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Matrix Concepts records strong quarterly sales

PETALING JAYA: Matrix Concepts Holdings Bhd saw new property sales grow 35.2% to RM340.4mil in the second quarter ended Sept 30, 2021 (Q2 of financial year 2022 or FY22) from RM251.8mil a year ago, on increasing demand for well-priced landed properties at its flagship Sendayan Developments.

The property developer said that despite the full movement control order (FMCO) implemented in July 2021, the group capitalised on healthy home purchase sentiment in the affordable landed category, supported by use of digital sales platforms.

Notably, new residential launches in Q2 of FY22, such as the 274-unit Laman Sendayan 3 and 90-unit Tiara Sendayan 9 projects, achieved 100% and 94% take-up rates within weeks of launch.

“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 the first half of FY22.

“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,” Matrix chairman Datuk Mohamad Haslah Mohamad Amin said in a statement yesterday.

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.

“Our recovery from the FMCO is on track as we have swiftly returned to optimal construction activity since full operations resumed at the end of August 2021. We are confident of replicating last year’s achievement and return to our original development schedule by end of FY22,” added Mohamad Haslah.

For the current quarter, Matrix posted a net profit of RM51.8mil, which was a 31% decline from RM75.1mil in same quarter a year ago 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.

Group revenue for Q2 of FY22 remained healthy at RM239mil, albeit 8.6% lower compared to RM262mil last year due to the FMCO impact on project schedule.

For the first-half of FY22, it reported a revenue of RM402.9mil – 5% lower compared to RM424mil in the previous year

Net profit for the period stood at RM83.5mil, declining 21.3% from RM106.1mil previously. Unbilled sales, however, rose to RM1.1bil as at Sept 30, 2021 compared to RM1bil as at June 30, 2021, providing earnings visibility over the next 12 to 15 months.

On prospects, Mohamad Haslah added: “With the 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 healthy dividends.”

It 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 is five sen per share, amounting to RM41.7mil or 51.6% of first half FY22 profit after tax.

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