KUALA LUMPUR: LBS Bina Group Berhad has been honoured with the "Highest Growth in Profit After Tax Over Three Years" award in the property sector category at The Edge Billion Ringgit Club Awards 2024.
The accolade was received by Lucas Lim Kim Kiat, the deputy chief executive officer of LBS, in recognition of the group's exceptional financial performance over the three-year evaluation period.
In a statement, LBS said that the award acknowledges the group's consistent improvement in profit after tax and minority interests (PATMI) from 2021 to 2023.
PATMI showed a steady increase, rising from RM95.6 million in 2021 to RM128.5 million in 2022 and further to RM141 million in 2023.
LBS said this translates to a 21.4 per cent compound annual growth rate (CAGR) in PATMI, underscoring the group's impressive financial performance driven by consistent revenue growth, strong profitability, and effective cost management, despite the challenging economic landscape.
LBS reported a revenue of RM1.8 billion for 2023.
According to LBS, this remarkable performance reflects the group's expertise in delivering projects that meet market demands, resulting in robust sales. "We are incredibly honoured to receive this award as it is a reflection of our relentless focus on the group's financial performance and operational efficiency," said LBS group managing director and chief executive officer, Datuk Wira Lim Hock Guan.
"Our hard work to consistently enhance our profitability year-on-year speaks to the strength of our business model and the dedication of our team."
Lim said that LBS will continue to pursue excellence and drive value for its stakeholders.
Lim also emphasised that LBS remains committed to excellence and to creating value for its stakeholders.
This recognition motivates the group to continue leading the industry as a developer of residential, industrial, and commercial properties.
"As an innovative property developer, we will continue to adapt to evolving market trends by creating high-quality and affordable homes to improve homeowners' lives," he said.
Lim further noted that the group's achievements have been reinforced by the recent receipt of Malaysia's Best Managed Companies Award for the third consecutive year.
"These awards are a testament to LBS' excellence and exceptional leadership," Lim said.
Looking ahead, Lim conveyed cautious optimism regarding the group's future growth, bolstered by a substantial landbank of 2,654 acres and an expected gross development value (GDV) of RM33 billion, which secures a strong project pipeline for the years ahead. Furthermore, with unbilled sales amounting to RM1.6 billion as of June 30, 2024, the group anticipates strong earnings visibility in the near term, supporting sustained growth.