Negeri Sembilan-based Matrix Concepts Holdings Bhd (KL:Matrix) has seen changes and transformations in its boardroom, management team and business strategies over the past few years. Kelvin Lee, son of founder and group executive deputy chairman Datuk Seri Lee Tian Hock, is set to take the helm of the company. He was first appointed to the board in September 2023 as a non-executive director and redesignated as a group executive director in April this year.

Guided by his father’s principle, “Act with sincerity, treat others with integrity”, Kelvin sees leadership as a balance between people and purpose.

“Whether in the boardroom or on the ground, we are reminded that Matrix Concepts is not just about building homes but also building lives. This belief continues to shape how we lead, develop talent and prepare the next generation of leaders,” he says.

Matrix Concepts has also expanded its portfolio, including the acquisition of 70% equity interest in property developer Horizon L&L to gain a foothold in Selangor and develop more high-rise projects. It is also developing MVV City in the Malaysia Vision Valley 2.0 (MVV 2.0) mega project in Negeri Sembilan, further strengthening its presence in the state.

The developer has started seeing financial contributions from Horizon L&L and MVV City. “The incremental contribution from both Horizon L&L and MVV City certainly gives clear visibility and a positive outlook of the group’s earnings, highlighting the growth potential of the group in the near term,” Kelvin adds.

In recent years, Matrix Concepts has also been actively expanding its non-property segments, particularly education, healthcare and hospitality, to diversify its income base and enhance long-term sustainability. This diversification has contributed to recurring income growth in recent years.

In the financial year ended March 31, 2024 (FY2024), the group recorded RM44.6 million in revenue from operations excluding the property development division, a 10.6% increase from the previous year. The divisions contributed RM25.7 million in earnings before interest and taxes (Ebit), representing 7.8% of the group’s total RM328.7 million Ebit.

The education segment also strengthened following the partnership with Ray Education Group at the end of 2023, leading to improved operations and strong growth in foreign student enrolment. This has led to the education segment reversing the trend of net losses since its inception to record its inaugural profitable quarter in the fourth quarter of FY2025.

“The healthcare division recorded significant growth, with revenue rising from RM5 million in FY2024 to RM13.3 million in FY2025, driven by the restructuring exercise and expansion of Mawar Medical Centre, which increased its bed capacity from 30 to 97 and consultant count from 13 to 20,” he says.

“Meanwhile, although the profit contribution from the education segment is minuscule, it is most encouraging to learn that they have continued to deliver profits in the first quarter of FY2026. Moving forward, we aim to further enhance recurring income from the healthcare segment through continued expansion, either by increasing the capacity of Mawar Medical Centre or exploring new healthcare ventures.”

The following are excerpts from the interview with Kelvin.