KUALA LUMPUR: LBS Bina Group Bhd, a developer guided by people-first values, has announced its unaudited financial results for the first quarter of the financial year ending Dec 31, 2024 (Q1 2024) today.
For the quarter under review, LBS reported a profit after tax and non-controlling interests (Patmi) of RM30.53 million, supported by a revenue of RM342.1 million.
Compared to last year's Q1 Patmi of RM30.5 million, this year's Q1 result demonstrated consistency in financial performance, highlighting robust financial health and effective business strategies.
The property development segment, constituting 96 per cent of the group's total revenue, predominantly derived from its key development projects within the Klang Valley, including LBS Alam Perdana, KITA @ Cybersouth, Prestige Residence and the Idaman projects.
Significantly, this segment experienced a notable 19 per cent growth in its net profit tax, achieving RM 42.6 million.
"Our operational efficiency and cost optimisation efforts are evident in the improved Patmi margin, rising from 8.0 per cent to 9.0 per cent in the quarter under review.
"This signified a progressive step towards maintaining a steady profit margin," said group executive chairman Tan Sri Ir. (Dr.) Lim Hock San in a statement.
In reflecting LBS' strategic expansion and dedication to enhancing the property landscape, the group has launched three major projects with a combined value of RM1.12 billion.
These launches include BSP Sutera apartment and townhouse (RM207 million) in Bandar Saujana Putra, SkyRia serviced apartment (RM265 million) in Puchong and Alam Perdana Central Hub (semi-detached factory and terrace factory) in Alam Perdana, contributing a total of RM 648 million.
"LBS is also delighted to announce that the semi-detached and terrace factories at the recently-launched Alam Perdana Central Hub, have seen a 50 per cent take-up rate.
"Serving as the central industrial element, this allows us to capitalise on the growing logistics and warehousing sectors, which are predominantly fuelled by the surge in e-commerce.
"As a developer that has predominantly operated in the residential and commercial segments, Alam Perdana Central Hub factories reflect our ability to recognise and seize adjacent opportunities in the industrial segment."
LBS added that ths is driven by Malaysia's strong market demand and rise in investments of the manufacturing, logistics and technology sectors, all of which require specialised industrial spaces.
"With the right timing and strategic positioning, we are leveraging our expertise in property development to create tailored industrial spaces that cater to the evolving needs of businesses. These new launches are expected to contribute positively over the next three years," Lim said.