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KUALA LUMPUR: Matrix Concepts Holdings Bhd has lined up property launches of more than RM1.5bil in Seremban, Johor and the Klang Valley in FY23 to tap into the demand for affordable premium landed properties.
According to chairman Datuk Mohamad Haslah Mohamad Amin, these projects meet buyers' requirements and continue to underpin the developer's launch strategies.
"We understand the challenges posed by the economic climate in these uncertain times.
"This puts a greater emphasis on providing our customers with a strong value proposition, by offering various homeownership packages of right-priced and luxuriously spaced homes with suitable financing in a vibrant township," he added in a statement.
Matrix had announced positive results in the first quarter of its 2023 financial year ended June 30, 2022, which according to Mohamad Haslah, shows a positive growth outlook despite coming off a low-base in the previous year.
The developer posted a net profit of RM47.04mil, which was 48.44% improved from RM31.69mil in the previous corresponding quarter.
Earnings per share was 5.64 sen compared with 3.8 sen a year earlier.
In line with the performance, the group declared an interim dividend of three sen per share going ex on Sept 13, 2022 and payable on Oct 6, 2022.,
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For the quarter under review, revenue grew to RM229.26mil, a 40.27% increase from RM163.44mil in the comparative quarter, driven by a significant increase in contribution from the group's residential and commercial properties, primarily the flagship Sendayan Developments and industrial property sales at Sendayan TechValley.
The group said it also logged healthy new property sales of RM309.2mil in 1QFY23, up 2.7% from RM300.9mil previously.
It said demand for its affordable premium products remained strong despite the end of the government's Home Ownership Campaign, higher interest rates and challenging environment face in the property development sector.
The group's unbilled sales stood at RM1.3bil, up from RM1.1bil a yer earlier, to be recognised over the next 18 months.
Mohamad Haslah said the group has largely mitigated the impact of raw material shortages and supply chain disruptions, and is in the process of expediting the intake of foreign workers to resolve labour shortage challenges.
"Going forward, we are cautiously optimistic of further improvements to our bottomline in the coming quarters in light of continued demand for our products and healthy margins.
"We feel ready to alter our defensive strategy adopted since the onset of the pandemic to a more progressive stance," he added.