MGB Bhd1, a subsidiary of LBS Bina Group Bhd, announced Wednesday its third quarter (Q3FY2024) revenue increased 12.9% year-on-year (YoY) to RM289.2 million, from RM256.1 million recorded in the previous year, owing to significant contributions from the property development segment which grew four-fold from RM29.2 million to RM132.2 million, according to a press statement circulated by MGB.
Higher revenue was derived from housing projects Idaman Melur, Idaman Cahaya, Idaman Sari as well as Pangsapuri Saujana Indah.
MGB's Group Executive Chairman Tan Sri Datuk Sri Ir Dr Lim Hock San said, "The continuous momentum in our property development and construction segments, especially our affordable housing initiatives such as Rumah Idaman MBI, as well as other projects within the affordable housing segment, remains a focal point for MGB."
As at 30 September 2024, MGB cash and bank balances amounted to RM107.2 million and net assets per share stood at RM1.00. The group has approximately RM1.2 billion in construction orderbook and RM700 million in unbilled sales from property development as of 31 October 2024, which will contribute positively to profitability in the final quarter of 2024.
Accordingly, profit before tax (PBT) for the third quarter rose by 24% YoY from RM17.9 million to RM22.2 million, while profit after tax (PAT) increased by 29.9% YoY from RM 12.7 million to RM16.5 million.
For the nine months period ended 30 September 2024, the property development segment recorded a seven-fold revenue surge, from RM51.7 million to RM369.3 million, resulting in a 16.3% increase YoY of the group's year-to-date (YTD) revenue of RM775.1 million, up from RM666.5 million. In line with the revenue growth, PBT for the nine-month period rose 27.6% YoY from RM50.8 million to RM64.8 million, whereas PAT grew by 26.7% from RM37.4 million to RM47.4 million.
This outstanding performance could be attributed to the management's commitment towards operational efficiency including cost control management across its projects.
MGB Bhd (MGB: Malaysian Generations Builder) was established in 2007 and primarily focuses on cost-effective building solutions especially mass market and affordable living spaces in Malaysia. Through its subsidiaries, MGB provides a full range of design, construction and development services including design and build, project management, civil engineering, value engineering, geotechnical specialisation, and manufacturing in Industrialised Building System (IBS) pre-cast concrete products. MGB has successfully completed more than 29,000 units of properties, particularly in the affordable homes segment, and more than 12,000 homes using the IBS pre-cast technology. ︎
