Another highlight of the Group’s diversification effort is the positive performance by its healthcare division, registering an initial financial contribution by the Mawar Medical Centre in FY2024. Our educational division, the Matrix Global Schools has embarked on a strategic collaboration with Adcote Schools of Ray Education Group, a globally recognised academic institution to provide a holistic international education experience. This collaboration will also offer the potential for twinning programmes abroad. Embracing digital platforms to nurture relationships with customers and reach out to potential house-buyers has provided Matrix a strong foothold in an increasingly competitive market. With keen insights into the changing market trends and expectations, we have been able to adapt designs and provide innovative products such as innovative house features and invigorating green space areas. Our strong sales performance stems from our focus on owner-occupied homebuyers, rather than the speculative segment who have been most impacted since 2019. This has proven itself, seeing the persistent demand supported by the growing trend of flexible working arrangements, allowing the Klang Valley working population to easily uproot to areas like Seremban. Matrix strives to successfully meet the lifestyle aspirations of customers, offering quality housing with an overall property launch mix with a range of pricing points and variable financing options. In FY2024, 58% of Matrix’s launched products were priced RM600,000 and below – targeted at the middle-income, mass market segment, especially first-time homebuyers and upgraders. Such business activities have supported the Group’s healthy performance in FY2024, driving financial and non-financial value creation for its relevant stakeholders. MANAGEMENT DISCUSSION & ANALYSIS FINANCIAL PERFORMANCE INDICATOR FY2024 (RM’000) FY2023 (RM’000) DIFFERENCE (%) Group revenue 1,344,073 1,113,058 20.8 Cost of sales (720,790) (624,272) 15.5 Gross profit 623,283 488,786 27.5 Other income 35,560 26,550 33.9 Selling and marketing expenses (117,513) (85,712) 37.1 Administrative and general expenses (211,990) (161,490) 31.3 Operating profit (include other income) 329,340 268,134 22.8 Finance cost (5,082) (6,246) (18.6) Net reversal of impairment loss/(Impairment loss) on financial assets 8,798 (3,042) 389.2 Share of net results of associate (650) 1,816 (135.8) Group profit before tax 332,406 260,662 27.5 Income tax expense (86,562) (57,857) 49.6 Group profit after tax 245,844 202,805 21.2 Total Assets 2,689,929 2,638,418 2.0 Total Liabilities 567,782 650,563 (12.7) Total Equity 2,122,147 1,987,855 6.8 Borrowings 145,370 240,638 (39.6) Cash and cash equivalents 328,285 200,128 64.0 INDICATOR FY2024 FY2023 DIFFERENCE (%) Earnings per share (sen) 19.52 19.70 (0.9) Net assets per share (RM) 1.70 1.59 6.9 KEY MESSAGES MATRIX CONCEPTS HOLDINGS BERHAD 40
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