MANAGEMENT DISCUSSION & ANALYSIS that these businesses are operating in price sensitive market segments, was to create and retain market appeal. Please refer to the respective subsegments in this Management Discussion and Analysis for specific performance information on these sectors. Cumulatively, Matrix’s comprehensive and integrated approach in addressing all aspects of its business model had enabled the Group to continue registering robust performance in the creation of both financial and non-financial values for stakeholders. GROUP FISCAL REVIEW Indicator FY2023 (RM’000) FY2022 (RM’000) Difference (%) Group revenue 1,113,058 892,396 24.7 Cost of sales (624,272) (401,967) 55.3 Gross profit 488,786 490,429 (0.3) Other income 26,550 27,169 (2.3) Selling and marketing expenses (85,712) (69,911) 22.6 Administrative and general expenses (161,490) (171,237) (5.7) Operating profit (include other income) 268,134 276,450 (3.0) Finance cost (6,246) (11,452) (45.5) Impairment losses on financial assets (3,042) (11) 27,554.5 Share of net results of associate 1,816 3,409 (46.7) Group profit before tax 260,662 268,396 (2.9) Income tax expense (57,857) (67,530) (14.3) Group profit after tax 202,805 200,866 1.0 Total assets 2,638,418 2,619,373 0.7 Total liabilities 650,563 720,499 (9.7) Total equity 1,987,855 1,898,874 4.7 Borrowings 243,604 285,925 (14.8) Cash and cash equivalents 200,128 150,288 33.2 Indicator FY2023 FY2022 Difference (%) Earnings per share (sen)* 19.7 19.5 1.0 Net assets per share (RM)* 1.59 1.52 4.6 REVENUE In FY2023, Matrix posted a stronger topline performance – recording revenues of RM1.11 billion, 24.7% higher, year-onyear as the absence of COVID-19 related lockdowns facilitated unhindered and optimum operational levels. Revenue was boosted by improved pace of works achieved on most construction sites during the financial year as issues pertaining to foreign worker and building material shortages were managed appropriately and addressed throughout the financial year. From a quarterly perspective, revenue performance showed improvements yearon-year. Sales remained robust throughout FY2023 – underpinned by a strong demand for landed homes in Matrix’s townships of Bandar Sri Sendayan (“BSS”) and Bandar Seri Impian (“BSI”). Revenue contributions from Matrix’s Australia project M. Greenvale and the standalone, boutique development of Chambers, located in the city centre of Kuala Lumpur had also led to higher turnover. Revenue contributions from Matrix’s Australia projects is only recognised upon full completion of the project in accordance with Australian accounting practices. The Group’s Property Division contributed to the bulk of Group revenues, accounting for RM1.10 billion or 96.4% of total revenue. Revenue from the Group’s Property Division was mainly driven by contributions from the Group’s , Negeri Sembilan Developments. Cumulatively, Negeri Sembilan developments, spearheaded by the Group’s flagship Sendayan Developments, contributed RM838.0 million or 75.3% of revenue for FY2023. * Bonus issue adjustment accounted for. INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 42 KEY MESSAGES
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