Matrix Concepts 2Q14 net profit rises 41% to RM42.4m on higher sales of properties

Property developer Matrix Concepts Holdings Bhd’s net profit for the second-quarter ended June 30, 2014 (2Q14), surged 41% year-on-year to RM42.4 million backed by higher sales of residential and industrial properties.

At a time when most property companies seem to be facing lower demand after the macroprudential measures taken by Bank Negara Malaysia, Matrix Concepts revenue for the quarter improved to RM163.7 million compared to RM147.3 million in the previous year.

“Despite reports of a cooling property market nationwide, the strong take-up of our newly- launched projects in the 2Q14 proves that demand for affordable properties remains intact,” said Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin.

In the 2Q14, the company launched two projects in Bandar Sri Sendayan (BSS) in Seremban, Negri Seremban, namely Hijayu 3A (Phases 1 & 2). These comprise 238 units of two-storey terrace houses with a combined gross development value (GDV) of RM120 million.

The group also launched one project in Taman Seri Impian in Kluang, Johor, with a GDV of RM18 million, consisting of 26 units of two-storey shop offices.

The group has launched projects worth about RM409 million GDV in the first-half of this year, and plans to increase this to at least RM800 million by end-2014.

As at end-June 2014, the group had RM1.07 billion in ongoing development projects in Negri Sembilan and Johor.

Unbilled sales amounted to RM434.7 million, which will eventually be recognised till 2016.

“We are still optimistic on the growth of the Seremban property sector given the sustainable catalysts in the long run. As a satellite city within the Greater Klang Valley, the rapid developments and growing employment opportunities in Seremban will have a positive impact on the demand for homes,” Haslah said.

Meanwhile, the company declared its second interim single tier dividend of 3.75 sen per ordinary share for 2014. -
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