Matrix Concepts gears up for more launches in FY19

PETALING JAYA (May 23): Matrix Concepts Holdings Bhd has lined up new launches worth RM1.6 billion for the financial year ending March 31, 2019 (FY19), substantially more than its RM1.2 billion in FY18, said chairman Datuk Mohamad Haslah Mohamad Amin.

“We are embarking on breaking new grounds in the current year with the launch of Chambers KL serviced residences with GDV of RM310.6 million. This landmark project marks our first expansion into Kuala Lumpur’s high-rise residences segment, and is expected to perform commendably given its attractive pricing in the heart of the city and the strategic accessibility to numerous forms of public transportation such as the Light Rail Transit (LRT),” he said in a statement today.

He added that the company is optimistic that subsequent launches will perform as well as their recently-launched Tiara Sendayan 1 in Seremban which received overwhelming response as demand for homes with similar affordability, quality, and localities remains strong.

Comprising 404 units of homes with a total GDV of RM150.6 million, Tiara Sendayan 1 was fully sold within a week, he said.

“We are confident of sustaining our momentum in light of unabated demand for our properties be they in Negeri Sembilan or Johor, supported by highly positive buyers’ response in many of our recent launches,” he said.

As at end-March, the value of Matrix Concepts’ ongoing developments have doubled to RM2.6 billion from RM1.3 billion a year ago, while the take-up rate for ongoing projects stood at an average of 81.8%, compared with 83.8% previously, according to the statement.

The company has reported a higher net profit of RM211.8 million for FY18, an increase of 14.3% from RM185.3 million in the previous corresponding financial year.

The enhanced bottom line was mainly driven by a 4.8% increase in revenue to RM812.3 million from RM775 million previously, on higher revenue recognition from larger scale of developments.

Furthermore, new property sales climbed 14.9% to RM1.2 billion in FY18 from RM1 billion a year ago.

Correspondingly, unbilled sales grew to RM1.1 billion as at March 31, 2018 compared with RM900 million last year, providing strong earnings visibility until 2020, said Matrix Concepts.

Of total FY18 revenue, sales of residential properties improved 6.3% to RM634.1 million, while sales of commercial properties declined 8.1% to RM70.2 million.

Meanwhile, revenue from sales of industrial properties and land fell 8% to RM73.6 million, whereas contribution from investment properties comprising Matrix Global Schools and d’Tempat Country Club rose 33% to RM34.5 million.

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