Q1FYE2024 PATMI of RM30.53mil with three new projects valued at RM1.12bil

Petaling Jaya: Developer LBS Bina Group Berhad (LBS) announced its unaudited financial results for the first quarter of the financial year ending December 31, 2024 (Q1FYE2024) today.

For the quarter under review, LBS reported a profit after tax and non-controlling interests (Patmi) of RM30.53mil, supported by a revenue of RM342.1mil.

Compared to last year's Q1 Patmi of RM30.5mil, this year's Q1 result demonstrates consistency in financial performance, highlighting robust financial health and effective business strategies.

The property development segment, constituting 96% of the group's total revenue, predominantly derived from its key development projects within the Klang Valley, including LBS Alam Perdana, KITA @ Cybersouth, Prestige Residence and the Idaman projects.

Significantly, this segment experienced a notable 19% growth in its profit after tax, achieving RM42.6mil.

Commenting on the financial performance, LBS Group executive chairman Tan Sri Ir Dr Lim Hock San said, “Our operational efficiency and cost optimisation efforts are evident in the improved Patmi margin, rising from 8% to 9% in the quarter under review.

“This signifies a progressive step towards maintaining a steady profit margin.”

In reflecting LBS’s strategic expansion and dedication to enhancing the property landscape, the group has launched three major projects with a combined value of RM1.12bil.

These launches include BSP Sutera Apartment and Townhouse (RM207mil) in Bandar Saujana Putra, SkyRia Service Apartment (RM265mil) in Puchong and Alam Perdana Central Hub (semi-detached factory and terrace factory) in Alam Perdana, contributing a total of RM648mil.

Lim added: “LBS is also delighted to announce that the semi-detached and terrace factories at the recently launched Alam Perdana Central Hub, have seen a 50% take-up rate.

“Serving as the central industrial element, this allows us to capitalise on the growing logistics and warehousing sectors, which are predominantly fuelled by the surge in e-commerce.

He also said that as a developer that has predominantly operated in the residential and commercial segments, Alam Perdana Central Hub factories reflect the group’s ability to recognise and seize adjacent opportunities in the industrial segment.

“This is driven by Malaysia’s strong market demand and rise in investments of the manufacturing, logistics and technology sectors, all of which require specialised industrial spaces.

“With the right timing and strategic positioning, we are leveraging our expertise in property development to create tailored industrial spaces that cater to the evolving needs of businesses.

“These new launches are expected to contribute positively over the next three years.”

Lim said the Alam Perdana Central Hub has seen a 50% take-up rate, allowing LBS to capitalise on the growing logistics and warehousing sectors, which are predominantly fuelled by the surge in e-commerce.Lim said the Alam Perdana Central Hub has seen a 50% take-up rate, allowing LBS to capitalise on the growing logistics and warehousing sectors, which are predominantly fuelled by the surge in e-commerce.

LBS Bina Group Berhad

LBS is 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 its 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 the group is attributed to Lim’s leadership, which proven when he was named the 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 for his perseverance and resilience over time within the industry, excellent demonstration of strong leadership, deep industry knowledge and impeccable values of integrity and responsibility.

The group, with its vast land banks spread across Malaysia, plans to continue growing 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 more.

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

For more information, visit https://lbs.com.my/

For more information, visit https://lbs.com.my/

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