KUALA LUMPUR: Property developer Matrix Concepts Holdings Bhd registered a net profit of RM56.56 million for its fourth quarter (Q4) ended March 31, 2023 (FY23) from RM61.08 million in Q4 FY22, effectively overcoming industry challenges of labour shortage and higher building material costs.

Revenue rose by 20.5 per cent to RM302.2 million from RM250.8 million, mainly attributed to the company’s higher revenue contribution from its townships.

As a result, Matrix Concepts registered lower earnings per share of 4.52 sen against 4.88 sen previously.

For the full year, the company registered a higher net profit of RM208.54 million against RM205.2 million a year ago, while revenue increased to RM1.12 billion from RM892.4 million previously.

Matrix Concepts declared a fourth interim dividend of 2.25 sen per share in respect of FY23, with an ex-date on June 22, 2022, and payable on July 6, 2023, together with the first interim dividend of 2.0 sen, while the second and third interim dividend of 2.0 sen respectively.

The cumulative dividend payout amounts to 8.25 sen for FY23, totaling RM103.2 million or 50.6 per cent of FY23 profit after tax.

Matrix Concepts’ FY23 new property sales were primarily contributed by Sendayan Developments, which made up RM1.1 billion of total new sales, while the property developer’s other township in Kluang, Bandar Seri Impian, recorded RM46.1 million in new property sales, while its maiden Klang Valley development, The Chambers, recorded sales of RM44.5 million throughout FY23.

Matrix Concepts chairman Datuk Mohamad Haslah said the company is quickly adapted to operations after experiencing the challenges during the Covid-19 pandemic and focusing on the sustainability of the company’s delivery.

“The strong sales performance in FY23 demonstrates our in-depth understanding of our customers’ needs and effective sales activities through on-the-ground and digital product launches.

“Our recent new property launches in Sendayan Developments have achieved a high take-up rate of more than 90 per cent on average within three months.

“We believe that the strong demand will be maintained going forward, and we will continue to strengthen our presence in Negeri Sembilan and identify land banking opportunities to complement our current reach.

“For FY24, we are cautiously optimistic about our outlook and are planning more property launches to capitalise on improving market conditions.

“We remain prudent in navigating market headwinds but expect a resilient performance in FY24 as we expedite construction work for our projects with an increased workforce,” he added.