KUCHING: Negeri Sembilan township developer Matrix Concepts Holdings Berhad (Matrix Concepts) is confident that its investment properties – comprising the Matrix Global Schools and d’Tempat Country Club – would greatly boost the vibrancy of the Group’s flagship township of Bandar Sri Sendayan.
Matrix Global Schools, which had a total development cost of RM200 million, opened its doors to students in September 2014, and today boasts an enrolment of 650 students. Matrix Global Schools comprises the Matrix Private School, Matrix International School, and Matrix International Preschool.
Datuk Mohamad Haslah Mohamad Amin, chairman of Matrix Concepts said Matrix Global Schools has gained tremendous traction in student population, with current students hailing not only from Seremban and other towns in Negeri Sembilan, but also from the Greater Klang Valley such as Kajang, Putrajaya and Cheras.
“This is testament to our magnificent campus as well as the high-quality education provided to our younger generation,” he said in a statement. “Building on this, we are confident of achieving our target enrolment of 1,000 students in early 2017, which is also our operational breakeven point.
“Matrix Global Schools and d’Tempat Country Club form the education and leisure components of our Bandar Sri Sendayan respectively, and are instrumental in boosting the vibrancy of the 30,000-population township.
“These investment properties made up 3 per cent of group revenue at present, and with our expansion plans in place, we hope to achieve 10 per cent revenue contribution in the financial year ending March 31, 2019 (FY2019).”
In addition to attracting more students from the Greater Klang Valley, Matrix Concepts had recently entered into a collaboration with China’s Shanghai Zhangjiang Specialized College to send students to Matrix Global Schools to undertake an 18-month preparatory programme for public examinations. At least 300 students would arrive in batches in 2017 and 2018.
“With the sanguine outlook on student enrolments, we are targeting for MGS to achieve operational breakeven in FY2017. This would bring the Group a step closer towards reaching an inflection point in profit contribution from our investment properties.”
Matrix Concepts delivered sturdy 1Q17 results, with revenue growing 62.9 per cent to RM196.2 million and net profit jumping 73.9 per cent to RM51.9 million, compared to revenue and net profit of RM120.4 and RM29.9 million respectively for the corresponding three-month period ended June 30, 2015 (2Q16).
The strong performance was mainly attributable to higher revenue recognition from the sales of residential and commercial properties.
The Group’s new property sales for 1Q17 stood at RM256.0 million, substantially higher than RM210.5 million recorded in 2Q16, benefitting from resilient demand across its townships of Bandar Sri Sendayan in Seremban and Bandar Seri Impian in Kluang, Johor.
Of total 1Q17 revenue, sales of residential properties contributed RM152.3 million, while sales of commercial properties and land contributed RM25.8 million and RM11.7 million respectively. The Group’s investment properties comprising Matrix Global Schools and d’Tempat Country Club made up the remaining RM6.4 million.
The Group’s unbilled sales stood at RM690.6 million as at 30 June 2016, increasing from RM621.4 million as at 31 March 2016.
For the rest of FY2017, Matrix Concepts is set to launch new projects worth RM700 million in gross development value (GDV), comprising mainly affordably-priced homes.
The Group had launched more than RM400 million in GDV in 1Q17.
In respect of FY2017, the group declared a first interim single-tier dividend of 3.25 sen per share with ex-date on 21 September 2016, payable on 6 October 2016. This translates into an estimated payout of RM18.4 million or 35.4 per cent of 1Q17 net profit.