KUALA LUMPUR (Aug 24): Matrix Concepts Holdings Bhd (KL:MATRIX) reported a 4.4% year-on-year decline in first-quarter net profit, as lower other income following a one‑off gain a year earlier and higher selling and marketing expenses offset stronger revenue.

Net profit for the three months ended June 30, 2026 (1QFY2027) fell to RM60.19 million from RM62.94 million a year earlier, while revenue rose 11% to RM315.58 million from RM284.28 million, according to a bourse filing on Monday.

Earnings per share fell to 3.21 sen from 3.35 sen.

The property developer declared a first interim single‑tier dividend of 1.40 sen per share for the quarter, payable on Oct 8.

Matrix Concepts said the weaker earnings reflected lower other income following a one-off RM6.1 million gain recognised in the year-ago quarter, as well as a 43% increase in selling and marketing expenses.

However, the impact was partially offset by stronger contributions from Malaysia Vision Valley City (MVV City) and its Klang Valley projects, contributions from its 70%-owned property developer Horizon L&L Sdn Bhd, and improved performance from its education division.

Property development remained the group's mainstay, contributing RM295.97 million, or 93.8% of quarterly revenue. Sendayan Developments in Negeri Sembilan was the largest contributor, generating RM176.7 million, or 56% of group revenue.

Bandar Seri Impian contributed RM21.8 million, up 42.2% year-on-year, while MVV City generated RM21.3 million from industrial property sales.

Levia Residence, the group's second high-rise residential development in Kuala Lumpur, nearly doubled its contribution to RM52.7 million from RM26.6 million a year earlier.

The group also recognised RM5.2 million in revenue from its completed M333 St Kilda development in Australia, while the Horizon group of companies, acquired in August 2025, contributed RM18.3 million.

Beyond property development, combined revenue from its hospitality, healthcare and education segments rose 3.5% to RM16.5 million, driven mainly by a 28.6% increase in education revenue on higher student enrolment.

The improvement was partly offset by 8% and 19.6% declines in hospitality and healthcare revenue respectively. Matrix Concepts attributed the declines to lower clubhouse patronage and softer hotel occupancy, as well as lower patient volumes and procedures during an ongoing hospital expansion and investment in medical equipment.

Matrix Concepts recorded RM416.7 million in new property sales during the quarter, mainly from Sendayan Developments. Unbilled sales stood at RM1.5 billion as at end-June, providing earnings visibility for the next 15 to 18 months.

On its prospects, Matrix Concepts said Sendayan Developments and the progressive rollout of MVV City will remain key growth drivers, alongside its growing Klang Valley presence following the acquisition of Horizon and its pipeline of high-rise projects.

MVV City, a 2,382-acre integrated township jointly developed with the Negeri Sembilan government, has an estimated gross development value (GDV) of RM15 billion over 12 years.

Meanwhile, the group has more than RM800 million of planned Horizon launches over the next two years and upcoming developments in Damansara and Puchong with GDVs of RM520 million and RM610 million respectively.

At Monday’s noon break, shares in Matrix were traded two sen or 1.74% higher at RM1.17, valuing the group at RM2.18 billion.