PETALING JAYA: Matrix Concepts Holdings Bhd is aiming to convert its growing unbilled sales, which have now topped RM1.4 billion from RM1.1 billion last year, into revenue after addressing its labor shortage issue. work.
In a filing with Bursa Malaysia, Matrix Concepts said it was in the final stages of recruiting foreign labor and plans to meet its labor needs at its construction sites. by the end of the year.
Additionally, the group expects healthy demand for new properties, moving forward, with an increasing trend of Klang Valley residents moving outside of the city center, facilitated by remote and flexible working arrangements. .
With the expansion of its sales channel through the use of digital solutions, the group intends to capitalize on the strong demand driven by the strong value proposition of its residential properties, particularly those in the 600,000 price bracket. RM.
The real estate development and investment holding company yesterday released results for the second quarter of its financial year 2023 (2Q23), where net profit for the quarter was slightly lower at RM50.57 million from RM51.8 million. in the previous corresponding quarter.
Revenue for the quarter decreased by 7.2% YoY (YOY) to RM222.35 million.
“Revenues remained relatively healthy despite the continued challenges posed by labor shortages which affected construction activities, particularly over the past 12 months,” he said.
“While construction activities were hampered by an insufficient workforce, the group managed to secure RM352.7 million in new-build property sales for the quarter, driven by healthy demand for its new launches in its Sendayan developments,” he added.
Residential properties remain the group’s largest supplier, contributing 93.1% or RM207 million of its revenue for the quarter, as homebuyers remain attracted to the value proposition of the group’s product offerings.
“Revenues from commercial and industrial properties were significantly lower by 85.9% at RM5.3 million, due to lower commercial product launches in the current financial year, as well as an inventory Limited Industrial Products Company as its Sendayan Tech Valley development nears conclusion,” he added.
Commenting on its performance, Matrix Concepts President, Datuk Mohamad Haslah Mohamad Amin said, “Despite the labor availability issues we have encountered, we are still able to maintain healthy margins supported by our in-house construction branch, which enables us to maintain quality, cost effectiveness and timely delivery to buyers. »
He believes that these strengths will prepare the group well for the upcoming macroeconomic challenges expected in 2023.
A second single-tier interim dividend of two sen per share has been declared with an ex-dividend date of December 23, 2022 and payable on January 12, 2023.
With the first interim dividend of two sen per share, the cumulative dividend amounts to four sen per share for the first half of its financial year 2023 (1H23), totaling RM50.1 million or a payout ratio of 52, 2% of 1H23 profit after tax.
In HY23, Group revenue and net profit improved by 12.1% and 16.9% year-on-year to RM451.61 million and RM97.61 million respectively.
According to the group, its after-tax profit margin for HY23 improved to 22.4% from 21.1% previously thanks to a favorable product mix, which helped to alleviate cost pressures and disruptions in the Supply Chain.
Meanwhile, the group achieved new sales of RM661.9 million in HY23, up 3.2% from RM641.3 million in the prior comparative period, driven by strong demand. of affordable high-end residential projects in its Sendayan developments.
“The group is on track to achieve its full year sales target as new sales of 1H23 reached 55.2% of the group’s sales target of RM1.2 billion during fiscal year ending March 31, 2023,” he noted.
