LBS reports strong Q2 growth with RM431.9 million revenue

KUALA LUMPUR - LBS Bina Group Berhad (LBS) is celebrating a solid second quarter for the fiscal year ending Dec 2024, with impressive revenue growth and robust project launches.

The group is in high spirits this quarter, as it unveiled its unaudited financial results for Q2FYE2024, which reflected significant progress and a steady growth trajectory.

LBS Group Executive Chairman Tan Sri Datuk Lim Hock San said the group's performance was largely contributed by their steadfast commitment to sustainable development, which resonated strongly with stakeholders and customers.

“Concurrent efforts in operational efficiency and cost management have been instrumental in driving positive results. The group anticipates the disposal of Lamdeal Investments Limited Group, including Zhuhai International Circuit, to be finalised by Oct.

“This transaction, via an equity transfer and debt repayment, is expected to strengthen LBS’ financial position with the proceeds allocated to working capital, repay loans, and fund growth initiatives.

“We are cautiously optimistic that with our strong leadership and dedicated team, we will sustain this momentum in the upcoming quarters,” he said.

The company reported a revenue of RM431.9 million for the second quarter, which marked a commendable 16.5 per cent rise from RM370.7 million in the same period last year.

The surge in revenue was largely attributed to a 17.3 per cent year-on-year boost in the property development sector.

The segment, which saw its revenue climb from RM358.1 million to RM420.0 million, continued to be the main engine driving LBS’s financial performance.

Despite the positive revenue growth, LBS maintained a steady increase in profit after tax and non-controlling interests (Patmi), which grew by three per cent to RM34.8 million from RM33.8 million in Q2FYE2023.

For the first half of the fiscal year (1HFYE2024), Patmi reached RM66.0 million, reflecting a 1.5 per cent increase.

The property development segment remained a key contributor to LBS’s revenue, which made 97 per cent or RM747.2 million of the total revenue for 1HFYE2024.

Major projects like KITA @ Cybersouth, LBS Alam Perdana, Prestige Residence and Idaman drove the substantial revenue stream.

The quarter’s upbeat performance is bolstered by seven new project launches with a combined Gross Development Value (GDV) of RM1.6 billion.

As of Aug 21, LBS has achieved RM794 million in total sales.

The Alam Perdana Central Hub, which launched in April, has been a standout performer, attracting RM254.5 million in sales, particularly appealing to small and medium-sized enterprises (SME) for its strategic location.

Looking ahead, LBS said it held a promising outlook with a landbank of 2,686 acres and unbilled sales of RM1.7 billion as of July 31.

The group remained optimistic about maintaining its growth momentum.