Matrix Concepts registers jump in net profit to RM246.47mil in FY24

KUALA LUMPUR: Matrix Concepts Holdings Bhd is continuing to diversify its income stream through the development of complementary business units.

It said the initial contributions from its healthcare division exemplify this strategy, with the division expected to contribute approximately 5% to group earnings in the future.

During the second half of FY24, the group’s Mawar Medical Centre (MMC) in Seremban recorded a maiden profit contribution of RM5mil in management fees.

“We will continue to identify and secure quality land acquisitions and ventures that complement our existing operations, ensuring sustained diversification and expansion for the group, while remaining focused on delivering long-term value to our shareholders,” said Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin in a statement.

Announcing its financial results for FY24, Matrix Concepts said net profit for the year was RM246.47mil, up from RM207.22mil in the previous year, translating to an earnings per share of 19.7 sen compared to 16.56 sen.

The board of directors declared a fourth interim dividend of 2.5 sen per share with the ex-date on June 26, 2024, and payable on July 11, 2024.

In its review, the group attributed the improved performance to strong demand for its diversified property portfolio, which caters to a wide range of homebuyer preferences.

“The exceptional performance represents the group’s second-highest reported net profit since its listing, surpassing its FY24 profit target of RM230mil and highlighting its proven ability to deliver consistent growth,” said the group.

“The outstanding results reflect the increasing appeal of the group’s strategically located projects across Negeri Sembilan, Klang Valley, and Johor, complemented by growing contributions from other business divisions.”

Revenue in FY24 was up 20.4% to RM1.34bil from RM1.11bil in FY23 on recognition of residential and commercial properties, coupled with industrial property sales and increased contribution from the education and hospitality divisions.

“Notably, the sustained demand for the group’s sought-after affordable-premium offerings in the flagship Sendayan Developments in Seremban underscores its expertise in meeting market trends and delivering value to homeowners,” it said.

During the year, Matrix Concepts registered healthy new property sales growth of 3.6% to RM1.25bil, on the back of residential double-storey homes, select industrial land parcels, as well as being complemented by projects in Klang Valley, Negeri Sembilan, and Johor.

Moving forward, Matrix Concepts is optimistic that its upcoming Malaysian Vision Valley (MVV) project will be the next major growth catalyst for the group.

The property developer said the 1,383-acre township development, with an estimated timeline of seven to 10 years and a projected gross development value of RM7bil, represents a “transformative” opportunity for the group.

“It is poised to boost our revenue by over 30% in the coming years and strengthen our position as a leading property developer,” it said.