easing of movement restrictions even though revenue slipped 2.66% from RM239.48 million.

For the nine months ended Dec 31, the group registered RM143.94 million in net profit, down 20.67% y-o-y from RM181.46 million. Nine-month revenue also fell 14% to RM638 million from RM739.44 million.

Despite the challenges faced during July to August 2021 under the country’s lockdown measures, Matrix Concepts said it continued to register a commendable sales performance, supported by broadened sales channels through the use of digital solutions such as social media platforms.

It said it is on track to meet its new property sales target of RM1.2 billion for the financial year ending March 31, 2022 (FY22) and remains focused on delivering quality properties at great value, particularly residential products within the RM500,000 price range to address healthy demand at its townships.

“With the upliftment of economic activity restrictions in the country, businesses are looking forward to a recovery of the nation’s economy. In anticipation of this, the group is on track to replicate last financial year’s swift return to normal operations by expediting construction activities and is confident of catching up on its original development schedule before the end of FY22.

“Going forward, the group remains dedicated to enhancing its township developments of Sendayan Developments, comprising Bandar Sri Sendayan, Ara Sendayan and Tiara Sendayan in Negeri Sembilan, and Bandar Seri Impian (BSI) in Kluang, Johor. This includes improvement to amenities and infrastructure to support vibrant community living, and landbanking efforts to expand future launch pipelines,” it said.

At Wednesday's midday break, Matrix Concepts was up three sen or 1.31% to RM2.32, giving the property developer a market value of RM1.94 billion.

Edited by Pauline Ng

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