Matrix Concepts records strong sales, expects demand to continue

KUALA LUMPUR: Matrix Concepts Holdings Bhd registered a 35.2% increase in new property sales to RM340.4mil in the second quarter of its financial year ending March 31, 2022.

It said the sales improvement from a year ago was owing to an increasing demand for well-priced landed properties at its flagship Sendayan Developments.

"Following the upliftment of the FMCO, we are seeing greater buying interest due to pent-up demand, which has allowed us to continue recording healthy sales growth in 1H22.

"We believe our sales resilience is due to the attractive pricing and value of our quality landed homes, which are tailored to meet the growing needs for affordable homes among the population," said Matrix chairman Datuk Mohamad Haslah Mohamad Amin in a Thursday statement.

He expressed optimism the group will achieve its sales target of RM1.2bil in the current financial year as it expects demand for housing in its segment to remain robust over the next few years.

For the current quarter, Matrix posted net profit of RM51.8mil, which was a 31% decline from RM75.1mil in the year-ago quarter due to lower gross margins from the latest development series of Laman Sendayan 1 and 2, which are at the early phases of launch.

Additionally, the group recorded 21.4% higher selling and marketing expenses due to increased marketing activities.

The group declared a second interim dividend of three sen a share with ex-date on Dec 22, 2021, and payable on Jan 6, 2022.

Year-to-date dividend payout was brought to five sen per share, amounting to RM41.7mil or 51.6% of 1HFY22 profit after tax.

Meanwhile, the group reported Q2FY22 revenue was 8.6% lower year-on-year to RM239mil due to the impact of the full movement control order on project schedules.

Of the revenue, recognition from residential and commercial properties amounted to RM203.1mil, while industrial properties made up RM30.6mil.

Revenue contribution from investment properties made up the remaining RM5.8mil in the quarter.

Over the cumulative six months to Sept 30, 2021, the group reported net profit of RM83.5mil on revenue of RM402.9mil

"With clear earnings visibility and optimal activity at our project sites, we look forward to improved earnings in the second half of FY22 as well as providing sustainable and healthy dividends to our shareholders," said Mohamad Haslah.
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