LBS Bina saw its share price rise 6.4 % to 0.58 in early trading as the stock saw an upsurge after it reported a record profit last week.
The group's profit after tax and non-controlling interests (PATMI) for its unaudited financial results for the third quarter ended Sept 30, 2024 (3Q24) have surged four-fold to RM164.5 million.
The remarkable surge was driven by the one-off gain after tax of RM136.9 million from the disposal of its investment in Zhuhai International Circuit Ltd (ZICL) which has significantly boosted the bottom line. This disposal has strengthened LBS' financial position and enabled the group to focus on long-term value creation.
In light of the one-off gain, LBS announced a special dividend of 2.6 sen per share, which is payable on Dec 30, 2024, representing a payout ratio of 30% of the gain after tax on the disposal of ZICL.
