LBS Bina earnings up on property, construction ops

The higher profit was driven by better performances from the group’s property development and construction and trading divisions. (File picture shows on of the many projects - LBS Skylake residences.

KUALA LUMPUR: LBS Bina Group Bhd’s net profit for its fourth quarter ended Dec 31, 2021 rose to RM35.50mil from RM20.69mil in the previous corresponding period.

This was driven by better performances from the group’s property development and construction and trading divisions.

In a filing with Bursa Malaysia yesterday, LBS Bina said revenue in the fourth quarter grew to RM441.84mil from RM294.52mil a year earlier.

For its financial year ended Dec 31, 2021, net profit increased to RM95.07mil from RM44.17mil in the previous corresponding period, while revenue improved to RM1.36bil from RM1.10bil.

For 2021, LBS Bina said its property development segment achieved higher revenue and pre-tax profit.

“The surge in both revenue and pre-tax profit were largely attributable to the sale of inventories, good take-up rates and steady construction progress from our ongoing development projects at KITA @ Cybersouth, Residensi Bintang Bukit Jalil, Alam Awana Industrial Park and LBS Alam Perdana.

“Development projects within the Klang Valley remain as the largest revenue contributor, accounting for more than 80% of the group’s revenue for 2021,” it said.

Separately, LBS Bina said its construction and trading division achieved revenue and pre-tax profit of RM582mil and RM37mil, respectively, in 2021, as compared to a revenue of RM498mil and pre-tax profit of RM11mil in 2020.

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