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Saturday, June 1, 2019

Matrix Concepts hits record RM1b revenue in FY2019

EdgeProp.my / EdgeProp.my
June 01, 2019 00:10 am +08

PETALING JAYA (May 31): Negeri Sembilan township developer Matrix Concepts Holdings Bhd concluded its financial year ended March 31 2019 (FY2019) with revenue hitting the
RM1 billion mark for the first time.

The record-high revenue was due to stronger performance in the fourth quarter ended March 31, 2019 (4Q19), as revenue surged 63.7% to RM278.9 million from RM170.4 million a year ago. Meanwhile, net profit during the quarter rose 50% to RM65.9 million from RM43.9 million previously.

Overall, Matrix Concepts delivered its best-ever revenue of RM1.05 billion in FY2019, which represented a 28% growth from RM818.5 million in the previous financial year ended March 31, 2018 (FY2018). The improved performance was mainly due to higher revenue recognition from residential developments at the Bandar Sri Sendayan (BSS) township in Seremban, as well as from commercial and investment properties.

"We will continue with our philosophy of providing quality homes at great value to our growing customer base, not only in Negeri Sembilan but also the ever-expanding geographic reach of the Matrix Concepts brand. This has led us to chart new milestones by recording our best-ever financial year performance, and achieving an enviable new sales performance in FY2019, amidst on-going challenges in the property sector,” said Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin in a press release today.

Matrix Concepts achieved its highest ever property sales in FY2019 with RM1.3 billion, growing 11.7% from RM1.2 billion in FY2018 mainly on higher sales of affordably-priced residential properties and complemented by higher premium residential properties at BSS.

Going forward, the developer has lined up another RM1.3 billion worth of new properties to be launched in FY2020 comprising both fordable and premium range of products.

“We are positive about our prospects for FY2020 and are confident that these launches will help us sustain our financial performance and returns to shareholders,” said Mohamad Haslah.

The Group has an unbilled sales of RM1.2 billion as at March 31, 2019, to be recognised over the next 18 months.

Of the total FY2019 revenue, sales of residential properties improved 35.4% to contribute RM858.6 million, while sales of commercial properties rose 30.2% to RM91.4 million. Revenue from sales of industrial properties and land dipped 17.7% to RM60.6 million, while contribution from investment properties consisting of Matrix Global Schools, d’Tempat Country Club, and d’Sora Boutique Business Hotel improved by 8.4% to RM37.4 million.

Group FY2019 net profit increased 2% to reach RM217.6 million from RM213.3 million, in line with the Group’s enlarged revenue.

Matrix Concepts declared a fourth interim single tier dividend of 3.00 sen and special dividend of 0.25 sen per share in respect of FY2019. Together with earlier paid interim dividends in respect of FY2019, total dividends to date amount to 12.75 sen per share with estimated payout of RM97.1 million, making up 44.6% of FY19 net profit. — EdgeProp.my

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