In the second quarter ended 30 September 2024 ("2Q25"), Matrix Concepts reported a decrease of revenue by 10.7% to RM321.0 million compared to RM359.4 million in the corresponding quarter of the previous year. This decline it said was primarily due to a reduction in revenue from the property development segment, with revenue recognition dropping by 13.6% to RM302.6 million from RM350.2 million in the prior year. The Group's flagship Sendayan Developments contributed RM285.8 million during the quarter, a decline of 16.1% from RM340.5 million last year.
The Group's profit after tax for 2Q25 rose by 8.3% to RM68.4 million in the quarter under review, compared to RM63.1 million in the previous year. Correspondingly, profit after tax margin strengthened to 21.3% for the quarter, up from 17.6% in the prior year. This improvement was primarily attributable to a substantial increase in other income, which rose by 215.7% to RM14.2 million in the quarter under review, largely from a gain on disposal of property, plant, and equipment, as well as investment property amounting to RM11.5 million.
The Group saw its sales momentum continue to be strong, with new property sales totalling RM341.7 million for the quarter under review. This strong performance was largely driven by Sendayan Developments, which contributed RM294.8 million or 86.3% of total new property sales. As of 30 September 2024, the Group's unbilled sales stood at RM1.3 billion, providing substantial earnings visibility for the next 15–18 months.
In terms of product segmentation, residential properties remained the Group's largest revenue contributor, though the segment declined by 26.8% to RM249.6 million in 2Q25 from RM340.9 million in the prior year. This decrease was partially offset by growth in contributions from commercial and industrial properties.
Revenue from commercial properties increased significantly by 181.5% to RM17.3 million from RM6.1 million last year, while industrial properties saw a jump to RM35.7 million from RM3.2 million previously.
The Group also achieved growth in its other business segments and new revenue streams, notably within its healthcare division. The hospitality and education segments collectively grew by 46.2% to RM13.3 million during the quarter, up from RM9.1 million in the previous year. This growth was driven by improved performance in the education unit, with revenue rising 79.4% to RM6.1 million in 2Q25 from RM3.4 million last year, supported by a steady increase in student enrolment over the past year. Additionally, the healthcare segment contributed RM5.1 million in revenue, derived primarily from Mawar Medical Centre, which began contributing in the second half of the financial year ended 31 March 2024.
