Matrix Concepts Navigates Dynamic Market: A Deep Dive into Their Latest Quarterly Performance
The Malaysian property market has been buzzing with activity, recording its highest transaction volume and value in a decade. Amidst this vibrant backdrop, Matrix Concepts Holdings Berhad, a prominent name in township development, has just released its unaudited financial results for the fourth quarter and full financial year ended 31 March 2025. While the report reveals a resilient performance with strategic growth initiatives, it also highlights the challenges of a dynamic market. Let’s unpack the numbers and see what’s driving this established developer forward.
Core Data Highlights: A Mixed Bag of Growth and Challenges
Matrix Concepts’ latest report presents a nuanced picture, reflecting both the company’s underlying strength and the evolving market landscape.
Fourth Quarter Performance (Q4 FY25 vs. Q4 FY24)
For the fourth quarter ended 31 March 2025, the Group experienced a decline in revenue and profit compared to the same period last year, primarily due to lower revenue recognition from its core property development segment.
Current Quarter (31 March 2025)
Revenue: RM305.2 million
Gross Profit: RM158.5 million
Profit Before Tax: RM49.2 million
Profit After Tax: RM41.7 million
Basic Earnings Per Share: 2.88 sen
Corresponding Quarter (31 March 2024)
Revenue: RM353.1 million (down 13.6%)
Gross Profit: RM175.9 million (down 9.9%)
Profit Before Tax: RM86.9 million (down 43.4%)
Profit After Tax: RM64.6 million (down 35.5%)
Basic Earnings Per Share: 4.84 sen (down 40.5%)
The 13.6% decrease in revenue to RM305.2 million was mainly attributed to a 14.6% drop in property development revenue, specifically from its flagship Sendayan Developments. However, this was partially mitigated by encouraging contributions from Levia Residences in Kuala Lumpur, whose second phase was successfully launched in the preceding quarter. Despite the lower topline, the Group maintained a healthy gross profit margin of 51.9%, an improvement from 49.8% in the same quarter last year, reflecting efficient cost management and product mix effects. The decline in Profit After Tax to RM41.7 million was also impacted by higher administrative and general expenses, and increased finance costs due to growing development activities.
Full Financial Year Performance (FY25 vs. FY24)
On a full-year basis, Matrix Concepts reported a solid performance, demonstrating resilience despite the quarterly fluctuations.
Current Year-to-Date (31 March 2025)
Revenue: RM1,186.9 million
Gross Profit: RM604.9 million
Profit Before Tax: RM275.1 million
Profit After Tax: RM214.9 million
Basic Earnings Per Share: 16.37 sen
Corresponding Year-to-Date (31 March 2024)
Revenue: RM1,344.1 million (down 11.7%)
Gross Profit: RM623.3 million (down 3.0%)
Profit Before Tax: RM332.4 million (down 17.2%)
Profit After Tax: RM245.8 million (down 12.6%)
Basic Earnings Per Share: 19.52 sen (down 16.2%)
For the entire financial year, revenue stood at RM1,186.9 million, a decrease of 11.7% compared to the previous year. Profit After Tax for the year was RM214.9 million, a 12.6% decline from the previous year. Despite these figures, the Group achieved new property sales of RM360.6 million during the quarter, with Sendayan Developments contributing a significant 88.1% of total new sales. This strong sales momentum has resulted in unbilled sales of RM1.46 billion as at 31 March 2025, providing clear earnings visibility for the next 15 to 18 months.
Sequential Quarter Performance (Q4 FY25 vs. Q3 FY25)
Comparing the latest quarter to the preceding one, Matrix Concepts showed an encouraging sequential improvement in revenue.
Current Quarter (31 March 2025)
Revenue: RM305.2 million
Gross Profit: RM158.5 million
Profit Before Tax: RM49.2 million
Profit After Tax: RM41.5 million
Preceding Quarter (31 December 2024)
Revenue: RM280.9 million (up 8.6%)
Gross Profit: RM146.1 million (up 8.4%)
Profit Before Tax: RM54.8 million (down 10.3%)
Profit After Tax: RM43.4 million (down 3.9%)
Revenue increased by 8.6% quarter-on-quarter, driven by a 10.4% rise in property development revenue, largely due to improved sales conversion from previously secured bookings. While gross profit also rose, the Profit After Tax dipped slightly by 3.9% due to increased administrative and general expenses.
Performance Across Business Segments (Full Year FY25 vs. FY24)
Matrix Concepts operates across several segments, and their individual performances contribute to the overall Group results.
| Segment | Revenue (FY25, RM’000) | Revenue (FY24, RM’000) | Change (%) | Segment Result (FY25, RM’000) | Segment Result (FY24, RM’000) | Change (%) |
|---|---|---|---|---|---|---|
| Property Development | 1,122,728 | 1,299,443 | -13.6% | 262,071 | 291,727 | -10.2% |
| Construction | 610,825 | 551,957 | +10.7% | 15,760 | 7,845 | +100.9% |
| Education | 24,339 | 14,390 | +69.1% | (2,524) | (7,126) | +64.6% (loss reduced) |
| Hospitality | 26,602 | 25,209 | +5.5% | 12,771 | 12,614 | +1.2% |
| Healthcare | 13,200 | 5,031 | +162.4% | 12,693 | 18,792 | -32.4% |
While Property Development saw a decline, other segments showed promising growth. The Construction segment achieved a remarkable 100.9% increase in segment results, reflecting robust activity. Education revenue surged by 69.1% with a significant reduction in loss, indicating higher student enrolment and improved operational efficiency. Healthcare also saw substantial revenue growth of 162.4%, following its commencement in the second half of the previous financial year.
Strategic Vision and Future Prospects
The Malaysian property market is experiencing a robust expansion, with the Property Market Report 2024 highlighting the highest volume and value of property transactions in a decade. This growth is underpinned by stable economic conditions and various government initiatives outlined in Budget 2024, such as stamp duty exemptions for first residential homes, the establishment of high-tech industrial areas, and allocations for affordable housing programs. These measures are boosting confidence and stimulating market activity across all sub-sectors, including residential, commercial, and industrial properties.
Matrix Concepts is strategically positioned to capitalize on this positive outlook. The Group’s flagship Sendayan Developments continues to attract homebuyers, especially from the Klang Valley, drawn by improving infrastructure and the rising trend of remote work. This sustained demand forms a strong foundation for future growth.
Looking ahead, a significant catalyst for the Group is the upcoming Malaysia Vision Valley City (MVV City) in Negeri Sembilan. This landmark joint development with the Negeri Sembilan state government, spanning 2,382 acres with an estimated gross development value of RM15 billion over 12 years, is set for initial launches in the financial year ending 31 March 2026. MVV City’s masterplan includes industrial land, residential units, and a commercial precinct, with its strategic location near the proposed High-Speed Rail (HSR) corridor enhancing its long-term potential.
Beyond Negeri Sembilan, Matrix Concepts is actively expanding its footprint in the high-growth Klang Valley market. The successful launch of Levia Residences in Cheras, Kuala Lumpur, and the recent acquisition of strategic stakes in three companies (Horizon L&L Sdn Bhd, Exoland Property Management Sdn Bhd, and Valour Rock Sdn Bhd) for RM77.9 million, will enhance its presence in the Sepang and Banting areas. The Group aims for non-Negeri Sembilan contributions to exceed 30% of its revenue in the long term, diversifying its income streams.
On the international front, the Group’s ventures are progressing. The M. Greenvale project in Melbourne, Australia, has been successfully sold out, and focus is now shifting to M333 St. Kilda, a high-profile mixed-use development. In Indonesia, the completion of Menara Syariah in Jakarta marks a significant milestone and sets the stage for future projects in the region.
Matrix Concepts remains committed to enhancing its township developments through continuous infrastructure upgrades and amenities, fostering vibrant communities, and actively pursuing landbanking opportunities to ensure a robust project pipeline.
Summary and Outlook
Matrix Concepts Holdings Berhad’s latest quarterly report showcases a company actively navigating a dynamic market. While the fourth quarter saw some moderation in revenue and profit compared to the previous year, the sequential quarter-on-quarter improvement and strong new sales underscore the Group’s operational resilience. The significant unbilled sales provide a clear earnings runway for the coming months.
The Group’s strategic initiatives, particularly the ambitious MVV City project and the expansion into high-growth areas within Klang Valley, demonstrate a clear vision for diversification and long-term value creation. Coupled with the positive outlook for the Malaysian property sector, Matrix Concepts appears well-positioned to leverage prevailing market conditions and its established track record.
Key points from the report that highlight the Group’s forward momentum include:
- Strong Unbilled Sales: RM1.46 billion provides clear earnings visibility for the next 15 to 18 months.
- Strategic Diversification: Expansion into Klang Valley with Levia Residences and recent acquisitions, aiming for over 30% revenue contribution from outside Negeri Sembilan.
- Catalytic Project: The upcoming MVV City development with an estimated GDV of RM15 billion over 12 years, poised to be a significant growth driver.
- Growth in Other Segments: Strong performance in Construction, Education, and Healthcare segments, contributing to overall resilience.
- Dividend Declaration: A fourth interim single tier dividend of 1.35 sen per share reflects the company’s commitment to shareholder returns.
What are your thoughts on Matrix Concepts’ strategy to balance its core Sendayan developments with new ventures in Klang Valley and international markets? Do you believe their focus on township development and strategic landbanking will continue to yield strong results in the evolving Malaysian property landscape? Share your perspectives in the comments below!
