Property developer, LBS Bina Group Berhad (LBS) recorded a revenue of RM275.5 million and profit after tax of RM18.4 million by the end of the Q4FYE20.
The group’s Year-on-Year PATAMI increased by 24.6 percent despite a decrease of 5.3 percent in revenue.
Additionally, LBS achieved RM1.2 billion in net sales surpassing the group’s revised sales target of RM1 billion which is 20 percent more than the initial target.
For FYE20, the group registered a lower revenue and PATAMI of RM1.1 billion and RM50.6 million, respectively.
LBS’s property development segment contributed 94 percent of the group’s revenue. The second largest contributor was the construction and trading business which accounted for three percent of the revenue.
LBS has unbilled sales of RM2.2 billion, which will contribute positively to the group’s revenue over the next two to three years. The group currently has 19 ongoing development projects with an estimated Gross Development Value (GDV) of RM5 billion.
“This outbreak has in a way allowed LBS to innovate many processes internally to be more inclusive and efficient, especially our way of doing sales.
We saw the opportunity to invest in the industrialized building system (IBS) as it is in line with our three main pillars of Affordability, Connectivity and Community,” LBS Group Managing Director, Lim Hock San said.