Matrix Concepts expects strong growth to continue

  • Property
  • Thursday, 22 Aug 2019

Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin (centre) looking through the group annual report before its annual general meeting yesterday. Also present were group executive deputy chairman Datuk Lee Tian Hock (left) and group managing director Ho Kong Soon. - The Star

SEREMBAN: Riding on its record performance in financial year 2019 (FY19), which was achieved amidst a challenging environment, MATRIX CONCEPTS HOLDINGS BHD has embarked on several projects as it aims to maintain the strong momentum for the current financial year 2020 (FY20).

Group chairman Datuk Mohamad Haslah Mohamad Amin said the property developer has lined up new launches worth RM1.4bil, comprising mainly landed property, for the FY20.

Besides this, it is also venturing into the construction sector in Indonesia and will be launching its second project in Melbourne, Australia.

“We did very well despite a difficult and very challenging market the past year and this has reinforced 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 at the company’s 22nd AGM held at the d’Tempat Country Club in Bandar Seri Sendayan here.

Mohamad Haslah, who expects the market to be equally challenging over the next six months, said based on forecast result for the first quarter of FY20, the group should be able to sustain growth for the said period.

He attributed the group’s strong performance in FY19 to the launch mix of mainly affordable to mid-end offerings in its two townships Negri Sembilan and Johor.

In FY19, Matrix Concept’s new property sales had risen to a record RM1.3bil from RM1.2bil a year ago.

Group net profit for the year also 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.

Mohamad Haslah said the group embarked on two joint ventures in FY19 namely with its Indonesian partners to develop an iconic building in Jakarta and with reputed education player Bonanza Educare Sdn Bhd to manage and enhance the operations of Matrix Global Schools.

“In FY19, 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 (RM2.08bil), ” he said, adding that the ground-breaking ceremony for the project is scheduled to be held this November.

He said the joint venture with Bonanza, the founding team of Tenby Schools Malaysia, will help take Matrix Global Schools to its next phase of development.

He added that Matrix would also launch its second project in Melbourne, Victoria to be known as M.Greenvale following the success of its first development there known as M.Carnegie.

“Some 30% of the project, which comprise 70 bungalows, has already been taken up at the soft launch and we expect this to do well too.

“In fact, we are already planning to launch a 12-storey high-end apartment tower in St Kilda near Albert Park also in Melbourne in 2021, ” he said.

The M.Greenvale project has a gross development value of A$24mil (RM67.96mil).

He said the group, while being bullish of its Bandar Seri Sendayan (Negri Sembilan) and Bandar Seri Impian (Johor) townships, plans to expand its land bank in FY20.

“Going forward, we would continue to explore more land-banking opportunities especially in the immediate vicinity of our existing townships to capitalise on their ready infrastructure and vibrancy.

“This also ensures we maintain sufficient land bank to support long-term sustainability and growth, ” he added.

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