Independent auditors’ report to the members of Matrix Concepts Holdings Berhad (Incorporated in Malaysia) RegISTRATION No. 199601042262 (414615-U) Report on the audit of the financial statements Opinion We have audited the financial statements of Matrix Concepts Holdings Berhad, which comprise the statements of financial posiঞon as at 31 March 2025 of the Group and of the Company, and the statements of comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the Company for the year then ended, and notes to the financial statements, including material accounঞng policy informaঞon, as set out on pages 153 to 216. In our opinion, the accompanying financial statements give a true and fair view of the financial posiঞon of the Group and of the Company as at 31 March 2025, and of their financial performance and their cash flows for the year then ended in accordance with MFRS Accounঞng Standards, IFRS Accounঞng Standards and the requirements of the Companies Act 2016 in Malaysia. Basis for opinion We conducted our audit in accordance with approved standards on audiঞng in Malaysia and Internaঞonal Standards on Audiঞng. Our responsibiliঞes under those standards are further described in the Auditors’ responsibilities for the audit of the financial statements secঞon of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Independence and other ethical responsibilities We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and Pracঞce) of the Malaysian Insঞtute of Accountants (“By- Laws”) and the Internaঞonal Ethics for Professional Accountants (including Internaঞonal Independence Standards) (“IESBA Code”), as applicable to audits of financial statements of public interest enঞঞes and we have fulfilled our other ethical responsibiliঞes in accordance with the By-Laws and the IESBA Code. Key audit matters Key audit maers are those maers that, in our professional judgement, were of most significance in our audit of the financial statements of the Group and of the Company for the current year. We have determined that there are no key audit maers to communicate in our report on the financial statements of the Company. The key audit maers for the audit of the financial statements of the Group are described below. These maers were addressed in the context of our audit of the financial statements of the Group as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these maers. For each maer below, our descripঞon of how our audit addressed the maer is provided in that context. We have fulfilled the responsibiliঞes described in the Auditors’ responsibiliঞes for the audit of the financial statements secঞon of our report, including in relaঞon to these maers. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the maers below, provide the basis of our audit opinion on the accompanying financial statements. Revenue and cost of sales from property development activities A significant proporঞon of the Group's revenues and profits are derived from property development contracts which span more than one accounঞng period. For the financial year ended 31 March 2025, the Group’s revenue of RM1,037,731,000 and cost of sales of RM605,774,000, are derived from property development acঞviঞes, as disclosed in Note 4 and Note 5 to the financial statements, represenঞng approximately 90% and 94% of the Group’s total revenue and total cost of sales respecঞvely. The Group has determined that certain performance obligaঞon in relaঞon to property development acঞviঞes is saঞsfied over ঞme. The amount of revenue and profit recognised from property development acঞviঞes are dependent on, amongst others, the extent of costs incurred to the total esঞmated costs of construcঞon to derive the percentage-of-compleঞon; actual number of units sold and the esঞmated total revenue for each of the respecঞve property development projects. 148 MATRIX CONCEPTS HOLDINGS BERHAD INTEGRATED ANNUAL REPORT 2025 07 FINANCIAL STATEMENTS
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