INTEGRATED ANNUAL REPORT 2024 EXPANDING HORIZONS TRANSCENDING BOUNDARIES
COVER RATIONALE EXPANDING HORIZONS TRANSCENDING BOUNDARIES Embodies the essence of limitless exploration and innovation. It signifies a new growth commitment to pushing beyond the familiar and venturing into new realms of possibilities. This tagline reflects a desire to break barriers and surpassing expectations, driving progress and discovery. It highlights the pursuit of knowledge, technology, and human potential, striving for continuous growth and new horizons beyond conventional limits. FTSE Russell (the trading name of FTSE International Limited and Frank Russell Company) confirms that Matrix Concepts Holdings Berhad has been independently assessed according to the FTSE4Good criteria, and has satisfied the requirements to become a constituent of the FTSE4Good Index Series. Created by the global index provider FTSE Russell, the FTSE4Good Index Series is designed to measure the performance of companies demonstrating strong Environmental, Social and Governance practices. MATRIX CONCEPTS HOLDINGS BERHAD
INSIDE THIS REPORT CONTENTS About This Report.................................................................2 OVERVIEW Vision and Mission................................................................8 Corporate Information..........................................................9 Corporate Structure............................................................10 Key Corporate Milestones..................................................12 Group Corporate Profile......................................................14 PERFORMANCE Five-Year Group Financial Highlights..................................17 Group Quarterly Performance.............................................18 Dividend Highlights.............................................................19 Share Price Performance....................................................20 Statement of Value Added Distribution and Simplified Financial Statement...........................................21 Accolades........................................................................... 22 KEY MESSAGES Chairman’s Statement........................................................25 Management Discussion & Analysis...................................36 OUR LEADERSHIP Board of Directors...............................................................56 Board of Directors’ Profiles.................................................58 Chief Executive Officer's Profile.........................................67 Management Team.............................................................68 VALUE CREATION STRATEGIC REVIEW Our Business Model...........................................................75 Our Business Strengths......................................................77 Matters Material to Value Creation.....................................83 Our Performance in Addressing Material Matters..............90 The Business Model at Work: Our Property Value Chain.................................................101 Value Creation Model........................................................103 OUR GOVERNANCE Corporate Governance Overview Statement....................107 Audit Committee Report...................................................120 Statement on Risk Management and Internal Control.....125 Statement of Responsibility by Directors.........................132 FINANCIAL STATEMENTS Directors’ Report...............................................................134 Statement by Directors.....................................................143 Statutory Declaration........................................................143 Independent Auditors’ Report..........................................144 Statements of Financial Position......................................149 Statements of Profit or Loss and Other Comprehensive Income..........................................151 Statements of Changes in Equity.....................................152 Statements of Cash Flows................................................154 Notes to the Financial Statements....................................156 ADDITIONAL INFORMATION Additional Information.......................................................219 List of Properties...............................................................220 Recurrent Related Party Transactions..............................222 Analysis of Shareholdings.................................................223 Top Thirty (30) Largest Shareholders................................225 AGM NOTICE AND INFORMATION Notice of Annual General Meeting....................................227 Statement Accompanying Notice of Annual General Meeting....................................231 Proxy Form Scan the QR Code to download this IAR2024. INTEGRATED ANNUAL REPORT 2024
6 CAPITALS FINANCIAL MANUFACTURED INTELLECTUAL HUMAN SOCIAL NATURAL 7 GUIDING PRINCIPLES Strategic Focus and Future Orientation Connectivity of Information Conciseness Reliability and Completeness Consistency and Comparability Materiality Stakeholder Relationships 8 CONTENT ELEMENTS Organisational Overview and External Environment Governance Business Model Risks and Opportunities Strategy and Resource Allocation Performance Outlook Basis of Preparation and Presentation ABOUT THIS REPORT INTRODUCTION Matrix Concepts Holdings Berhad (“Matrix” or “the Group”) hereby presents its Integrated Annual Report for the financial year ended 31 March 2024 (“IAR2024” or this “Report”). This Report is developed in accordance with disclosure requirements of Bursa Malaysia Securities Berhad for Main Market listed companies and other disclosure frameworks. However, beyond compliance purposes, the strategic narrative of IAR2024 is intended to provide an overall perspective of Matrix’s value creation journey across the financial year. Hence, disclosures in IAR2024 have been developed in accordance with the Integrated Reporting principles-based framework as provided on page 4 (Basis of Preparation) of this Report. In addition, disclosures are also driven by the IFRS S1 and S2 frameworks which emphasise companies to disclose on financial materiality. Matrix for FY2024, has disclosed both financial and impact materiality matters through its IAR2024 and its standalone Sustainability Report 2024 (“SR2024”). 1 2 3 4 5 6 7 1 2 3 4 5 6 7 8 ABOUT THIS REPORT MATRIX CONCEPTS HOLDINGS BERHAD 2
To contact us, please refer to Corporate Information on page 9 of this IAR2024. This IAR2024 is available on the website at www.mchb.com.my The Financial Statements are available on page 134 to page 218 of this IAR2024. ABOUT THIS REPORT INTEGRATED ANNUAL REPORT 2024 (“IAR2024”) IAR2024 offers a thorough yet succinct account of Matrix’s strategies, highlights, and accomplishments in generating both financial and non-financial values for financial year ended 31 March 2024 (“FY2024”). This encompasses elucidating how the Group generates value beyond financial metrics, its utilisation of capitals, and its strategies and priorities to ensure sustained value creation across short, medium, and long-term perspectives. The IAR2024 additionally furnishes comprehensive details on business, operational, and financial performance, incorporating the Group’s audited financial statements for the FY2024. SUSTAINABILITY REPORT 2024 (“SR2024”) SR2024 is issued as a stand-alone sustainability report, delivering a thorough examination of Matrix’s environmental, social, and governance (“ESG”) performances. The disclosures are harmonised with globally recognised reporting frameworks and comply with the stipulations of Bursa Malaysia Securities Berhad. CORPORATE GOVERNANCE REPORT 2024 (“CG2024”) CG2024 illustrates Matrix’s adherence to the specified guidelines of the Malaysia Code of Corporate Governance 2021. This encompasses the Group’s commitment to transparency, accountability, corporate governance and ethics. It also highlights the establishment of internal frameworks and controls for risk management and mitigation, audit processes, and systems reinforcing corporate governance. This Report addresses how the Group safeguard corporate governance in the Company. OUR REPORTING SUITE Resort Villa ABOUT THIS REPORT 3 INTEGRATED ANNUAL REPORT 2024
ABOUT THIS REPORT BASIS OF PREPARATION IAR2024 has been developed in accordance with or in reference to the following domestic / international reporting frameworks (applied partially or in full): Hence, the basis of preparation has been driven by the need to comply with mandatory disclosure requirements and the aforementioned aim of disclosing on matters deemed financially material. Additional considerations are as follows: Sustainability Accounting Standards Board (“SASB”) IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 Climate-related Disclosures Global Reporting Initiative (“GRI”) 2021 Taskforce on Climate-related Financial Disclosures (“TCFD”) Companies Act 2016 (“Act”) Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad Malaysian Code on Corporate Governance 2021 (“MCCG 2021”) Bursa Malaysia Sustainability Reporting Guide – Third Edition Malaysian Financial Reporting Standards (“MFRS”) Information deemed important to enable stakeholders to make an informed decision on Matrix Business and operational resilience including in terms of medium to long-term perspectives The organisation’s business model and external and internal factors influencing the business model Management’s principal business strategies Linkages between financial performance and non-financial matters Risks and opportunities ABOUT THIS REPORT MATRIX CONCEPTS HOLDINGS BERHAD 4
MULTI-CAPITALS PERSPECTIVE As in previous Integrated Annual Reports published by Matrix, IAR2024 is designed to provide a multi-capitals perspective as follows: FINANCIAL CAPITAL Funds available for the production/provision of goods and services i.e. financing (debt/equity/grants), or generated through operations/ investments HUMAN CAPITAL Employees’ competencies, capabilities, motivation, loyalty, leadership skills and team cohesion i.e. individual and collective skills, experience, level of commitment to develop strategies and support organisational goals MANUFACTURED CAPITAL Physical objects/assets available for use in production/ provision of goods and services i.e. buildings, plants/factories, equipment/machinery, infrastructure like roads, ports NATURAL CAPITAL Renewable and non-renewable environmental resources used in the provision of goods and services i.e. energy, water, land, air, and raw material inputs like timber, steel, sand SOCIAL CAPITAL Strength of relationship with stakeholders that impact social license to operate i.e. brand reputation, trust and willingness to engage, built on shared values and objectives INTELLECTUAL CAPITAL Intangible knowledge-based assets/rights i.e. IPs, patents, trademarks, software, licenses, organisational capitals (systems, procedures, protocols, tacit knowledge) ABOUT THIS REPORT 5 INTEGRATED ANNUAL REPORT 2024
RELATED INFORMATION This Report is supplemented with additional online disclosures for our stakeholders. These include consolidated and separate financial statements, policies and structures of governance, organisational policies and other pertinent information. The Group’s latest corporate announcements and our corporate policies are available for viewing on our website: https://www.mchb.com.my/investor-relations/. Sustainability related information is given via: https://www.mchb.com.my/ sustainability/. The Group’s corporate governance policies including among others, Board Charter and Terms of References, Code of Conduct and Whistleblowing Policy can be viewed at: https://www.mchb.com.my/investor-relations/corporategovernance/. DISCLAIMER STATEMENT While every care has been taken by Matrix to ensure the accuracy and veracity of data and disclosures presented in IAR2024, external circumstances beyond the control of the Group may present a possibility of obsolescence. This includes information pertaining to business strategies, resource allocation and capital dependencies as well as business, financial, operational and ESG risks and opportunities and performance goals and targets. Hence, viewers are advised to undertake the necessary due diligence, especially on any forward-looking statements made in IAR2024. Forward-looking statements do not serve as guarantees of future operational or financial results or any other kind of outcome. Actual plans and results may differ from those expressed in this report. Matrix is not liable or responsible for any outcome or impact arising from decisions made by readers after having based their conclusions on information presented in this IAR2024. DIRECTORS’ STATEMENT OF RESPONSIBILITY The Board of Directors of Matrix acknowledges its responsibility in ensuring the integrity of this Report and has applied its collective mind to present a balanced and comprehensive Integrated Annual Report based on good governance practices and guided by International Integrated Reporting Council (“IIRC”)’s Framework. The Board also provides assurance that the financial statements audited by Crowe Malaysia PLT were prepared according to the relevant standards and frameworks, including the Malaysian Financial Reporting Standards (“MFRS”), International Financial Reporting Standards (“IFRS”) and the Companies Act 2016. DISTRIBUTION & AVAILABILITY A digital version of this Report and past reports are available for download at: https://www.mchb.com.my/investorrelations/downloads/ as well as the website of Bursa Malaysia Securities Berhad. ONLINE VERSION AND FEEDBACK Feedback on this Report may be channelled to: Ms. Carmen Loo Tel : +606-764 2688 Email : carmen@mchb.com.my ABOUT THIS REPORT MATRIX CONCEPTS HOLDINGS BERHAD 6
OVERVIEW Vision and Mission................................................................8 Corporate Information..........................................................9 Corporate Structure............................................................10 Key Corporate Milestones..................................................12 Group Corporate Profile......................................................14 STEADY GROWTH
VISION AND MISSION OUR VISION The creation of a benchmark “Nurturing Environments, Enriching Lives” by being a caring and community developer. Providing premier and quality education for our future generation and diversify into sustainable property investment. Strive to consistently exceed our customers’ expectations through delivering par excellence products and professional services for unparalleled customer experience. Continuously develop our highly valued human capital based on meritocracy to ensure continuous growth for both the business and stakeholders. Creation and enhancing shareholders’ value and fulfillment of our corporate social responsibility. OUR MISSION OVERVIEW MATRIX CONCEPTS HOLDINGS BERHAD 8
CORPORATE INFORMATION BOARD OF DIRECTORS DATO’ HAJI MOHAMAD HASLAH BIN MOHAMAD AMIN CHAIRMAN Non-Independent Non-Executive Director DATO’ SERI LEE TIAN HOCK GROUP EXECUTIVE DEPUTY CHAIRMAN Non-Independent Executive Director HO KONG SOON GROUP MANAGING DIRECTOR Non-Independent Executive Director MAZHAIRUL BIN JAMALUDIN Senior Independent Non-Executive Director DATO’ HAJAH KALSOM BINTI KHALID Independent Non-Executive Director CHUA SEE HUA Independent Non-Executive Director LOO SEE MUN Independent Non-Executive Director KELVIN LEE CHIN CHUAN Non-Independent Non-Executive Director VIJAYAM A/P NADARAJAH Independent Non-Executive Director AUDIT COMMITTEE MAZHAIRUL BIN JAMALUDIN CHAIRMAN DATO’ HAJAH KALSOM BINTI KHALID CHUA SEE HUA LOO SEE MUN VIJAYAM A/P NADARAJAH REMUNERATION COMMITTEE LOO SEE MUN CHAIRPERSON MAZHAIRUL BIN JAMALUDIN DATO’ HAJAH KALSOM BINTI KHALID NOMINATION COMMITTEE DATO’ HAJAH KALSOM BINTI KHALID CHAIRPERSON CHUA SEE HUA LOO SEE MUN RISK MANAGEMENT COMMITTEE CHUA SEE HUA CHAIRPERSON HO KONG SOON MAZHAIRUL BIN JAMALUDIN KELVIN LEE CHIN CHUAN VIJAYAM A/P NADARAJAH SUSTAINABILITY COMMITTEE DATO’ HAJI MOHAMAD HASLAH BIN MOHAMAD AMIN CHAIRMAN DATO’ SERI LEE TIAN HOCK HO KONG SOON KELVIN LEE CHIN CHUAN VIJAYAM A/P NADARAJAH CHAI KENG WAI COMPANY SECRETARY CARMEN LOO KAH BOON (MAICSA 0784630) (SSM Practicing Certificate No. 201908001700) REGISTERED OFFICE WISMA MATRIX No. 57, Jalan Tun Dr. Ismail, 70200 Seremban, Negeri Sembilan. Tel : +606-7642 688 Fax : +606-7646 288 Website : www.mchb.com.my Email : matrixcorp@mchb.com.my STOCK EXCHANGE LISTING BURSA MALAYSIA SECURITIES BERHAD MAIN MARKET PROPERTY SECTOR STOCK NAME AND CODE MATRIX (5236) AUDITORS CROWE MALAYSIA PLT 201906000005 (LLP0018817-LCA) & AF1018 52, Jalan Kota Laksamana 2/15, Taman Kota Laksamana, Seksyen 2, 75200 Melaka. Tel : +606-2825 995 Fax : +606-2836 449 REGISTRAR BINA MANAGEMENT (M) SDN BHD Lot 10, The Highway Centre, Jalan 51/205, 46050 Petaling Jaya, Selangor. Tel : +603-7784 3922 Fax : +603-7784 1988 Email : binawin@binamg168.com BANKERS AMBANK ISLAMIC BERHAD AMBANK (M) BERHAD PUBLIC BANK BERHAD MAYBANK ISLAMIC BERHAD HONG LEONG BANK BERHAD OVERVIEW 9 INTEGRATED ANNUAL REPORT 2024
CORPORATE STRUCTURE 100% MATRIX SINO DEVELOPMENT SDN BHD 100% MASUDA CORPORATION SDN BHD 100% MATRIX CONCEPTS SDN BHD 100% BSS DEVELOPMENT SDN BHD 100% MATRIX PROPERTIES SDN BHD 100% MATRIX CONCEPTS (NS) SDN BHD 100% MATRIX REALTY MANAGEMENT SDN BHD 100% MATRIX PROJECT MANAGEMENT SDN BHD 100% MATRIX EXCELBUILDER SDN BHD 100% MATRIX EXCELCON SDN BHD 100% MATRIX EXCELTRADING SDN BHD 100% MATRIX COUNTRY CLUB SDN BHD 100% MATRIX HOTELS MANAGEMENT SDN BHD PROPERTY DEVELOPMENT/ INVESTMENT PROPERTY MANAGEMENT HOSPITALITY CONSTRUCTION OVERVIEW MATRIX CONCEPTS HOLDINGS BERHAD 10
100% MATRIX IBS SDN BHD 100% MATRIX CONCEPTS (SOUTHERN) SDN BHD 100% MATRIX CONCEPTS (DAMANSARA) SDN BHD 100% MCHB DEVELOPMENT (KV) SDN BHD 100% MCHB DEVELOPMENT (SOUTHERN) SDN BHD 100% MCHB NATRO’ GREEN SDN BHD 100% MATRIX HEALTHCARE SDN BHD 70% MATRIX MEDICARE SDN BHD 30% PT FIN CENTERINDO SATU 100% MATRIX CONCEPTS (CHERAS) SDN BHD 51% MATRIX EDUCARE SDN BHD 100% MATRIX GREENVALE (AUSTRALIA) PTY LTD 100% MATRIX 333 ST KILDA (AUSTRALIA) PTY LTD 100% MATRIX PROPERTY MANAGEMENT (AUSTRALIA) PTY LTD 85% N9 MATRIX DEVELOPMENT SDN BHD 85% MEGAH SEDAYA SDN BHD Direct subsidiaries Indirect subsidiaries 100% MATRIX CONCEPTS (CENTRAL) SDN BHD 100% MATRIX DEVELOPMENT (AUSTRALIA) PTY LTD 100% MCHB DEVELOPMENT (NS) SDN BHD 100% MGE DEVELOPMENT SDN BHD 100% PT MATRIX PERKASA INDONESIA HEALTHCARE EDUCATION OVERVIEW 11 INTEGRATED ANNUAL REPORT 2024
KEY CORPORATE MILESTONES 1996 2005 2017 2015 1997 2013 1999 2016 2014 Incorporation of Matrix Concepts Holdings Berhad. Maiden project at Taman Bahau in Negeri Sembilan comprising 595 units of mixed residential and commercial development. Joint venture with Menteri Besar Incorporated of Negeri Sembilan to develop Taman Andalas on 39 acres of land. The first JointVenture flagship development at Bandar Seri Impian, Kluang, Johor followed by Bandar Sri Sendayan as the second flagship project. Matrix Concepts Holdings Berhad listed on the Main Market of Bursa Malaysia Securities Berhad on 28 May 2013. Completion of listing of Bonus Issue of 152,167,146 new ordinary shares of RM1.00 each in the Company, on the basis of one (1) bonus share for every two (2) existing shares in the Company. Completion of listing of 77,325,585 new ordinary shares of RM1.00 each in the Company on the basis of one (1) bonus share for every six (6) existing shares and 77,325,585 warrants in the Company on the basis of one (1) warrant for every six (6) existing shares on Main Market of Bursa Malaysia Securities Berhad. Launched its first oversea project, M.Carnegie Boutique Apartment in Melbourne, Australia. Maiden issuance of Sukuk Wakalah under the Sukuk Wakalah Programme, comprising RM50.0 million in nominal value of Islamic Commercial Papers and RM100.0 million in nominal value of Islamic Medium Term Notes. Completion of listing of 147,778,258 new ordinary shares in the Company on the basis of one (1) bonus share for every four (4) existing shares in the Company and 12,872,798 additional Warrants arising from the adjustments made in relation to the Bonus Issue. Education Joint Collaboration Agreement entered into between MGE Development Sdn Bhd and Hengshui Yizhong Education Group Sdn Bhd for advancement of education for students from China. OVERVIEW MATRIX CONCEPTS HOLDINGS BERHAD 12
2019 2022 2023 2018 Memorandum of Understanding entered into between the Company and PT Bangun Kosambi Sukses and PT Nikko Sekuritas Indonesia for the joint development of an Islamic Financial District in Pantai Indah Kapuk 2, Jakarta. Joint Venture Agreement entered into between the Company and PT Bangun Kosambi Sukses and PT Nikko Sekuritas Indonesia to jointly venture into the construction and development of an Islamic Financial District in Indonesia. Memorandum of Collaboration entered into between N9 Matrix Development Sdn Bhd (“N9 Matrix”) and China Malaysia (Anhui) Industrial Investment Co., Ltd (“Anhui”) for Sale by N9 Matrix to Anhui of a plot of land of approximately 193 acres of industrial land which is part of the 1,382 acres of the Malaysian Vision Valley 2.0 lands in Mukim Labu, Daerah Seremban, Negeri Sembilan that was acquired by N9 Matrix for development purposes. Subsequent issuance of Islamic Medium Term Notes of RM100.0 million in nominal value under the Sukuk Wakalah Programme. Joint Venture cum Shareholders Agreement entered into between MGE Development Sdn Bhd and Bonanza Educare Sdn Bhd with a mutual objective to provide efficient operations and management of Matrix Global Schools based on an agreed business plan. Joint Venture Agreement entered into between Matrix Concepts (Southern) Sdn Bhd and Koperasi Kemajuan Tanah Negeri Johor Berhad (“KKTNJB”) with a mutual objective and purpose of carrying out mixed development projects on part of the land owned by KKTNJB. Management Agreement entered into between Matrix Medicare Sdn Bhd (“MMSB”) and Pusat Hemodialisis Mawar (“PHM”) wherein MMSB was appointed as the exclusive service provider in respect of the management of Mawar Medical Centre (Mawar). Completion of listing of a total of 70.0 million placement shares which were placed out in four (4) tranches in relation to the Private Placement. Memorandum of Understanding entered into between NS Corporation (“NS Corp”) and MCHB Development (NS) Sdn Bhd (“MCHB NS”) on 28 April 2022 to record both parties’ intentions to collaborate and carry out development on certain part of the lands in MVV 2.0. Sale and Purchase Agreement entered into between NS Corp and MCHB NS on 24 August 2022 on the purchase of MVV 2.0 land, Negeri Sembilan. Completion of Bonus Issue of 417,115,361 new ordinary shares on the basis of 1 bonus share for every 2 existing ordinary shares held in the Company. Strategic Collaboration Agreement entered into between Matrix Educare Sdn Bhd and Adcote International Education Management Sdn Bhd (“AIEM”) and Ray International Education Management Limited (“Ray Group”) for Agreement for collaboration with AIEM and Ray Group for management and operations of Matrix Global Schools. OVERVIEW 13 INTEGRATED ANNUAL REPORT 2024
ABOUT MATRIX’S PRINCIPAL BUSINESS OPERATIONS IS PROPERTY DEVELOPMENT AND ITS RELATED SERVICES. TOGETHER WITH OTHER BUSINESSES COMPRISING CONSTRUCTION, EDUCATION, HOSPITALITY AND HEALTHCARE, WHICH ARE CUMULATIVELY REGARDED AS MATRIX’S FIVE PILLARS OF STRENGTH. THIS ENABLES MATRIX TO DERIVE OPERATIONAL SYNERGIES ACROSS ITS BUSINESS MODEL AND VALUE CHAIN TO ENHANCE THE VALUE PROPOSITION OF ITS TOWNSHIPS AND STAND-ALONE PROPERTY DEVELOPMENTS. “Nurturing Environments, Enriching Lives” Reflecting its tagline above, Matrix aspires to deliver sustainable, community living environments that meets property buyers’ aspirations while providing them with value and the opportunity to enjoy and aspire to better lifestyle experiences. In essence, beyond providing quality build and design, Matrix looks forward to delivering a complete lifestyle eco-system of work, play, dine, shop, learn and more. Matrix has also expanded its footprint in Indonesia and Australia. GROUP CORPORATE PROFILE AUSTRALIA MALAYSIA INDONESIA OVERVIEW MATRIX CONCEPTS HOLDINGS BERHAD 14
OUR BUSINESS FOOTPRINT AND PRESENCE PROPERTY DEVELOPMENT • In Malaysia, we are within the Top 10 property developers. • We have won multiple awards for our property development by being a sustainable developer. • From land acquisition, planning to construction and delivery, we provide the best quality homes and experience to the purchasers. • We provide a conducive living environment and vibrant communities to our home buyers. CONSTRUCTION • Our construction arm, Matrix Excelcon Sdn Bhd serves as a key enabler to our developments, and brings vast experience in undertaking infrastructure, residential and commercial projects. • Backed by the dedicated management team, all of our developments are delivered in timely manner with utmost efficiency and competitive pricing which will exceed our customers’ expectations of quality and services. EDUCATION • Matrix Global Schools comprise of Matrix Private School, Matrix International School and Matrix International Preschool located in one campus, focus with one vision and one mission. • We are a leading international and private education provider in Negeri Sembilan in creating new frontiers where we live up to our tagline “Nulli Secunda” which is “second to none” in terms of our quality of education. • Our philosophy is to challenge our students to be intellectually curious, responsive and persistent; to be committed to and expressive of their ideas. HOSPITALITY • d’Tempat Country Club, designed to be a top-notch club in Negeri Sembilan, caters to the ever increasing needs of residents and guests for leisure, sporting and excellent dining facilities. The Club also offers a perfect venue for all corporate functions, meetings, weddings and conferences. • d’Sora Boutique Business Hotel, a 3-Star contemporary business hotel, offers a complete range of facilities that meet business needs and travellers’ comforts. HEALTHCARE • Through its 30year management agreement with Pusat Hemodialisis Mawar (“PHM”), Matrix has now penetrated into the healthcare sector. Matrix Medicare Sdn Bhd, the Group’s subsidiary Company, manages PHM’s non-clinical operations of Mawar Medical Center such as finance, administration and human resources. • The partnership with PHM is a first step in realising the Group’s long-held ambitions towards establishing a fullfledged medical centre, while tapping on the potential synergistic benefits of integrating its property development and healthcare businesses. GROUP CORPORATE PROFILE OVERVIEW 15 INTEGRATED ANNUAL REPORT 2024
FUTURE FORWARD PERFORMANCE Five-Year Group Financial Highlights..................................17 Group Quarterly Performance.............................................18 Dividend Highlights.............................................................19 Share Price Performance....................................................20 Statement of Value Added Distribution and Simplified Financial Statement...........................................21 Accolades........................................................................... 22
IN RM’000 12 MONTHS AUDITED 2024 12 MONTHS AUDITED 2023 12 MONTHS AUDITED 2022 12 MONTHS AUDITED 2021 12 MONTHS AUDITED 2020 Revenue 1,344,073 1,113,058 892,396 1,127,599 1,283,406 Cost of sales (720,790) (624,272) (401,967) (562,354) (715,314) Operating expenses (320,705) (250,244) (241,159) (242,879) (238,256) Operating profit 302,578 238,542 249,270 322,366 329,836 Other income 35,560 26,550 27,169 39,520 10,045 Finance cost (5,082) (6,246) (11,452) (26,244) (2,145) Share of net results of joint venture (650) 1,816 3,409 5,166 (126) Profit before taxation 332,406 260,662 268,396 340,808 337,610 Taxation (86,562) (57,857) (67,530) (87,726) (103,157) Profit after taxation 245,844 202,805 200,866 253,082 234,453 Profit attributable to owners of the Company 244,308 207,220 205,198 262,223 237,386 Shareholders’ equity 2,136,381 2,003,625 1,910,379 1,807,735 1,605,130 Earnings per share (sen) 19.5 19.7 19.5 21.0 19.4 Return on equity 11.4% 10.3% 10.7% 14.5% 14.8% FIVE-YEAR GROUP FINANCIAL HIGHLIGHTS SHAREHOLDERS’ EQUITY (RM’000) 2020 2021 2022 2023 2024 1,605,130 1,807,735 1,910,379 2,003,625 2,136,381 PROFIT BEFORE TAXATION (RM’000) 2020 2021 2022 2023 2024 337,610 340,808 268,396 260,662 332,406 PROFIT AFTER TAXATION (RM’000) 2020 2021 2022 2023 2024 234,453 253,082 200,866 202,805 245,844 REVENUE (RM’000) 2020 2021 2022 2023 2024 1,283,406 1,127,599 892,396 1,113,058 1,344,073 PERFORMANCE INTEGRATED ANNUAL REPORT 2024 17
GROUP QUARTERLY PERFORMANCE FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 IN RM’000 FIRST QUARTER SECOND QUARTER THIRD QUARTER FOURTH QUARTER YEAR ENDED 31.03.2024 Revenue 331,426 359,354 295,978 357,315 1,344,073 Cost of sales (179,203) (202,628) (136,440) (202,519) (720,790) Selling & marketing expenses (32,101) (42,895) (34,822) (7,695) (117,513) Administrative expenses (34,254) (31,453) (54,514) (91,769) (211,990) Other income 2,341 4,486 7,290 21,443 35,560 Operating profit (include other income) 88,209 86,864 77,492 76,775 329,340 Finance cost (1,338) (2,785) (550) (409) (5,082) Net reversal of impairment loss on finanical assets – – – 8,798 8,798 Share of net results of associate 351 (267) (817) 83 (650) Profit before taxation 87,222 83,812 76,125 85,247 332,406 Taxation (23,518) (20,706) (19,458) (22,880) (86,562) Profit after taxation 63,704 63,106 56,667 62,367 245,844 Profit after taxation attributable to owners of the Company 64,602 64,029 57,238 58,439 244,308 Earnings per share (sen) 5.16 5.12 4.57 4.67 19.52 Dividend per share (sen) 2.50 2.50 2.50 2.50 10.00 Revenue Operating Profit Profit Before Taxation Profit After Taxation Profit After Taxation Attributable to owners of the Company Earnings per share Dividend per share Q4 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 0 (SEN) 331,426 359,354 295,978 357,315 88,209 86,864 77,492 76,775 83,812 76,125 85,247 63,704 63,106 56,667 62,367 64,602 64,029 57,238 58,439 5.16 2.50 2.50 2.50 2.50 5.12 4.57 4.67 Q3 Q2 Q1 87,222 6 5 4 3 2 1 0 (RM’000) PERFORMANCE MATRIX CONCEPTS HOLDINGS BERHAD 18
DIVIDEND HIGHLIGHTS DIVIDEND PAYMENT PER ORDINARY SHARE FOR THE LAST 4 QUARTERS SUMMARY OF DIVIDEND PAYOUT FOR FY2020 TO FY2024 Total Dividend Payout (RM’million) Dividend Payout Ratio (%) 2.50 Sen JUL 2024 2.50 Sen JAN 2024 2.50 Sen OCT 2023 2.50 Sen APR 2024 0 10203040506070 0 30 60 90 120 150 FY2023 FY2024 FY2022 FY2021 FY2020 FINANCIAL YEAR FINANCIAL PERIOD DATE OF PAYMENT TYPE OF DIVIDEND NET DIVIDEND (SEN) DIVIDEND PAID (RM’MILLION) TOTAL DIVIDEND PAYOUT (RM’MILLION) DIVIDEND PAYOUT (%) 2024 4Q24 11-Jul-24 Interim Dividend 2.50 31.3 125.2 50.9 3Q24 03-Apr-24 Interim Dividend 2.50 31.3 2Q24 10-Jan-24 Interim Dividend 2.50 31.3 1Q24 05-Oct-23 Interim Dividend 2.50 31.3 2023 4Q23 06-Jul-23 Interim Dividend 2.25 28.2 103.2 50.9 3Q23 06-Apr-23 Interim Dividend 2.00 25.0 2Q23 12-Jan-23 Interim Dividend 2.00 25.0 1Q23 06-Oct-22 Interim Dividend 2.00 25.0 2022 4Q22 07-Jul-22 Interim Dividend 3.75 31.3 104.3 52.0 3Q22 07-Apr-22 Interim Dividend 3.75 31.3 2Q22 06-Jan-22 Interim Dividend 3.00 25.0 1Q22 07-Oct-21 Interim Dividend 2.00 16.7 2021 4Q21 08-Jul-21 Interim Dividend 4.00 33.4 100.1 39.6 3Q21 08-Apr-21 Interim Dividend 3.00 25.0 2Q21 08-Jan-21 Interim Dividend 3.00 25.0 1Q21 08-Oct-20 Interim Dividend 2.00 16.7 2020 4Q20 07-Aug-20 Interim Dividend 2.50 20.9 95.3 40.6 3Q20 15-Apr-20 Interim Dividend 3.00 25.0 2Q20 08-Jan-20 Interim Dividend 3.00 24.7 1Q20 09-Oct-19 Interim Dividend 3.00 24.7 Total Dividend Payout (RM’million) Dividend Payout Ratio (%) PERFORMANCE INTEGRATED ANNUAL REPORT 2024 19
SUMMARY OF BENCHMARK INDEX MOVEMENT Matrix Share 1 April 2022 - 30 June 2023 (RM) Matrix Share 1April 2023 - 30 June 2024 (RM) Variance (%) KLSE Composite Index 1 April 2023 - 30 June 2024 KLSE Property Index 1 April 2023 - 30 June 2024 Opening 1.55 1.45 -6.5% 1,433.39 694.13 Closing 1.41 1.78 26.2% 1,590.09 1,080.89 Movement -0.14 0.33 156.70 386.76 Average 1.49 1.61 8.1% 1,480.62 865.28 Lowest 1.33 1.38 3.8% 1,374.64 684.87 Highest 1.67 1.83 9.6% 1,629.18 1,142.45 Range 1.33 - 1.67 1.38 - 1.83 1,374.64 - 1,629.18 684.87 - 1,142.45 Median 1.49 1.61 1,454.83 858.75 Matrix Share 1 April 2022 - 30 June 2023 (units) Matrix Share 1April 2023 - 30 June 2024 (units) Variance (%) KLSE Composite Index 1 April 2023 - 30 June 2024 (units) KLSE Property Index 1 April 2023 - 30 June 2024 (units) Average volume 886,213 1,835,341 107.1% 165,389,498 295,351,479 Volume median 582,450 1,319,000 126.5% 138,326,700 256,742,000 Notes: Opening Value on 1 April Closing Value on 30 June Movement Difference of value between opening and closing Average Average value for the whole period (Total/no.of days) Range The gap between lowest and highest value Median Middle value for the preriod 1 April 2022 - 30 June 2023 1 April 2023 - 30 June 2024 KLSE Composite Index 1 April 2023 - 30 June 2024 KLSE Property Index 1 April 2023 - 30 June 2024 MATRIX SHARE PRICE INDEX 1 APRIL 2023 - 30 JUNE 2024 1.6 1.4 1.2 1 0.8 SHARE PRICE PERFORMANCE PERFORMANCE MATRIX CONCEPTS HOLDINGS BERHAD 20
Beyond direct financial values such as revenues and earnings, Matrix continues to focus on the creation of indirect financial values as per the following: SIMPLIFIED STATEMENT OF LIABILITIES AND SHAREHOLDERS’ EQUITY (RM’000) Further explanation on the Group’s financial performance for FY2024 is provided for in the Management Decision & Analysis. STATEMENT OF VALUE ADDED DISTRIBUTION AND SIMPLIFIED FINANCIAL STATEMENT 92,566 92,564 104,717 241,148 511,040 587,758 67,530 57,753 86,550 226,198 197,832 226,558 171,194 153,132 414,482 FY2022 FY2023 FY2024 SIMPLIFIED STATEMENT OF ASSETS (RM’000) VALUE DISTRIBUTION STATEMENT (RM’000) Payments to Employees Payments to Suppliers and Partners Government (Income Tax) Repayment to Providers of Capital Monies Distributed for Community Development (CSR) Economic Value Retained 219,181 210,693 203,810 2,863 2,743 4,769 62 30 15 22,580 36,976 28,046 714,362 778,768 709,704 202,138 250,232 375,578 1,266,152 1,171,150 1,185,312 Property, Plant and Equipment Right-of-use Assets Investment Properties Deferred Tax Assets Trade and Other Receivables Deposits, Cash and Bank Balances Inventories 961,315 961,315 285,925 243,604 150,406 961,315 22,148 24,510 20,441 944,365 1,045,220 1,167,522 4,699 (2,910) 7,544 412,301 382,199 396,887 Total Borrowings Share Capital Trade and Other Payables Long-term and Deferred Payables Retained Earnings Other Reservers 8,590 8,263 10,321 PERFORMANCE INTEGRATED ANNUAL REPORT 2024 21
ACCOLADES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 PERFORMANCE MATRIX CONCEPTS HOLDINGS BERHAD 22
ACCOLADES FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 THE STARPROPERTY MALAYSIA AWARDS - EXCELLENCE THE CORNERSTONE AWARD (BEST LANDED DEVELOPMENT) Bayu Sutera THE STARPROPERTY MALAYSIA AWARDS - HONOURS THE SKYLINE AWARD (BEST HIGH-RISE RESIDENTIAL DEVELOPMENT) Levia Residence THE STARPROPERTY MALAYSIA AWARDS – ALL-STARS AWARD (TOP 10 LISTED COMPANY) Matrix Concepts Holdings Berhad THE STARPROPERTY MALAYSIA AWARDS - STARPROPERTY READERS’ CHOICE AWARD (MOST HEART-WARMING CSR INITIATIVE) Matrix Concepts Holdings Berhad MALAYSIA PROPERTY AWARD™ RESIDENTIAL LOW RISE CATEGORY WINNER Hijayu 2 @ Resort Homes SIN CHEW BUSINESS EXCELLENCE AWARDS SCBEA TOP 10 (PAT) Matrix Concepts Holdings Berhad ASIA CORPORATE EXCELLENCE & SUSTAINABILITY AWARD (ACES) - ASIA’S BEST PERFORMING COMPANIES Matrix Concepts Holdings Berhad THE EDGE PROPERTY EXCELLENCE AWARDS TOP 10 PROPERTY DEVELOPERS AWARD Matrix Concepts Holdings Berhad MALAYSIA DEVELOPER AWARDS TOP 3 IN TOP 10 FOR MARKET CAPITALISATION OF RM1 BILLION AND ABOVE Matrix Concepts Holdings Berhad THE STARPROPERTY MALAYSIA AWARDS ALL-STARS AWARD ( TOP 10 LISTED COMPANY ) Matrix Concepts Holdings Berhad THE STARPROPERTY MALAYSIA AWARDS EXCELLENCE STARPROPERTY READERS’ CHOICE (MOST HEART-WARMING CSR INITIATIVE) Matrix Concepts Holdings Berhad THE STARPROPERTY MALAYSIA AWARDS EXCELLENCE THE LUXURY AWARD - BEST LUXURY PROPERTY DEVELOPMENT (LANDED) Resort Villa THE STARPROPERTY MALAYSIA AWARDS HONOURS THE CORNERSTONE AWARD - BEST LANDED DEVELOPMENT Resort Residence 2 2024 2023 PERFORMANCE INTEGRATED ANNUAL REPORT 2024 23
FOCUSED DIRECTION KEY MESSAGES Chairman’s Statement........................................................25 Management Discussion & Analysis...................................36
TO OUR VALUED SHAREHOLDERS, ON BEHALF OF THE BOARD OF DIRECTORS OF MATRIX CONCEPTS HOLDINGS BERHAD (“MATRIX” OR “THE GROUP”), I AM HONOURED TO PRESENT THE INTEGRATED ANNUAL REPORT FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 (“FY2024”). I’M PLEASED TO INFORM THAT MATRIX CONTINUES TO DELIVER ANOTHER YEAR OF COMMENDABLE PROFITS IN OUR ELEVENTH YEAR OF PROGRESSIVE GROWTH SINCE OUR LISTING ON THE MAIN BOARD OF BURSA MALAYSIA. DATO’ HAJI MOHAMAD HASLAH BIN MOHAMAD AMIN NON-INDEPENDENT NON-EXECUTIVE CHAIRMAN CHAIRMAN’S STATEMENT KEY MESSAGES 25 INTEGRATED ANNUAL REPORT 2024
Malaysia’s Foreign Direct Investment (“FDI”) in 2023 proved encouraging, given the nation’s competitive advantage of skilled and available workforce, relative low cost of living and technological advancement. The relaxation of the Malaysia My Second Home (MM2H) programme, announced by the Government in December 2023, is on the right track to boost foreign investment in Malaysia particularly in real estate sector. The property market in 2023 showcased a positive growth, largely attributable to the improving labour market conditions and implementation of various government initiatives and assistance such as the MADANI Economy Framework. Initiatives outlined in the National Budget 2023 also supported this growth, such as the full stamp duty exemption on the instrument of transfer and loan agreement for the purchase of the first residential home priced up to RM500,000 by Malaysia citizens to remain until 31 December 2025. Another initiative was the increase of stamp duty remission from 50% to 75% for the purchase of the first residential properties priced between RM500,000 to RM1 million by Malaysian citizens and applicable for sale and purchase agreements executed until 31 December 2023. Budget allocations were also accorded for housing in rural areas as well as for development under the People’s Housing Programme, Rumah Mesra Rakyat and the Project Perumahan Awam Malaysia. On the demand side, mixed movements are shown in the indicators of residential and non-residential property demand. With the exception of a slight decline in local application for residential purchases, loan applications and approval for the non-residential property registered a positive increase. PROGRESSIVE ECONOMIC GROWTH FY2024 has been a year of continuous growth and progress despite the many challenges experienced. The global economy has been impacted by the geopolitical tensions with the ongoing Ukraine-Russia conflict, heightened further by the strife in the Middle-East. Rising inflation and tighter financial conditions have seen a marked tightening of monetary policy. This is in addition to the disruption in the supply chain and increased pricing of products and services across countries. The above factors weighed significantly on Malaysia’s economy, compounded by the increased inflation, unemployment and shrinking incomes, hence reducing the purchasing power of potential homeowners. Compounding this was the increase in cost of raw materials for construction and difficulty in securing financial loans. However, notwithstanding the global, domestic financial and economic environmental factors above, the property market proved resilient in 2023, supported by an overall positive performance. In 2023, a total of 399,008 transactions worth RM196.8 billion were recorded, each showing an increase of 2.5% and 9.9% respectively compared to 2022, which recorded 389,107 transactions worth RM179.1 billion. Keeping a pulse on the erosion of the ringgit and growing inflation, Bank Negara Malaysia remained resolute in maintaining the overnight policy rate (“OPR”) at 3.00% basis points for the large portion of the Group’s financial year 2024. CHAIRMAN’S STATEMENT Lumina, Eka Heights KEY MESSAGES MATRIX CONCEPTS HOLDINGS BERHAD 26
The residential overhang situation continued to improve as the numbers has seen a reduction as compared to the previous year. The country’s GDP growth is projected to be moderately lower than the previous year. In line with other countries in the region, the property market performance is expected to be cautiously optimistic given the unpredictable external environment. However, the accommodative policies, continuous government support, well execution of measures outlined in the revised National Budget 2023 and the proper implementation of strategies and initiatives under the Twelfth Malaysia Plan are expected to remain supportive of the property sector. PROGRESSIVE PERFORMANCE Accelerating away from the earlier tumultuous pandemic era, Matrix has sharpened its focus on keeping to our established and proven business model, hence setting the stage for stronger, sustained growth in the years ahead. Despite the many challenging business hurdles encountered in FY2024, the business agility and tenacity of the team at Matrix has once again persevered, forging a progressive path forward. This is clearly demonstrated in the Group’s total revenue of RM1,344.1 million in FY2024, representing a 20.8% increase over revenue of RM1,113.1 milion in FY2023. CHAIRMAN’S STATEMENT Levia Residence This commendable performance is reflective of the Group’s adaptive strategy, given the fast-evolving business environment. Managing cash flow and strengthening operational efficiency, using the Group’s in-house construction arm, was a key focus alongside strategic product launches and the innovative digital transformation to support our ongoing business operations. The accelerated market acceptance and reliance on digitalisation in today’s business environment has served to further entrench our digital platforms, now a part of our standard operating systems in office processes. Nonetheless, we are continuously exploring avenues to further expand our technological boundaries to improve operating efficiency, adapt our product offerings to the evolving market trends driven by the expectation of the younger generation and essentially, cater to the needs of our customers and local community alike. We affirm our passion and commitment as a domestic-driven developer, looking to customise our home ownership packages to offer right-priced, luxuriously spacious affordable homes, nestled in a vibrant township, to realise the dreams of potential buyers. PROPERTY DEVELOPMENT Our resilience in standing firm and facing head-on the many challenges in the business environment has proven successful. Our strategies and business acumen built up over the decades has held us in good stead, resulting in a credible performance in this arena. In FY2024, revenue contribution from residential properties generated RM1,222.3 milion, an increase of 20.4% over the previous financial year whilst the commercial and industrial properties contributed RM77.2 million, an increase of 34.5% over FY2023. This was supported by other business units bringing in revenue of RM44.6 million in FY2024, an increase of 10.7% over the corresponding financial year. 20.8% GROUP TOTAL REVENUE OF RM1,344.1 MILLION (FY2024) VS RM1,113.1 MILLION (FY2023) KEY MESSAGES 27 INTEGRATED ANNUAL REPORT 2024
IN FY2024, THE GROUP SUCCESSFULLY LAUNCHED 13 PROJECTS AT SENDAYAN DEVELOPMENTS WORTH RM1,065.7 MILLION IN GROSS DEVELOPMENT VALUE (“GDV”). CHAIRMAN’S STATEMENT In FY2024, the Group successfully launched 13 projects at Sendayan Developments worth RM1,065.7 million in gross development value (“GDV”), albeit a decrease of 9.3% over RM1,174.9 million in FY2023. The average take-up rate of 75.9% for these projects are indicative of the growing acceptance from homebuyers, particularly those from the Klang Valley. One notable achievement is from Levia Residence in Cheras, was officially launched on 22 January 2024. Being the Group’s second Klang Valley Development, it secured RM111.7 million worth of new sales, just within 3 months of its launch. As at FY2024, the Group’s total landbank stands at 2,032 acres, adequate to cater to development over the next two decades. STRENGTHENING OUR INTERNATIONAL FOOTPRINT As part of its expansion strategy, Matrix had since embarked on a journey to further open out new markets globally and entrench our prowess as a reputable property developer and construction Company. Having already established its presence in Australia, the Group had launched its third project in Melbourne, M333 St Kilda, with an expected completion within FY2026. Located in a trendy Tribeca-style bayside suburb, this 12-storey mixed development with a boutique apartment block is set to follow the successful footsteps of the Group’s earlier two Melbourne projects, M. Carnegie and M. Greenvale. Levia Infinity Pool View M333 St Kilda, Melbourne KEY MESSAGES MATRIX CONCEPTS HOLDINGS BERHAD 28
The Group’s presence in Indonesia is the Menara Syariah Twin Towers, a RM1 billion joint venture project. Strategically located at the gateway into the Islamic Financial District, it forms part of the International Financial District in Pantai Indah Kapuk 2 (PIK 2) Waterfront City, Jakarta. This commercial and retail building with two office towers, each 29-storeys high, is designed to promote a unique identity with modern, conducive and future-ready workspace as a world-class business hub. We are proud to announce that construction has just been completed and given the commercially attractive property sector, the Group is anticipative of a strong take-up rate. FURTHERING EDUCATION Matrix is a firm advocator of education being a powerful driver of development and a means to reduce poverty and improve health, gender equality, peace and stability. With this as our driving force, we are proud to chart the progress at our Matrix Global Schools (“MGS”) in our Bandar Sri Sendayan township. Established over a decade ago, this multiple award-winning educational institution has recorded a 8.5% upturn in student intake in FY2024. Such is the quality of education that MGS has cultivated enrolment from students from Korea and China. In taking this to the next level, in FY2024, the Group has entered into a management agreement with Adcote Schools, a multiple award-winning educational institution in the UK, to manage MGS. This milestone signals a pivotal moment in our ongoing journey to position MGS as a leading provider of private education in Malaysia. HEALTHCARE FOR THE COMMUNITY In the four years since acquiring management of operations of the Mawar Medical Centre (“MMC”), Seremban in FY2020, we have successfully entrenched the centre as a reputable healthcare centre for the local community. Offering professional medical services to cover a wide range of therapeutic disciplines, MMC has seen an increased patient load of 19.7% in FY2024 over the corresponding financial year. This has necessitated an increase in bed capacity, totalling 77 beds, in order to manage the increasing patient load. To date, a total of RM10.2 million has been invested into the upgrading of medical equipment at the centre. In keeping the community at the core of its operations, MMC continues to provide dialysis and welfare subsidies to deserving patients. In FY2024, a total of 116 patients had benefitted from such medical and financial assistance. In FY2024, the Group recorded an inaugural contribution from MMC, amounting to RM5.03 million. This is a clear indication of its reputation as a premier healthcare centre of choice for the local community, one which is poised for healthy sustainable earnings moving forward. MATRIX GLOBAL SCHOOLS, A MULTIPLE AWARD-WINNING EDUCATIONAL INSTITUTION ESTABLISHED OVER A DECADE AGO, HAS RECORDED A 8.5% UPTURN IN STUDENT INTAKE IN FY2024. CHAIRMAN’S STATEMENT Matrix Global Schools students Operation Theatre in action KEY MESSAGES 29 INTEGRATED ANNUAL REPORT 2024
CHAIRMAN’S STATEMENT At Matrix, we believe strongly in supporting each staff to strive for their fullest potential. Our talent development programmes are customised to meet their individual training needs. Such is the Group’s commitment that we have invested RM274,662 in FY2024 into such capacity building programmes in order to develop high performance behaviours. In instilling a deep sense of belonging in our workforce, Matrix adopts a listening ear to their voice and takes a caring approach toward staff wellbeing. This approach is largely responsible for the conducive and open workplace culture at Matrix and will enable the Group to continue to deliver our strategic objectives in upcoming years. ENSURING SHAREHOLDER REWARD At Matrix, our relationship with our stakeholders goes beyond mere fiduciary obligation. This is reflective in our issuing dividends on a quarterly basis, a tradition we have been faithfully carrying out for the past decade. We reiterate our commitment to drive performance for shareholders’ benefit and to enable strong returns via our dividend policy of a payout ratio of at least 50% of attributable earnings for the financial year. In FY2024, the Group’s total dividend payout was RM125.2 million, compared to RM103.2 million in FY2023. This represents a 50.9% payout of profit after tax, reaffirming Matrix as one of the top dividend yielding companies listed on Bursa Malaysia Securities Berhad. This further aligns with our commitment to deliver sustainable returns to shareholders with consistent dividends. UNIQUE BRAND OF HOSPITALITY The Group’s unique business approach is aptly reflected in its hospitality division, in managing two key establishments. d’Tempat Country Club, in the heart of the Group’s Sendayan Development in Seremban, is recognised as a premier lifestyle and entertainment venue in Seremban. Operating for 10 years to date, it has since proven its capability to cater to large scale events. It is gradually recovering post-pandemic, generating revenue from continued membership subscription and events. d’Sora Boutique Business Hotel, also at Bandar Sri Sendayan, offfers accommodation ideal particularly for business travellers due to the close proximity to Seremban city and the Kuala Lumpur International Airport. With travel demand gradually returning to pre-pandemic levels, average occupancy rate in FY2024 is at 60.5%. OUR DEDICATED WORKFORCE Our workforce has always been our lifeblood in running our operations with admirable professionalism, calibre and capability. Totalling 947 staff within the Group and MMC, their prowess in their respective contributions have made us what and who we are. d’Tempat Country Club - family oriented club Resort Villa Type C Bungalow KEY MESSAGES MATRIX CONCEPTS HOLDINGS BERHAD 30
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