PETALING JAYA: MGB Bhd, a construction and property development solutions provider and subsidiary of LBS Bina Group Bhd, announced its third quarter results for the financial year ending Dec 31 (Q3FYE2023).
For the quarter under review, MGB recorded a profit before tax (PBT) of RM17.90mil and a profit after tax (PAT) of RM12.73mil, backed by revenue of RM256.14mil.
Compared to the corresponding quarter of the preceding year, revenue increased by 65.4% from RM101.26mil.
This growth can be attributed to the increase in the construction segment and further supported by the rise in revenue from the property development segment.
The construction and trading business segment remained as the Group’s main revenue contributor. The segment’s revenue increased by 36.6% to RM614.78mil as compared to cumulative nine-month period ended Sept 30, 2022 (RM449.85mil) as a result of steady contribution from several sizeable projects such as KITA Mekar, Prestige Residences, KITA Mesra and Rumah Selangorku Idaman BSP projects.
Meanwhile, the property development segment’s revenue increased six-fold driven by newly launched projects such as Idaman Melur, Idaman Cahaya Phase 1 and 2, Idaman Sari and Pangsapuri Saujana Indah.
For the cumulative nine-month period ended Sept 30, MGB’s revenue increased by 42.7% to RM666.50mil. Additionally, PBT and PAT clocked in at RM50.79mil and RM37.38mil, respectively.
Commenting on MGB’s performance, MGB executive vice chairman Tan Sri Ir Lim Hock San said, “In line with the increase in construction activities throughout 2023, we are pleased to report commendable Q3 results.
“While credit is given to the team’s hard work, MGB’s success is attributed to the strategic implementation of its own VadTech (Value Driven Technology), which is in line with the Government’s 12th Malaysia Plan to construct 500,000 affordable homes by 2025.
“MGB remains committed to deliver cost-effective and expedited solutions to its clients, adapting vigilantly to market evolutions to achieve optimal outcomes amidst uncertainties.”
He shared, “We will continue to push forward and elevate MGB to greater heights.”
Lim added, “Currently, MGB is on strong footing with an outstanding order book as of Oct 31 of RM1.79bil, a testament of its capabilities that provides earnings visibility for the next two years.
“The Group’s financials further underscore its steadfast commitment to excellence, innovation, and strategic growth, positioning it as a key player in the construction landscape.”
