CHAIRMAN’S STATEMENT economic hurdles in pursuit of excellence. This is reflected in the Group’s total revenue of RM1.1 billion in FY2023, representing a 24.7% increase over revenue in FY2022 of RM892.4 million. Our positive performance in FY2023 speaks volumes of our resilience in managing the challenges faced in the property sector and underpins the market confidence in us as reflected in our healthy valuations, being at par with book value. In the financial period under review, Matrix continued to refine and implement business strategies towards strengthening its financial and operational performance. Such strategies include focusing on cost and operational efficiencies, strategic timing of product launches, continued digitalisation of business processes and a strategic focus on our selected property segments. Prudent management of costs and cashflow was essential in preventing cost overruns and ensuring timely completion of projects. A strong working relationship with our supply chain proved instrumental in managing costs and progress of our projects. Higher construction material prices were mitigated by the Group’s in-house construction arm, offering cost savings and efficiency. Digital marketing campaigns was utilised heavily in the pandemic years and we continued this momentum, reaching out to potential buyers across targeted demographics to optimise our brand presence and product offerings. This shift in our marketing strategies towards digital platforms is also part of a larger drive to further enhance efficiency and to optimise operational expenditure. Matrix stands firm on our business doctrine to meet the needs of the potential buyer and local community. We continue to offer home ownership packages featuring right-priced, luxuriously-spacious homes and affordable financing, all encapsulated within a well-developed, vibrant township. PROPERTY DEVELOPMENT This doctrine has contributed to the Group’s revenue gaining momentum despite continued challenges posed by labour supply shortage. Meanwhile, revenue contribution from commercial and industrial property segments reduced by 53.3% to RM57.4 million in FY2023 as the Group focuses on strong demand for landed residential properties. FY2023 saw 15 new launches at Sendayan Developments worth RM1.2 billion in gross development value (“GDV”). The take-up rate for the Group’s properties across all projects stood at 84.0% for FY2023, demonstrating strong demand for our affordable-premium homes. This response is largely attributable to the increasing interest from property upgraders and first-time homebuyers from the Klang Valley. In addition, the growing inclination for Klang Valley residents to relocate outside of the city centre is made easier by remote and flexible working arrangements. Bayu Sutera entrance statement INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 30 KEY MESSAGES
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