PROPERTY developer Matrix Concepts Holdings Berhad (Matrix Concepts) continued its profit growth trajectory for the current financial year, recording 5.3% higher net profit to RM57.2 million for the third quarter ended December 31, 2023 (3Q24) compared to RM54.4 million in the previous corresponding quarter.
The Group’s improvement in net profit was achieved despite a 18.6% decline in revenue to RM296 million in 3Q24 from RM363.8 million previously.
This was primarily driven by larger contributions from the Group’s residential property projects in Sendayan Developments, resulting in a 5.8% increase in gross profit to RM159.5 million in 3Q24 compared to RM150.7 million previously.
In the corresponding quarter last year, revenue was bolstered by recognition of completed projects, namely M. Greenvale and The Chambers developments in Australia and Klang Valley, respectively, which the absence resulted in lower revenue in 3Q24.
Sendayan Developments, the Group’s flagship projects in Seremban, Negeri Sembilan was the main revenue provider in 3Q24, contributing RM268.3 million or 90.6% of total group revenue, representing a growth of 22.3% from RM219.3 million previously.
Additionally, revenue from the Group’s Bandar Seri Impian at Kluang in Johor, contributed RM16.8 million, rising 13.4% from RM14.8 million previously.
Group Chairman, Datuk Mohamad Haslah Mohamad Amin said the Group’s other business units, consisting of its education and hospitality divisions, contributed RM9.8 million to 3Q24 revenue, equivalent to a decrease of 4.3% from the previous year, attributed to reduced contribution by both units.
Additionally, the Group also recorded an inaugural contribution from its healthcare division, namely Mawar Medical Centre in Seremban, amounting to RM2.0 million in 3Q24, which is poised for healthy sustainable earnings moving forward.
The Group’s new property sales in 9M24 remained healthy at RM961.4 million versus RM1.0 billion previously. Meanwhile, the Group launched eight projects worth RM978.6 million at Sendayan Developments in 9M24, which comprised 1,338 double-storey terrace houses, 14 double-storey bungalows, and a serviced apartment with 389 units in the Klang Valley.
“Matrix Concepts has established a robust foothold in Negeri Sembilan, Klang Valley, and Johor, while also extending our influence globally with successful ventures in Indonesia and Australia. Our new property sales for 9M24 position us on track to hit our target of RM1.3 billion new sales for the financial year ending March 31, 2024 (FY2024),” said Mohamad Haslah. - The Vibes, February 27, 2024
