Matrix Concepts’ FY2026 revenue rises 18%, profit before tax up 8%

PETALING JAYA (May 28): Matrix Concepts Holdings Bhd’s net profit for the financial year ended March 31, 2026 (FY2026) inched up 3.9% to RM223.26 million from RM214.85 million a year earlier, as higher development revenue was partially offset by margin compression and higher tax expenses.

Revenue increased 18.2% to RM1.36 billion from RM1.15 billion in FY2025, driven mainly by property development contributions from its Sendayan townships, MVV City industrial land sales and Klang Valley projects, alongside growing income from its education, hospitality and healthcare segments, it said in its Bursa filing.

Profit before tax rose 8.2% to RM297.52 million versus RM274.92 million previously, while profit attributable to shareholders came in at RM219.33 million, up 2.5% year-on-year.

For the fourth quarter ended March 31, 2026 (4QFY2026), the group posted revenue of RM308.91 million, compared with RM305.17 million a year earlier, with quarterly profit before tax improving 9.2% to RM53.67 million. Profit attributable to shareholders for the quarter slipped 3.6% to RM40.17 million, reflecting higher tax charges.

Gross margin moderates as costs rise

Matrix said gross profit for FY2026 rose 5.8% to RM532.38 million from RM503.10 million, although full‑year gross margin moderated as cost of sales grew 27.7% to RM827.23 million, outpacing revenue growth.

In 4QFY2026, gross profit declined 27.7% year‑on‑year to RM114.58 million despite the higher revenue, which the group attributed to cost recognition and product mix factors across its ongoing developments.

RM1.5 bil unbilled sales and higher borrowings

As at March 31, 2026, Matrix reported total assets of RM3.98 billion versus RM3.22 billion a year earlier, with current and non‑current inventories together making up about RM2.61 billion. Total borrowings increased to roughly RM1.05 billion from RM541.92 million in FY2025, comprising RM827.18 million in long‑term borrowings and RM220.82 million in short‑term loans and overdrafts.

The group said borrowings are predominantly denominated in ringgit, with a smaller exposure in Australian dollars linked to its Melbourne development. The group disclosed unbilled sales of approximately RM1.5 billion, which it said provides earnings visibility over the next 15 to 18 months.

Net assets per share improved to RM1.25 at end‑FY2026 from RM1.18 a year earlier, based on 1.88 billion shares in issue.

Full-year DPS trimmed to 6.1 sen, fourth interim at 1.25 sen

Matrix declared a single‑tier fourth interim dividend of 1.25 sen per share for FY2026, with an ex‑date of June 18, 2026 and payment date of July 9, 2026.

This brings total dividends for the year to 6.10 sen per share, lower than the 7.95 sen paid in FY2025. The group said the payout remains supported by its operating cash flows and is balanced against ongoing investment commitments in land acquisition, infrastructure and project development.

RM1.15 bil in financial assistance and guarantees to SPVs

Separately, Matrix reported that the aggregate amount of financial assistance provided to subsidiaries and joint‑venture vehicles stood at RM1.15 billion as at March 31, 2026, largely in the form of corporate guarantees for banking facilities.

The facilities, extended in the ordinary course of business, cover key entities including N9 Matrix Development Sdn Bhd, Megah Sedaya Sdn Bhd, Horizon L&L Sdn Bhd, Horizon L&L (SEL) Sdn Bhd, Matrix Excelcon Sdn Bhd, Matrix Concepts (NS) Sdn Bhd and Matrix 333 St Kilda (Australia) Pty Ltd.

Matrix also highlighted advances under its management agreement with Pusat Hemodialisis Mawar via Matrix Medicare Sdn Bhd and a joint‑venture arrangement with Bonanza Educare Sdn Bhd via Matrix Educare Sdn Bhd.

The group said the financial assistance “will not have any material impact” on its net assets, earnings per share, gearing, share capital or substantial shareholders’ interests for FY2026.

Kelvin Lee promoted to group managing director

In a separate filing, Matrix announced the promotion of Kelvin Lee Chin Chuan, 35, to group managing director effective June 1, 2026. Matrix said Kelvin is the son of group executive deputy chairman Datuk Seri Lee Tian Hock and the brother of Harry Lee Chin Yeow.

Matrix, in its official filings and annual reports, states that Harry, the eldest son of Tian Hock, is general manager of operations and strategy, overseeing construction workflows and regional expansion. He also serves as alternate director to his younger brother, Kelvin. 

Kelvin holds a Bachelor of Commerce and a Master of Civil Engineering from the University of Melbourne, and previously worked as a structural engineer at Aecom Malaysia between 2016 and 2018.

He joined Matrix in 2018 as executive assistant to the group managing director, left in 2021 to hold directorships in family‑owned companies, and rejoined the board as non‑executive director on Sept 1, 2023 before becoming group executive director on April 1, 2025.

The board said it had approved his promotion to group managing director on May 28, 2026.

..........

EdgeProp brings you another month of data-driven insights, exclusive interviews, and market commentaries. Subscribe now for your free copy!