Matrix Concepts sold more properties despite MCO


“We stepped up our sales and marketing activities to target more opportunities, supported by our online sales and marketing platforms which we invested in over the past two years. Through the use of digital solutions, we were able to ensure smooth operations and provide greater convenience to our customers, ” its chairman Datuk Mohamad Haslah Mohamad Amin (pic) said in its press release.

PETALING JAYA: Matrix Concepts Holdings Bhd sold more properties despite highly challenging market conditions with the imposed movement control order (MCO).

The property developer said it sold 9.3% more of new properties worth RM350.3mil in the first quarter for its financial year (FY) ending March 31,2021, from RM320.4mil in the same quarter of the previous year.

It noted that sales had improved despite the MCO and was underpinned by the strong demand for its development properties in Sendayan Developments, Seremban and Bandar Seri Impian in Johor.

“We stepped up our sales and marketing activities to target more opportunities, supported by our online sales and marketing platforms which we invested in over the past two years. Through the use of digital solutions, we were able to ensure smooth operations and provide greater convenience to our customers, ” its chairman Datuk Mohamad Haslah Mohamad Amin said in its press release.

“Combined with our focus on providing a strong value proposition in our property launches, we achieved higher new sales in the first quarter despite the MCO and weaker economic sentiment in Malaysia. We are clearly benefiting from strong buyers’ demand for affordable homes and the government’s efforts in promoting home ownership, ” he added.

Haslah said that the company is also expediting the construction progress of ongoing developments to recover from the productivity loss due to the temporary inactivity during the MCO period, and targets to record positive performance for FY21.

Matrix Concepts said it launched new projects worth RM258.5mil in gross development value (GDV) in its first quarter, and is on track to achieve its launch target of RM1bil GDV in the FY21.

Its first quarter revenue stood at RM162mil compared to RM248.5mil a year ago, while net profit to shareholders amounted to RM31.1mil versus RM54.5mil previously.

The company said that this was attributed mainly to lower contribution from its property development segment and investment properties due to the halt in operations imposed under MCO.

In its first quarter revenue, the company said contribution from residential properties decreased by 33.2% to RM139.5mil, while commercial properties had reduced by 90.5% to RM2.8mil.

Revenue from industrial properties amounted to RM13mil, while contribution from investment properties was 32.3% lower at RM6.7mil.

Matrix Concepts said its first quarter ongoing GDV increased 5.5% to RM2.7bil as at June 30.

Meanwhile, its unbilled sales rose to RM1.18bil as at June 30,2020 compared to RM1.02bil as at end-FY20.

It declared a first interim single-tier dividend of two sen per share, which amounts to a payout of RM16.7mil or 53.7% of the first quarter’s net profit.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

33% readers found this article insightful

Next In Business News

Widad bags 5-year contract to manage ferry terminals in Perlis, Kedah
Trading volume on Bursa at 2-week high of 14b shares
Activist funds scupper Singapore firm's merger in rare victory
Oil prices jump after Opec+ inks supply compromise
Boilermech sees 20.64m shares traded off-market
Japan Credit Rating Agency affirms Maybank A ratings
Asian shares vault to record high as US stimulus seen within reach
China's exports, imports seen expanding at faster pace in November
Retirement savers to benefit from PRS tax relief extension
Asia Digital Bank to enter digital finance industry

Stories You'll Enjoy