LBS ANNOUNCES STRONG 3Q23 RESULTS


Lim: “We continue to adopt a strategic and disciplined approach towards our developments and it has paid off.”

PETALING JAYA: LBS Bina Group Bhd has unveiled its third-quarter results, demonstrating robust financial growth while reaffirming its commitment to environmental, social and governance (ESG) initiatives.

In its third quarter of financial year 2023 (3Q23), LBS reported a commendable year-on-year increase of 14.2% in profit after tax (PAT) amounting to RM44.7mil, accompanied by a 13.8% rise in profit after tax and minority interest (Patami) reaching RM40.2mil.

These achievements were supported by a solid revenue of RM471.5mil, largely driven by enhanced construction activities in key projects like KITA@Cybersouth, LBS Alam Perdana, Bukit Jalil projects, Idaman projects and Prestige Residence.

Property development, generating RM453.1mil in 3Q23, remained the primary contributor to the group’s earnings. For the nine months ending Sept 30, 2023, PAT and Patami surged by 11% and 3.1%, respectively.

Notably, more than 89% of the revenue was derived from development projects within the Klang Valley, underscoring the region’s pivotal role in the group’s financial performance for the current financial period.

LBS reported property sales of RM1.58bil as at Nov 20, 2023, with bookings in the pipeline of RM234mil, signalling substantial progress towards its RM2bil sales target for 2023.

Additionally, the group disposed of a land bank of 1,129.48ha and unbilled sales totalling RM2.2bil as at Oct 31, 2023.

Looking ahead with optimism, LBS executive chairman Tan Sri Lim Hock San commented on the group’s trajectory and its commitment to sustainability: “LBS has demonstrated commendable financials this quarter.

“We continue to adopt a strategic and disciplined approach towards our developments and it has paid off as our net profit margin increased to 9.5%, compared to 7.4% in the preceding year’s corresponding quarter.

“As we enter the final quarter of 2023, we are determined to maintain our momentum.

“With RM1.7bil launches so far, we are experiencing robust take-up rates of more than 80% across our ongoing projects, indicating the public’s acceptance of our developments.

“Furthermore, we are pleased to announce the successful completion of a total of 10 projects, valued at RM2.4bil, within the projected timeline.

“This positions us well to conclude 2023 on a positive note.”

He added: “ESG initiatives remain a significant priority for the group.

“The recent installation of solar panels in our head office, KITA@Cybersouth sales gallery and industrialised building system (IBS) plant at Nilai, as well as the acquisition of a 28.67-megawatt solar power capacity under the Corporate Green Power Programme demonstrates our commitment towards sustainability.

“We continue to actively seek opportunities in the renewable energy space to further enhance our ESG profile as we progress towards achieving net-zero carbon emissions by 2050.”

The continued success of LBS is attributed to the leadership of its executive chairman Lim, who was named Property Man of the Year at the Malaysia Property Award (formerly the Fiabci Malaysia Awards of Distinction) in 2018.

The award is the gold standard for developers in the real estate industry.

Further recognition received was the “Oscar Award” in the property fraternity.

The award was in recognition of Lim’s perseverance and resilience over time within the industry, excellent demonstration of strong leadership, deep industry knowledge and impeccable values of integrity and responsibility.

To date, LBS, with vast land bank spread across Malaysia, will continue to grow in stature and strength by replicating successful townships such as Bandar Saujana Putra to other parts of Selangor including KITA@Cybersouth in Dengkil, LBS Alam Perdana in Bandar Puncak Alam and others.

Beyond property development, LBS is also venturing into retail management, hospitality and tourism.

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