Matrix Concepts Holdings Bhd recorded a strong performance in the third quarter of FY2023, with revenue rising 56.1% year-on-year to RM363.8 million, driven by revenue recognition from the completed The Chambers, Kuala Lumpur and M. Greenvale, Australia projects.

Although gross profit increased 10.7% to RM150.7 million, net profit declined 9.1% to RM53.6 million due to a lower-margin product mix from the Kuala Lumpur and Australia developments. Despite this, the group’s nine-month (9M23) results remained positive, with revenue climbing 28.2% to RM815.4 million and net profit increasing 6.9% to RM149.5 million.

The company continued to enjoy healthy demand for its residential projects, particularly at Sendayan Developments, where new property sales remained resilient. Total 9M23 sales reached RM1 billion, keeping Matrix Concepts on track to achieve its RM1.2 billion full-year sales target.

A key highlight was the increase in unbilled sales to RM1.5 billion, providing strong earnings visibility over the next 12 to 15 months. The gradual easing of labour shortages has also allowed construction activities to recover, supporting future revenue recognition.

Looking ahead, Matrix Concepts remains optimistic about its growth prospects, backed by improving market conditions, a strong financial position, continued demand for affordable-premium homes, contributions from its diversified projects in Kuala Lumpur and Australia, and the planned acquisition of 1,382 acres of land in Negeri Sembilan for future development.

The company also rewarded shareholders by declaring a third interim dividend of 2 sen per share, bringing the total dividend payout for the first nine months of FY2023 to 6 sen per share, equivalent to RM75.1 million or 50.2% of net profit.