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Matrix Concepts FY20 net profit up 7% despite dropping 16% in 4Q, declares 2.5 sen dividend

KUALA LUMPUR (July 9): Matrix Concepts Holdings Bhd’s net profit for the fourth quarter ended March 31, 2020 (4QFY20) fell 16% year-on-year to RM55.58 million versus RM65.87 million previously on higher expenses.

The expenses offset its 69% higher revenue of RM472.14 million during the quarter, compared with RM278.95 million a year ago.

In a statement today, the Negeri Sembilan-based property developer said for the financial year ended March 31, 2020 (FY20), net profit grew 7% to RM234.3 million from RM218.39 million previously, thanks to higher revenue from increased progress billings of its residential and industrial developments in Negeri Sembilan.

Revenue for the year hit a record high of RM1.28 billion, an increase of 23% from RM1.05 billion a year ago on improved contribution from residential and industrial properties.

It declared a fourth interim dividend of 2.5 sen per share, to be paid on Aug 7.

Matrix Concept said despite the challenging property market, the group continues to enjoy a strong take-up of its residential properties, particularly in the Sendayan developments with new property sales of over RM1.04 billion during FY20.

The group’s unbilled sales as at FY20 stood at RM1.02 billion, which will sustain earnings for the next 15 months, it said.

Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin said to cater to growing demand at its townships, the group has increased its landbank by 750 acres this year, which will help support growth for the next seven to 10 years.

He added that in FY21, the group is targeting to launch RM1.04 billion worth of residential properties.

“Coupled with our healthy balance sheet owing to our prudent policies, we are confident of weathering the uncertainties posed by Covid-19 and delivering commendable performance in FY21,” he said.

At 2.32pm, Matrix Concepts traded unchanged at RM1.83 apiece, valuing the company at RM1.52 billion.

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