Matrix Concepts Announces 16.7% Rise in Q3 Earnings, Pays $3.75 Dividend

KUALA LUMPUR (February 23): Matrix Concepts Holdings Bhd reported a nearly 20% decline in net profit year-over-year (year-on-year) for the third quarter ended December 31, 2021 (3QFY22) at RM60.45m vs. RM75.34m on lower revenue and lower joint venture profit share and higher tax charges.

Earnings per share declined to 7.25 sen from 9.03 sen previously, the group’s filing with the local stock exchange showed on Wednesday (February 23rd).

Quarterly revenue decreased by 26.1% from RM315.41 million to RM233.09 million, mainly due to lower recognition of the group’s industrial and commercial products.

Notwithstanding the decline in revenues, the group recorded an improvement in gross margin of 58.4% in the quarter under review, compared to 47.3% the previous year, due to the improvement in the contribution of developments more mature products such as the Tiara Sendayan series, thanks to higher demand and selling prices.

The group has declared a third interim dividend of 3.75 sen per share, to be paid on April 7, 2022.

Compared to 2QFY22, Matrix Concepts net profit increased by 16.71% to RM51.8 million due to improved gross margin due to the easing of movement restrictions, even though the revenue fell 2.66% from RM239.48 million.

For the nine months ended December 31, the group recorded a net profit of RM143.94 million, down 20.67% year-on-year from RM181.46 million. Nine-month revenue also fell 14% to RM638 million from RM739.44 million.

Despite the challenges encountered from July to August 2021 under the country’s lockdown measures, Matrix Concepts said it continued to record a commendable sales performance, supported by expanded sales channels through the use of solutions digital such as social media platforms.

It said it was on track to meet its new property sales target of RM1.2 billion for the financial year ending March 31, 2022 (FY22) and remains focused on delivering quality properties. at excellent value for money, especially residential products priced at RM500,000. range to meet healthy demand in its cantons.

“With the lifting of restrictions on economic activity in the country, businesses are eagerly awaiting a recovery in the national economy. In anticipation of this, the group is on track to replicate last year’s rapid return to normal by accelerating construction activities and is confident of catching up on its initial development backlog before the end of FY22.

“Going forward, the group remains committed to improving its Sendayan Developments township developments, comprising Bandar Sri Sendayan, Ara Sendayan and Tiara Sendayan in Negeri Sembilan, and Bandar Seri Impian (BSI) in Kluang, Johor. This includes improving amenities and infrastructure to support vibrant community life and landfill efforts to expand future launch pipelines,” he said.

At Wednesday’s lunch break, Matrix Concepts was up three sen or 1.31% at RM2.32, giving the property developer a market value of RM1.94 billion.

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