Matrix Concepts to enhance revenue stream from its local and international projects

Matrix Concepts Holdings Bhd says its focus this year is to enhance the revenue stream from its townships by capitalising on the demand of its Sendayan and Bandar Sri Impian (BSI) developments in Kluang, Johor.

The group will also continue efforts of enlarging landbank around these townships to cater to future demand.

Matrix has embarked on a steady diversification of its revenue stream beyond its traditional stronghold in Negeri Sembilan and Johor by expanding its domestic project portfolio to include developments in Klang Valley.

Outside of Malaysia, the group is involved in development projects in Melbourne, Australia, and Jakarta, Indonesia.

Matrix said these efforts have effectively widened the group’s geographical footprint to capture more growth opportunities.

As at March 31, 2020, the group’s total ongoing developments stand at RM2.4 billion in gross development value (GDV).

In the 12 months ended March 31, 2020, Matrix launched RM939.5 million worth of projects, comprising mainly of two-storey terrace residences in Sendayan, given the strong market demand for properties in Seremban.

The group’s unbilled sales stood at RM1 billion as at March 31, 2020, to be recognized over the next 15 months.

For the current financial year ending March 31, 2021 (FY2021), the group has lined up RM1.04 billion worth of new property launches, comprising mainly affordable and affordable-premium residential properties in Sendayan.

“Despite the cautious sentiment of the property industry, the group is hopeful of sustaining positive uptake of its properties in FY2021, with encouraging demand recorded for our ongoing developments and the reimplementation of Home Ownership Campaign,” it said.

Matrix said in a filing with Bursa Malaysia that it will also continue to reinforce its international reach towards strengthening its brand as a premier developer.

The group continues to make strides in Australia, with M.Greenvale, which was soft-launched in April 2019, featuring 79 residential lots with GDV of RM79 million. To date, the development has sold 34 units with GDV of RM34.1 million.

Matrix also had announced the ground-breaking of the Islamic Financial Towers development in the up-and-coming suburb of Pantai Indah Kapuk 2 in Jakarta, Indonesia, jointly undertaken with Indonesia’s Agung Sedayu Group and Salim Group, and investment banking firm PT Nikko Securitas Indonesia.

“Due to the ongoing Covid-19 situation in Jakarta, the completion of Menara Syariah is expected to be delayed by six months, subject to the health advisory and travel restrictions by the Indonesian authorities. Prior to the halt in operations, construction works at Menara Syariah was ahead of schedule with piling works completed,” it said.

For the quarter ended March 31, 2020, Matrix recorded revenue of RM472.1 million, an increase of RM193.2 million, or 69.3 per cent from RM278.9 million in the previous year’s corresponding quarter.

Matrix said there was higher revenue thanks to higher revenue recognition from the sales of residential properties in Sendayan.

The group said revenue contribution from its investment properties, comprising Matrix Global Schools, d’Tempat Country Club and d’Sora Business Boutique Hotel decreased slightly to RM8.9 million in the quarter under review from RM9.2 million in the previous corresponding quarter.

The gross profit and pre-tax profit rose by 15.7 per cent and 14.1 per cent respectively.

Matrix said that backed by a healthy number of new launches and commendable sales performance of above RM1 billion in the financial year ended 31 March 2020.

Source: NST