Matrix Concepts' profit up 11.5% to RM51.8m
 27 Nov 2017 12:03
Township developer Matrix Concepts Holdings Bhd’s posted an 11.5% net profit growth to RM51.8 mil in its Q2 ending Sept 30, from RM46.5 mil a year ago.

The increase in quarterly profit comes despite a 9.8% dip in group revenue to RM202.9 mil from RM224.9 mil a year ago due to the slower recognition of its industrial properties.

It was attributed to improved margins driven by increased sales of higher-priced residential properties, with the developer capitalising on demand from Greater Klang Valley purchasers in its flagship Bandar Sri Sendayan township in Seremban, Negeri Sembilan.

“Buyers from this region now make up 60% of new sales from only 5% in 2012. Moving forward, plans are underway to deliver constant launches to sustain our profitability, and to target more buyers from Greater Klang Valley,” says chairman Datuk Mohamad Haslah Mohamad Amin.

As of Sept 30, the group’s undeveloped land bank stands at 646.5ha. Its projects, primarily in Bandar Sri Sendayan and its Bandar Seri Impian township in Johor, rose to RM2.4 bil in gross development value in Q2 FY18 – up 30% over the same period last year.

Matrix Concepts retains an optimistic outlook on the property segment, declaring a second interim single-tier dividend of 3.25 sen.

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