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Friday, August 26, 2016

Matrix Concepts’ 2Q net profit jumps 73.9%

Thursday, 25 August 2016 | MYT 2:44 PM
Matrix Concepts’ 2Q net profit jumps 73.9%

PETALING JAYA: Property developer Matrix Concepts Holdings Bhd’s net profit jumped 73.9% to RM51.9mil for the three months ended June 30, 2016, from RM29.9mil in the corresponding period last year.

The group attributed its strong performance to higher revenue recognition from the sales of residential and commercial properties.

During the quarter in review, Matrix Concepts saw its revenue increase 62.9%to RM196.2mil from RM120.4mil previously. The group’s net earnings per share rose to 9.2 sen from 6.5 sen previously.

The group declared a first interim single-tier dividend of 3.25 sen.

In the first quarter (1Q) for its financial year (FY) ending March 31, 2016, the Group’s new property sales stood at RM256mil, which was substantially higher than RM210.5mil recorded in the corresponding period in the preceding year, as it benefitted from the resilient demand across its townships of Bandar Sri Sendayan in Seremban and Bandar Seri Impian in Kluang, Johor.

Of total 1Q17 revenue, sales of residential properties contributed RM152.3mil, while sales of commercial properties and land contributed RM25.8mil and RM11.7mil, respectively.

The group’s investment properties comprising Matrix Global Schools and d’Tempat Country Club made up the remaining RM6.4mil.

“With the sanguine outlook on student enrolments, we are targeting for Matrix Global Schools to achieve operational breakeven in FY2017. This would bring the group a step closer towards reaching an inflection point in profit contribution from our investment properties,” Matrix Concepts chairman Mohamad Haslah Mohamad Amin said in a statement.

As at June 30, 2016, the group’s unbilled sales stood at RM690.6mil, compared with RM621.4mil as at March 31, 2016.

For the rest of FY2017, Matrix Concepts is set to launch new projects worth RM700mil in gross development value (GDV), comprising mainly affordably-priced homes. The group had launched more than RM400mil in GDV in 1Q17.

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