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.
LBS Group Executive Chairman, Tan Sri Dato’ Sri Ir (Dr) Lim Hock San, expressed confidence in the company’s performance.
“Our steadfast commitment to sustainable development has resonated strongly with stakeholders and customers. Concurrent efforts in operational efficiency and cost management have been instrumental in driving positive results,“ he said.
He added that the Group remains committed to enhancing its project pipeline, exploring new market opportunities, and delivering exceptional value to customers and stakeholders.
LBS Bina Group has a strong track record spanning over 30 years in the industry, focusing on quality and affordable homes.
The company’s success is reflected in its recent accolades, including a third consecutive win as one of Deloitte’s Best Managed Companies in Malaysia.
Tan Sri Lim himself was recognised with the World Sustainable Property Icon Leadership Lifetime Achievement Award in 2024 for his contributions to sustainability in the property sector.
As part of its growth strategy, LBS is not only expanding its successful township models like Bandar Saujana Putra to other parts of Selangor but is also diversifying into retail management, hospitality, and tourism.
With its strong financial performance, strategic land bank, and diversification efforts, LBS Bina Group appears well-positioned to maintain its growth trajectory in the coming quarters, despite the challenges in the broader economic environment.
For more information, please visit https://lbs.com.my/
