KUALA LUMPUR: Matrix Concept Holdings Bhd's net profit climbed 15.3 per cent to RM75.3 million in the third quarter (Q3) ended December 31, 2020 from RM65.33 million last year on increased earnings recognition from property development and expedited construction progress.
The group's revenue increased 13.1 per cent to RM315.4 million in Q3 from RM 739.44 million a year ago.
Of the total revenue, contribution from residential and commercial properties amounted to RM276.6 million, while industrial properties made up RM31.1 million.
The group's investment properties contributed the remaining RM7.7 million in Q3.
The enhanced performance was also supported by contained administrative and general expenses, contributions from its joint venture company in Indonesia, and adjustment in tax provision.
For the nine-month period, Matrix Concepts reported a higher net profit of RM181.5 million from RM178.72 million, despite an 8.7 per cent reduction in revenue to RM739.4 million from RM810.19 million in 2019.
The better profitt was attributed to cost optimisations from increased virtual sales and marketing activities, supported by improved revenue recognition from expedited construction progress during the Recovery Movement Control Order (RMCO) period.
The company declared a third interim dividend of three sen per share in respect of financial year 2020 with ex-date on March 25 this year.
Chairman Datuk Mohamad Haslah Mohamad Amin said the group had upheld its targets for financial year 2021 (FY21) despite the impact and uncertainties posed by Covid-19 since early 2020.
Haslah said the significant growth and consecutive high profit achieved in Q3 reaffirmed the effectiveness of Matrix Concept' strategies in adapting to the new normal, putting it on track to deliver a strong year.
"Meanwhile, in meeting latest market demands, our sales and marketing force continues to introduce innovative customer engagement activities with the use of virtual platforms and social media.
"We have also swiftly tailored our launches to meet the resilient demand for attractively priced landed properties, which are well received by buyers and resulted in commendable new sales performance," he said.