Matrix Concepts expects strong growth to continue


  • Corporate News
  • Wednesday, 21 Aug 2019

Property developer Matrix Concepts  Holdings Bhd, which recorded its best ever performance with revenue of RM1.05bil for FY ended March 2019, expects to maintain its strong financial performance.

SEREMBAN: Property developer MATRIX CONCEPTS HOLDINGS BHD, which recorded its best ever performance with revenue of RM1.05bil for FY ended March 2019, expects to maintain its strong financial performance.

Underpinning the strong performance since its listing on May 28,2013, was its launch mix of mainly affordable to mid-end offerings in Negri Sembilan and Johor, group chairman Datuk Mohamad Haslah Mohamad Amin said on Wednesday.

"We achieved our best ever performance in FY2019, reinforcing our track record of consistent growth since listing and delivering greater returns to our shareholders.

"In light of strong demand, we are confident that our expansionary streak would continue in the current financial year ending March 31,2020," he said in a statement.

Its net profit improved to RM218.4mil from RM213.3mil in FY18. Dividend payout amounted to RM97.1mil, constituting 44.6% of its net profit for the year.

Matrix Concept's new property sales rose to a record RM1.3bil in FY2019 from RM1.2bil a year ago.

Mohamad Haslah said the group embarked on two joint ventures in FY2019 namely with reputed education player Bonanza Educare Sdn Bhd to manage and enhance the operations of Matrix Global Schools.

It had also teamed with its Indonesian partners to develop an iconic building in Jakarta.

"In FY2019, the group entered into a joint venture with PT Bangun Kosambi Sukses and Nikko Sekuritas to develop the Islamic Financial Centre in Pantai Indah Kapuk 2 in Jakarta.

"The initial 26-storey twin towers development has an estimated gross development value of US$500mil," he said.

He said the group, while being bullish of its Bandar Seri Sendayan (Negri Sembilan) and Bandar Seri Impian (Johor) townships, plans to expand its landbank in FY2020.

"Additionally we have lined up RM1.4bil worth of new launches in FY2020 comprising mainly landed properties in both our developments for the mass market segment which would support our performance in the year ahead," he added.

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