Matrix Concepts: RM1.4b launches in pipeline for FY18

PETALING JAYA: Property developer Matrix Concepts Holdings Bhd’s net profit in the fourth quarter ended March 31, 2017 (Q4’17) declined 18.7% to RM39 million, from RM48 million in the previous corresponding quarter, due to lower revenue from both commercial and industrial properties.
Revenue fell 23.6% to RM161.3 million, compared with RM211.3 million in the same period last year, as a significant portion of the progress billings would only be recognised after the fourth quarter.
For the 12-month period, its net profit jumped 28.9% to RM187.8 million, against RM145.7 million a year ago, while revenue grew 31.2% to RM780.4 million, from RM594.6 million previously.
The higher revenue was led by increased new sales of residential properties at the group’s township developments of Bandar Sri Sendayan in Seremban and Bandar Seri Impian in Kluang, Johor.
“We achieved record high new sales of RM1 billion in FY17, combined with a high take-up rate of above 80% across our ongoing developments,” its chairman Datuk Mohamad Haslah Mohamad Amin said in a statement yesterday.
“Compared to new sales of RM817.4 million previously, the sales uptrend of 26.1% year-on-year points to strong demand for our properties despite a challenging market,” he added.
For the current financial year ending March 31, 2018 (FY18), Mohamad Haslah said, the group aims for RM1.4 billion worth of new launches.
“With the majority consisting of affordably-priced residential homes together with full scale township amenities, we are confident of maintaining strong sales performance going forward,” he said.
As at March 31, 2017, the group had RM1.9 billion worth of ongoing development projects, from RM1.5 billion last year. Unbilled sales climbed to RM859.5 million as at March 31 from RM621.4 million previously, to be recognised until 2019.
On prospects, Mohamad Haslah said the group is set to perform commendably in FY18, underpinned by a strong lineup of new launches.