property

LBS triumphs as leading developer at the Malaysia Developer Awards 2024

KUALA LUMPUR: LBS Bina Group Berhad, a leading property developer with a people-first philosophy, has earned the esteemed Top of the Chart award at the Malaysia Developer Awards 2024 (MDA).

This recognition ranks LBS among the top 10 developers in the market capitalisation category for companies exceeding RM1 billion in value.

The award underscores LBS's unwavering commitment to delivering innovative, high-quality properties while prioritising sustainability and responsible practices throughout its projects.

The MDA is regarded as an industry benchmark that recognises outstanding companies with significant market capitalisation, strong financial performance, robust governance, and sustained growth in the property development sector.

LBS Group executive chairman, Tan Sri Ir. (Dr.) Lim Hock San, said it is an honour for the company to be recognised among Malaysia's top 10 developers. 

"This award reflects our financial resilience and commitment to sustainable growth. Our recent expansion into renewable energy aligns with our environmental goals and strengthens our foundation for a sustainable future within property development."

"Our strategic initiatives pave the way for ongoing growth, reinforcing our leadership in the market. We remain dedicated to creating value for our stakeholders and making a positive impact on environmental sustainability," he added.

LBS' recognition is a testament to its steadfast dedication to operational excellence, innovation, financial success, and sustainable growth. 

The management excellence is exhibited through its three-year revenue compound annual growth rate of 18.6 per cent post-COVID from 2020 to 2023, which surpassed the pre-COVID period's 10.1 per cent from 2016 to 2019. 

For the financial year ended 2023, the group achieved its highest ever revenue of RM1.8 billion, with profit after tax and minority interests (PATMI) surging by 9.7 per cent year-on-year to RM141.0 million, resulting in earnings per share of 7.75 sen.

LBS reported a 4.9 per cent increase in net profit for the quarter ended June 30, 2024 (2QFY2024), rising to RM34.64 million from RM33.01 million in the same quarter last year. 

This growth was driven by strong contributions from key property development projects in Klang Valley.

Revenue for the quarter also saw a significant year-on-year increase of 16.5 per cent, reaching RM431.85 million, up from RM370.75 million, thanks to an uptick in on-site development activities.

For the first half of FY2024, LBS Bina's net profit showed a marginal increase of 2.6 per cent, amounting to RM65.17 million compared to RM63.51 million during the same period last year. 

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