Wednesday, 29 May 2013

Matrix Concepts aims for 30pc growth in net profit

KUALA LUMPUR, May 28 — Main Market debutant, Matrix Concepts Holdings Bhd, expects more than 30 per cent growth in net profit for its financial year ending Dec 31, 2013, driven by ongoing projects and unbilled sales of RM445.1 million as at end-March.

“Last year we registered a net profit of RM103 million and are confident of doing better this year,” its group managing director/chief executive officer Datuk Lee Tian Hock told reporters after the company’s listing ceremony here today.

He said the group is currently developing Bandar Sri Sendayan, its flagship integrated township in Seremban, Negeri Sembilan with a RM5 billion Gross Development Value (GDV), and slated for completion in 2019.

“Although, ongoing projects will sustain us up to 2019, the group does not intend to relax and will continuously seek new land acquisitions,” he added.

For this year the group intends to launch close to RM680 million in new projects in Negeri Sembilan and Johor, with an outstanding landbank of 930 hectares(2300 acres).

On future prospects, Lee said the group is eyeing the Klang Valley for its expansion plan.

“The time is now right for us to venture into the Klang Valley as we position ourselves to enter the big league,” he added.

Meanwhile, in its debut, the shares of Matrix Concepts rose 24 per cent to RM2.70, a premium of 50 sen over its initial offer price of RM2.20, with 2.166 million shares changing hands.

“We believe in terms of performance and delivery, we will move into higher gear to achieve sustainable results,” company chairman Datuk Mohamad Haslah Mohamad Amin said.

At noon break, Matrix Concepts rose 38 sen to RM2.58 with 18.856 million shares changing hands.

At Matrix Concepts’ initial price, it had a market capitalisation of RM660 million. – Bernama

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