Matrix Concepts to sustain earnings

PETALING JAYA: Matrix Concepts Holdings Bhd can sustain its earnings momentum, given its status as an established township developer in Seremban, near-term catalyst from its Indonesia project and a healthy balance sheet and better earnings prospect from financial year 2024 (FY24).

MIDF Research said Matrix Concepts posted a 37.3% year-on-year (y-o-y) growth in earnings to RM64.6mil in the first quarter of FY24 (1Q24) on the back of acceleration in progress billing as its labour shortage issue is gradually resolved.