LBS Bina’s profit after tax up by 96% in 3QFYE2022

• Revenue increased 108% year-on-year to RM528.9 million from RM254 million.
• Strong unbilled sales of RM2.54 billion.

PETALING JAYA (Nov 21): LBS Bina Group Bhd today reported its profit after tax and profit after tax and non-controlling interests (PATMI) increased by 96% and 95%, year-on-year, from RM20 million to RM39.2 million and from RM18.1 million to RM35.4 million, respectively. The period under review are third quarter results for the financial year ending Dec 31, 2022 (Q3FYE22).

The developer stated in a media release it recorded revenue of RM528.9 million, “which translated to a year-on-year increase of 108% from RM254 million in 3QFYE2021”.

LBS Bina also stated that on a “segmental basis” property development remained the group’s main earnings contributor with revenue doubling from RM243.2 million to RM512.2 million in Q3FYE2022”.

“The increase was largely attributable to the positive take-up rates of the group’s key projects at Bukit Jalil, LBS Alam Perdana, KITA @ Cybersouth and Alam Awana Industrial Park.

“To add on, the group reported that development projects within the Klang Valley accounted for more than 85% of the Group’s revenue for the current financial period,” stated LBS Bina.

For the nine months ended Sept 30, 2022, revenue and PATMI “surged by 46% and 69% respectively to RM1.3 billion and RM100.6 million as compared to the corresponding period in 2021”.

LBS Bina added that as at Nov 21, 2022, it has surpassed its property sales target of RM1.6 billion by 14% as it stood at RM1.83 billion. Meanwhile at Oct 31, 2022, the developer has a landbank for future development of 2,663 acres and unbilled sales of RM2.54 billion.

“LBS has performed remarkably well this quarter and I am indeed pleased by our results. It is encouraging to note that demand for affordable properties continues to remain strong,” said LBS executive chairman, Tan Sri Lim Hock San

“The strategic locations of our developments and affordable pricing have paid off handsomely as we have managed to maintain our performance throughout 2022. Exciting times are ahead for the remainder of the year as we intend to launch RM424 million worth of properties in the fourth quarter.

“This should provide us with leverage to close off 2022 on a positive note,” he added.