Matrix Concepts records 26.6% surge in profit in 2Q24

PROPERTY developer Matrix Concepts Holdings Bhd recorded a 26.6% surge in net profit to RM64 million for the second quarter which ended September 30, 2023 (2Q24).

This comes after the group continued to build on positive momentum, with issues relating to a shortage in labour, which was experienced in the same period last year, now fully resolved.

Group chairman Datuk Haji Mohamad Haslah Mohamad Amin said revenue in 2Q24 rose by a commanding 61.6% from RM222.4 million in the corresponding quarter to RM359.4 million.

“This significant growth in revenue was driven by the robust performance of its property development division, which witnessed a substantial 65% increase in revenue contribution, totalling RM350.3 million,” he said in a statement.

Sendayan Developments, the flagship of Matrix Concepts, was pivotal in the encouraging performance of its property development division, contributing RM340.5 million in revenue, a noteworthy 86% increase compared to the previous year.

New property sales remained a key highlight, with 2Q24 witnessing sales of RM310.8 million, indicating the continued strong market appetite for the group’s properties, with 94.8% originating from Sendayan Developments.

“As of September 30, 2023, the group’s unbilled sales stood at RM1.3 billion, set to be recognised over the next 15-18 months,” said Haslah.

He said the group’s new property sales in 1H24 remained healthy at RM 616.1 million versus RM661.9 million previously.

The group also launched six projects worth RM609.7 million at its Sendayan developments in 1H24, which comprised 1,063 double-storey terrace houses and 14 double-storey bungalows.

“Our return to optimal operational and construction levels bodes well for our stakeholders as we remain committed to delivering exceptional value while adhering to sustainable practices, community development, and enhancing shareholder returns.

“This is clearly illustrated in the group’s dividends payout in the first half of FY2024, increasing by a considerable 25% compared to last year,” he added.

The group declared a second interim dividend of 2.5 sen per share in respect of the financial year ending 31 March 2024, with the dividend ex-date on December 21, 2023 and the payment date on January 10, 2024.

The cumulative 1H24 dividend per share stands at 5 sen with a total payout of RM62.6 million or 49.3% of 1H24 profit after tax. – The Vibes, November 25, 2023.