KUALA LUMPUR: Matrix Concepts Holdings Bhd saw its net margin rising to 25.3 per cent in the third quarter (Q3) ended December 31, 2021 from 21.1 per cent a year ago, although its net earnings slipped nearly 20 per cent during the period.
Matrix Concepts' net profit dropped 19.8 per cent to RM60.45 million from RM75.34 million recorded in Q3 2020.
In a statement today, the property developer said this was mainly due to lower revenue recognition from industrial and commercial projects, as well as its Klang Valley development, The Chambers.
Matrix Concepts' revenue shrank 26.1 per cent to RM233.09 million from RM315.41 million previously.
The company said it had recorded healthy new property sales, rising 35.5 per cent year-on-year to RM356.7 million in Q3 FY22 from RM263.2 million previously, to maintain its growth momentum since the beginning of the current financial year.
"This is attributed to strong demand for residential properties at its flagship Sendayan Developments in Seremban," it said.
Matrix Concepts announced a third interim dividend of 3.75 sen or 52.9 per cent payout on net profit of RM59.1 million in respect of Q3, significantly higher than its 40 per cent payout in the previous financial year ended March 31, 2021.
For the nine-month period, Matrix Concepts' net profit declined 20.7 per cent to RM143.94 million from RM181.46 million, while revenue eased 13.9 per cent to RM636.01 million from RM739.44 million.
The company said cumulatively, the nine-month new property sales increased 15.3 per cent to RM998.0 million from RM865.3 million in the previous year, equivalent to 83.2 per cent of its full year target of RM1.2 billion.
"The improved sales performance was achieved despite beginning the current financial year under the restrictions of the Movement Control Order (MCO)," it said.
Matrix Concepts said in line with the sustained uptrend in demand, it planned to launch more than RM270 million worth of new projects in Q4, comprising primarily residential projects in Sendayan Developments.
The company had unbilled sales of RM1.3 billion as at December 31 last year to be recognised as revenue over the next 12 to 15 months.
Chairman Datuk Mohamad Haslah Mohamad Amin is optimistic about surpassing its full-year target of RM1.2 billion.
"We have also expedited construction works since the last MCO was lifted, which will further support our financial performance for the current and next financial year. Since the beginning of the pandemic, our share price has demonstrated resilience and stability, attracting a growing list of institutional and foreign shareholder base.
"This is also reflected in the upside of more than 25 per cent in the past year. The improved outlook will allow us to reward our shareholders with higher dividends payouts, which takes into account our healthy growth prospects, strong cashflow, as well as sustained revenue base and profitability," he added.