KUALA LUMPUR (May 23): Negeri Sembilan township developer Matrix Concepts Holdings Bhd posted a 12.6% increase in net profit to RM43.9 million for the fourth quarter ended March 31, 2018 (4QFY18), on the back of higher revenue recognition from sales of residential properties.

In a filing to Bursa Malaysia today, Matrix Concepts said its revenue for the quarter grew 5.6% to RM170.36 million, from RM161.35 million in 4QFY17.

Aside from its residential properties, the group also reported a 51.3% increase in revenue contribution from its investment properties — Matrix Global Schools and d’Tempat Country Club — owing to higher student enrolments and increased spending by club members, respectively.

For the quarter under review, the property developer’s unbilled sales grew to RM1.1 billion, compared with RM900 million a year ago.

The group declared a fourth interim dividend of 3.5 sen per share for the quarter, to be paid on July 11.

For the full financial year ended March 31, 2018 (FY18), Matrix Concepts net profit was 14.3% more at RM211.83 million, while revenue increased 4.8% to RM812.29 million, from RM774.98 million in FY17.

As at March 31, 2018, the group’s total undeveloped land bank was approximately 1,600 acres, with an estimated future gross development value (GDV) of RM6.7 billion.

Matrix Concepts chairman Datuk Mohamad Haslah Mohamad Amin said the group is confident of maintaining its growth.

“We recently launched Tiara Sendayan 1 in Seremban, comprising 404 units of homes, with a total GDV of RM150.6 million. The project garnered strong buying interest due to its affordability and appeal, and was fully sold within a week. Encouraged by this, we are optimistic that our subsequent launches would perform similarly, as demand for homes with similar affordability, quality and locality, remains robust.”

“Additionally, we are embarking on breaking new grounds in the current year, with the launch of Chambers KL serviced residences, having a GDV of RM310.6 million. This landmark project marks our first expansion into Kuala Lumpur's high-rise residences segment, and is expected to perform commendably, given its attractive pricing in the heart of the city and the strategic accessibility to numerous forms of public transportation, such as the Light Rail Transit (LRT).”

Matrix Concepts shares closed 0.52% lower at RM1.92 today, for a market capitalisation of RM1.4 billion.