‘We are thrilled to announce that LBS has delivered outstanding financial results for the year 2023, with RM1.83bil in revenue, marking the group’s highest achievement to date,’ says LBS Group executive chairman Tan Sri Ir Dr Lim Hock San.
LBS Bina Group Bhd
’s unaudited financial results for 2023 show that the company achieved revenue of RM596.7mil in the fourth quarter (4Q23) – marking a significant increase of 58.9% compared to the corresponding quarter the previous year which recorded RM375.6mil.
This notable surge in revenue was predominantly attributed to the property development segment’s 60.2% increase, which contributed RM571.2mil to the total revenue.
The group’s profit after tax also experienced a considerable rise, reaching RM41.1mil, translating to a surge of 31.2%.
For the full year ended Dec 31, 2023 (FY23), LBS achieved a profit after tax of RM159mil, reflecting a year-on-year increase of 15.6%.
This growth was supported by a 6% rise in revenue, reaching RM1.83bil. The surge was attributable to increased development activities across ongoing projects.
The property development segment, maintaining its position as the group’s primary revenue contributor, accounted for 95.9% of the total revenue.
Key development projects – such as KITA @ Cybersouth, Bukit Jalil projects, LBS Alam Perdana, Idaman projects and Prestige Residence – played a significant role in driving this revenue increase.
“We are thrilled to announce that LBS has delivered outstanding financial results for the year 2023, with RM1.83bil in revenue, marking the sroup’s highest achievement to date,” says LBS Group executive chairman Tan Sri Ir Dr Lim Hock San.
“These positive financial results present a solid foundation for us to build upon as we embark on the next phase of our journey.
“We are excited and cautiously optimistic about the growth momentum over the coming years.
“The unbilled sales of RM2bil will continue to provide the group with a healthy earnings outlook for the next two to three years.
“Currently, LBS is involved in 19 ongoing projects. Our target for this year is to achieve RM1.8bil in property sales buoyed by various developments with a gross development value of RM3.51bil, built across strategic locations including Klang Valley, Johor, Pahang and Perak.
“At LBS, we are dedicated to ensuring good environmental, social and governance (ESG) practices.
“Our Sustainability Financing Framework has been assigned a ‘gold’ impact bond assessment by MARC Ratings Bhd which is a testament to our ESG commitment.
“With the Green Mission programme targeting biodiversity, energy, water and waste management, along with a partnership with Malaysia Green Technology and Climate Change Corporation for green projects, we aim to achieve net zero carbon emission by 2050, in line with the National Energy Transition Roadmap (NETR).”
As of Dec 31, 2023, the group’s land bank covers approximately 1,120 hectares – ensuring a strategic reserve for the next 10 to 15 years.
About LBS Bina Group
LBS Bina Group Bhd, an internationally-recognised developer with a vision for building and inspiring delightful spaces, is a renowned township developer that has amassed numerous awards through their various developments.
By placing people at the heart of their approach, LBS has been building and shaping the nation’s landscape for over 30 years while continuing to meet the market demands for quality and affordable homes.
The continued success of LBS is attributed to the leadership of its executive chairman Tan Sri Ir Dr Lim Hock San.
In recognition of his leadership, Lim was named Property Man of the Year by Malaysia Property Award (formerly known as FIABCI Malaysia Property Awards of Distinction or FIABCI Malaysia Awards of Distinction) in 2018 – the gold standard for developers in the real estate industry.
Further recognition received was the “Oscar award” in the property fraternity, 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 banks spread across Malaysia will continue to grow in stature and strength, through 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.
For more information, go to lbs.com.my
