MGB's Q2 FYE2024 post-tax profit surges 27.1 per cent
Profit before tax (PBT) rose by 30.6 per cent to RM22.0 million, and profit after tax (PAT) increased by 27.1 per cent.
SHAH ALAM - MGB Berhad (MGB), a subsidiary of LBS Bina Group Berhad, announced its second quarter results for the financial year ending Dec 31, 2024 (Q2FYE2024).
During this quarter, the property development segment saw a significant boost, with revenue increasing eleven times from RM13.3 million in Q2FYE2023 to RM149.5 million, driven by the progress of projects like Idaman Melur and Idaman Cahaya. Overall, MGB’s revenue grew by 15.2 per cent year-on-year to RM268.0 million.
Profit before tax (PBT) rose by 30.6 per cent to RM22.0 million, and profit after tax (PAT) increased by 27.1 per cent - from RM12.4 million to RM15.8 million, reflecting the Group's focus on operational and cost efficiency.
For the first half of 2024, MGB’s revenue grew by 18.4 per cent in revenue from RM410.4 million to RM485.9 million, with a significant contribution from property development.
This led to a 29.4 per cent increase in PBT to RM42.6 million and a 25.3 per cent rise in PAT to RM30.9 million.
MGB Group Executive Chairman Tan Sri Ir. (Dr.) Lim Hock San, highlighted the consistent financial performance and the successful completion of three construction projects with a combined GDV of RM719.0 million. He said their second quarter financial performance demonstrates their ability to deliver consistent results.
"The strong growth momentum from our property development segment will continue with our newly launched Idaman Perdana under the Rumah Idaman project.
"On the construction segment, we are pleased to have completed three projects to date, namely Alam Ritma Perdana, Cybersouth @ KITA Mekar and Idaman BSP, with a combined GDV (gross development value) of RM 719.0 million," he said.
MGB plans to continue focusing on completing ongoing projects, supported by a strong order book of RM1.27 billion and unbilled property sales of RM700 million. The Group has also secured RM396.4 million in new contracts this year, which will contribute to future earnings.
He added that MGB remains committed to operational excellence and expanding affordable housing projects, particularly with its Rumah Idaman initiative.
The Group also looks forward to expanding its international operations, especially in Saudi Arabia, where it is involved in the supply and installation of precast concrete products.
"Our commitment to operational excellence and disciplined cost control has driven substantial improvements to our bottom line, culminating in our recent recognition at The Edge Centurion Club Awards 2024.
"As we progress through the year, we remain committed to expanding our affordable house developments by leveraging on our Industrialised Building System (IBS) precast concrete, as well as new technologies and innovative approaches to the construction process.
"On the international front, we remain focused on carrying out our supply and installation of precast concrete products in Jeddah, the Kingdom of Saudi Arabia, and we look forward to building our track record within the region," he said.
