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
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