KUALA LUMPUR, Aug 24 — Malaysia developer Matrix Concepts Holdings Berhad recorded a 48 per cent increase in net profit to RM47.03 million in the first quarter of the financial year that ended on June 30 (1QFY23), compared to RM31.69 million in the same period last year.
The local developer also recorded a staggering 40.3 per cent growth in revenue to RM229.3 million in 1QFY23 from RM163.4 million in the same period last year.
According to a report by business news organisation The Edge, the company also increased its earnings per share to 5.64 sen compared to 3.80 sen previously.
It was also reported that the company had declared a three sen dividend per share in the first interim period of FY23, which will be paid on October 6 this year, representing a total dividend of RM25 million or more than half (54.2 per cent) of its profit after tax in 1QFY23.
In a Bursa Malaysia filing that was published yesterday, the property developer reportedly said that its improved performance was mainly contributed by the revenue in the company’s residential and commercial properties.
The company reportedly said that the significant jump in net profit was primarily contributed by its flagship Sendayan Developments and its industrial property sales at Sendayan TechValley.
Previously in April, the company said that it is looking forward for another solid financial year performance due to the easing of Covid-19 restrictions by the government.
After seeing a positive take-up rate, particularly at its flagship Bandar Sri Sendayan in Seremban, the group is expecting new property sales to reach RM1.2 billion for FY2023.
As reported in its third quarter FY2022 report, the group has already achieved 83.2 per cent of its FY2022 new property sales target.
According to The Edge, Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin said the challenges posed by the economic climate in uncertain times put a greater emphasis on providing customers with a strong value proposition, by offering various homeownership packages of right-priced properties.
“The all-round improvement in our 1QFY23 performance shows a positive growth outlook, albeit from a low base effect of a pandemic-impacted 1QFY22.
“This was achieved amid slower-than-expected revenue recognition due to the impact of labour shortages on project progress, and inflationary pressures on raw material prices,” he was quoted as saying.
