LBS Bina Group Berhad announced its fourth quarter and full year ended 31 December 2023 today with the quarter under review achieving a revenue of RM596.7 million an increase of 58.9% compared to the corresponding quarter last year, which recorded RM375.6 million.
The group said the notable surge in revenue was predominantly attributed to the property development segment’s 60.2% increase, which contributed RM571.2 million to the total revenue. Profit after tax also experienced a considerable rise, reaching RM41.1 million, translating to a surge of 31.2%.
For the full year 2023, LBS achieved a PAT of RM159million, reflecting a year-on-year increase of 15.6%. This growth it said was supported by a 6% rise in revenue, reaching RM1.83 billion. The surge was attributable to increased development activities across ongoing projects.
According to LBS, the property development segment, maintaining its position as the Group’s primary revenue contributor, accounted for 95.9% of the total revenue. Key development projects, such as KITA @ Cybersouth, Bukit Jalil projects, LBS Alam Perdana, Idaman projects and Prestige Residence, played a significant role in driving this revenue increase.
Commenting on the financial performance, LBS Group Executive Chairman Tan Sri Dato’ Sri Ir. (Dr.) Lim Hock San said, “We are thrilled to announce that LBS has delivered outstanding financial results for the year 2023, with RM1.83 billion in revenue, marking the Group’s highest achievement to date. These positive financial results present a solid foundation for us to build upon as we embark on the next phase of our journey.
Currently, LBS is involved in 19 ongoing projects and targets to achieve RM1.8 billion in property sales this year buoyed by various developments with a GDV of RM3.51 billion.
As of 31 December 2023, the Group’s land bank covers approximately 2,767 acres ensuring a strategic reserve for the next 10 to 15 years.
