Matrix Concepts 1Q net profit up 8.8%, declares 3 sen dividend

KUALA LUMPUR (Aug 29): Matrix Concepts Holdings Bhd's net profit for the first quarter ended June 30, 2019 rose 8.8% to RM54.55 million from RM50.15 million a year earlier, due mainly to significantly lower losses by Matrix Global Schools, and aided by higher other income.

Revenue for the period rose 8% to RM248.5 million from RM230.04 million previously, on stronger revenue recognition from the sale of residential and commercial properties at the group's Bandar Sri Sendayan (BSS) and Bandar Seri Impian (BSI) townships.

Earnings per share for the quarter was higher at 7.09 sen compared to 6.67 sen previously.

Matrix Concepts declared a first interim dividend of 3 sen per share, payable on Oct 9.

On its prospects, the developer said it is focused on improving its township developments of BSS in Negeri Sembilan and BSI in Kluang, Johor, including enhancing available amenities and living experience of the townships towards supporting a vibrant community.

This is coupled with continued landbanking efforts to expand its landbank in the vicinity of these townships.

"Going forward, for the remaining nine months of the financial year ending March 31, 2020, the group has earmarked close to RM1 billion worth of new property launches, comprising mainly affordable and affordable-premium residential properties in BSS, and a residential project in BSI.

"Despite the cautious sentiment of the property sector presently, the group remains optimistic on maintaining our performance in FY2020, to be supported by our healthy lineup of launches and encouraging demand recorded at ongoing developments as well as recent launches," it said.

Meanwhile, Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin said the developer was expanding the group's revenue base beyond its forte in township developments to include other high potential markets.

"This would be marked by further expansion of the Matrix Concepts brand in Melbourne via M.Greenvale following the success of our M.Carnegie boutique apartment, and our participation in the development of the Islamic Financial Towers in Jakarta," he said.

At the noon market break today, Matrix's share price was unchanged at RM1.90, valuing the group at RM1.49 billion.

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