Matrix Concepts 1Q net profit jumps 48% to RM47 mil, declares three sen dividend

KUALA LUMPUR (Aug 23): Matrix Concepts Holdings Bhd's net profit for the first quarter ended June 30, 2022 (1QFY23) jumped 48.44% to RM47.03 million from RM31.69 million a year ago, on the back of a 40.3% growth in revenue to RM229.3 million from RM163.4 million.

Earnings per share was 5.64 sen versus 3.80 sen previously.

The company declared a first interim dividend of three sen per share in respect of FY23, to be paid on Oct 6, 2022, representing a total dividend payout of RM25 million or 54.2% of 1QFY23 profit after tax.

In a Bursa Malaysia filing on Tuesday (Aug 23), the property developer said the improved performance was driven by a significant increase in revenue contribution from the group’s residential and commercial properties, primarily from its flagship Sendayan Developments, as well as industrial property sales at Sendayan TechValley.

Matrix Concepts said it also recorded healthy new property sales of RM309.2 million in 1QFY23, up 2.7% from RM300.9 million previously.

It said demand for the group’s affordable premium products remained strong, despite the end of the government’s Home Ownership Campaign (HOC), increase in interest rates, as well as challenging environment faced by the property development sector.

In a separate statement, Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin said the challenges posed by the economic climate in uncertain times put a greater emphasis on providing customers with strong value proposition, by offering various homeownership packages of right-priced properties.

"The all-round improvement in our 1QFY23 performance shows a positive growth outlook, albeit from a low base effect of a pandemic-impacted 1QFY22.

"This was achieved amidst slower-than-expected revenue recognition due to the impact of labour shortages on project progress, and inflationary pressures on raw material prices," he said.

Haslah added that to continue meeting the firm demand for homes, the developer has lined up launches of more than RM1.5 billion across Seremban, Johor, and Klang Valley in FY23.

At 12.30pm, Matrix Concepts was flat at RM2.28 with 41,700 shares traded.