LBS Bina Group Berhad (LBS), a developer committed to people-first values, has announced its unaudited financial results for the second quarter of the financial year ending 31 December 2024 (Q2FYE2024).
For Q2FYE2024, LBS achieved a revenue of RM431.9 million from continuing operations, reflecting a 16.5% rise compared to RM370.7 million in the same quarter last year. This growth was primarily driven by a 17.3% increase in revenue from the property development segment, which rose from RM358.1 million to RM420.0 million. The Group also saw a 3.0% increase in profit after tax and non-controlling interests ("PATMI"), which grew to RM34.8 million from RM33.8 million in Q2FYE2023.
For the first half of the financial year (1HFYE2024), PATMI from continuing operations increased by 1.5% to RM66.0 million, supported by revenue from continuing operations amounting to RM770.1 million. The property development segment remained the Group's main revenue contributor, accounting for 97.0% or RM747.2 million of 1HFYE2024's total revenue, with significant contributions from projects such as KITA @ Cybersouth, LBS Alam Perdana, Prestige Residence, and Idaman.
The Group's positive performance in the current quarter was driven by the successful execution of launched projects. Year-to-date, LBS has introduced seven new projects with a combined Gross Development Value (GDV) of RM1.6 billion, achieving total sales of RM794.0 million as of 21 August 2024. The Alam Perdana Central Hub, launched in April 2024, saw strong demand, generating RM254.5 million in sales, largely from Small and Medium-sized Enterprises seeking strategic industrial locations. With a land bank of 2,686 acres and unbilled sales of RM1.7 billion as of 31 July 2024, the Group is confident in sustaining its strong performance.
Tan Sri Dato' Sri Ir (Dr) Lim Hock San, Group Executive Chairman of LBS, commented on the financial results, stating, "Our unwavering commitment to sustainable development has resonated well with our stakeholders and customers. Our focus on operational efficiency and cost management has been crucial in driving these positive results. We expect the disposal of Lamdeal Investments Limited Group, including Zhuhai International Circuit, to be finalised by October. This transaction, involving an equity transfer and debt repayment, is anticipated to strengthen our financial position, with proceeds allocated to working capital, loan repayments, and growth initiatives. This strategic move aligns with our goal of preserving capital for reinvestment in high-return projects and other value-enhancing activities."
He added, "Looking ahead, we are dedicated to maintaining this positive trajectory. Our strategic priorities include expanding our project pipeline, exploring new market opportunities, and continuing to deliver exceptional value to our customers and stakeholders. With our strong leadership and dedicated team, we are cautiously optimistic about sustaining this momentum in the upcoming quarters."