KUALA LUMPUR (Feb 24): Negeri Sembilan property developer Matrix Concepts Holdings Bhd posted record property sales of RM805.5 million last year, up 27.8% from RM630.2 million in 2014, driven by strong demand for properties in its Bandar Sri Sendayan township in Seremban and its Taman Seri Impian township in Kluang, Johor.

Matrix chairman Datuk Mohamad Haslah Mohamad Amin said this year, the group targets to launch at least RM1 billion worth of new projects in the two townships. Its unbilled sales amounted to RM633.2 million as at Dec 31, 2015, to be recognised until 2017.

"All in all, our pipeline launches, combined with our unbilled sales and upcoming billings through new sales, would position us well to achieve commendable financial performance in the year ahead," Mohamad Haslah said in a statement today.

Matrix saw its net profit fell 34.8% to RM36.84 million or 6.7 sen a share for the fourth quarter ended Dec 31, 2015 (4QFY15/16) from RM56.53 million or 12.4 sen a share a year ago, due to decrease in revenue recognition from sales of industrial properties, as well land sales.

Revenue also dropped 6.3% to RM141.53 million from RM151.03 million in 4QFY14.

"The decrease in revenue was slightly mitigated by the increase in revenue recognised from the group's sales of residential and commercial properties," Matrix said in a filing with Bursa Malaysia today.

It added that it managed to supplement its revenue streams through the education segment and clubhouse operations, which had begun contributing to its revenue stream since last year.

Despite posting weaker results for 4QFY15/16, the group declared a fourth interim dividend of 3.75 sen per share, totalling RM20.6 million, for FY15/16, payable on April 8.

This brings total dividends year-to-date to 14.4 sen per share, translating into a payout of RM78.9 million. The group has a dividend policy of distributing at least 40% of net profit to shareholders.

For the 12-month period, net profit was up 17% at RM213.22 million or 42.6 sen a share from RM182.24 million or 39.9 sen a share a year ago, while revenue rose 17.1% to RM700.95 million from RM598.84 million in the previous year.

Matrix said it changed its financial year end from Dec 31 to March 31. The current financial year will therefore consist of 15 months ending March 31, 2016. Accordingly, as there are five quarters in the financial period, the fifth quarter ending March 31, 2016 will be known as 5QFY15/16.

At 3.31pm, Matrix shares were traded 3 sen or 1.23% lower at RM2.40 with 98,200 shares traded, giving it a market capitalisation of RM1.35 billion.— theedgemarkets.com

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