KUALA LUMPUR: Matrix Concepts Holdings Bhd saw its net profit surge by 18.9 per cent to RM246.47 million for the fiscal year ending March 31, 2024 (FY24), compared to RM207.22 million in the prior year.
The company attributed this notable growth to the strong demand for its diverse range of properties, catering to various preferences among homebuyers.
The company declared its second-highest net profit since its listing, exceeding its FY24 profit target of RM230 million.
In a statement, it said that revenue for the year was up 20.4 per cent year-on-year (YoY) to RM1.34 billion from RM1.11 billion the previous year, buoyed by recognition of residential and commercial properties, coupled with industrial property sales, and an increased contribution from the education and hospitality divisions.
For the fourth quarter ended March 31, 2024 (Q4 FY24), the company's net profit rose to RM60.6 million from RM56.56 million in the same period last year. Revenue climbed to RM353.13 million versus RM302.21 million in Q4 FY23.
As part of ongoing efforts to diversify its income streams for sustainable growth, the company recorded maiden profit contributions of RM5 million in management fees in the second half of FY24 from its healthcare division, namely Mawar Medical Centre (MMC) in Seremban.
New property sales in FY24 saw a 3.6 per cent growth to RM1.25 billion versus RM1.20 billion previously, mainly driven by sales of residential double-storey homes and select industrial land parcels, as well as being complemented by projects in Klang Valley, Negeri Sembilan, and Johor.
As of March 31, the company's unbilled sales stood at RM1.2 billion, providing a clear pathway for future earnings recognition over the next 15 to 18 months.
"Matrix Concepts' robust performance in FY24, coupled with a consistently strong take-up rate exceeding 80 per cent across our developments, underscores the resilience of our customer-centric business model.
"This success, coupled with our strong financial position and diversified income streams, has firmly established our brand and market leadership, paving the way for our next major growth catalyst, the upcoming 1,383-acre township development in Malaysian Vision Valley (MVV)," said chairman Datuk Mohamad Haslah Mohamad Amin.
Moving forward, he said the company will be able to continue delivering strong financial results.
"With an estimated development timeline of seven to 10 years and a projected gross development value of RM7 billion, MVV represents a transformative opportunity for the group, poised to boost our revenue by over 30 per cent in the coming years and strengthen our position as a leading property developer."
The company declared a fourth interim dividend of 2.5 sen per share in respect of FY24, with the dividend ex-date on June 26 and the payment date on July 11.