PETALING JAYA: LBS Bina Group Berhad (LBS), a renowned Malaysian property developer, has announced positive financial results for the second quarter of the financial year ending December 31, 2024 (Q2FYE2024).
The Group reported a revenue of RM431.9 million, marking a substantial 16.5% increase from the same period last year. This growth was primarily driven by the property development segment, which saw a 17.3% year-on-year revenue increase to RM420.0 million.
Its profit after tax and non-controlling interests (PATMI) from continuing operations also showed improvement, rising 3.0% to RM34.8 million compared to Q2FYE2023.
For the first half of the financial year (1HFYE2024), LBS achieved a revenue of RM770.1 million, with PATMI increasing by 1.5% to RM66.0 million.
The property development segment remained the main revenue contributor, accounting for 97.0% of the total revenue, primarily from projects such as KITA @ Cybersouth, LBS Alam Perdana, Prestige Residence, and Idaman.
LBS has maintained strong momentum in project launches, introducing seven new projects year-to-date with a combined Gross Development Value (GDV) of RM1.6 billion and the Group has achieved total sales of RM794.0 million as of August 21, 2024.
A standout performer was the Alam Perdana Central Hub, launched in April 2024, which generated sales of RM254.5 million, driven by demand from Small and Medium-sized Enterprises seeking strategic industrial locations.
Looking ahead, LBS is well-positioned for continued growth with a substantial landbank of 2,686 acres and unbilled sales of RM1.7 billion as of July 31, 2024.
The Group is also anticipating the completion of a strategic move by October, involving the disposal of Zhuhai International Circuit through its subsidiary, Lamdeal Investments Limited Group. This transaction is expected to strengthen LBS’s financial position, with proceeds allocated to working capital, loan repayment, and funding growth initiatives.
