Matrix Concepts says confident of surpassing FY21 sales target of RM1.1b

SEREMBAN (July 10): Property developer Matrix Concepts Holdings Bhd said today it is confident of surpassing its sales target of RM1.1 billion the current financial year ending March 31, 2021 (FY21), helped by the group's planned eight property launches worth RM1.04 billion.

Matrix Concepts founder and group executive deputy chairman Datuk Lee Tian Hock said the company had during March 18 and June 30, 2020 received RM827 million worth of real estate bookings from buyers despite Malaysia’s  Movement Control Order (MCO) to curb the Covid-19 pandemic. Prior to the MCO, Lee said the company secured RM150 million to RM250 million in monthly bookings.

“We are very confident that we can at least meet or even surpass this sales target,” Lee said at a press conference here today after Matrix Concepts’ annual general meeting.

Lee said Bank Negara Malaysia’s overnight policy rate cut will spur property sales.

Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin was also at the press conference. Mohamad Haslah said the company should be able to show good numbers for FY21, helped by the group’s RM1 billion worth of unbilled property sales. 

He said the unbilled property sales can last for the next 15 months.

“We should be showing some good numbers for FY21 if not better, we should be able to sustain ourselves,” he said.

Matrix Concepts had yesterday announced its FY20 results. In a Bursa Malaysia filing, Matrix Concepts said FY20 net profit grew to RM234.3 million from RM218.39 million a year earlier while revenue was higher at RM1.28 billion versus RM1.05 billion.

The company’s latest reported net assets per share stood at RM1.93.

Matrix Concepts’ share price fell two sen or 1.09% to RM1.81 at 2:39pm for a market capitalisation of RM1.52 billion. The stock saw 519,600 shares traded.

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