KUALA LUMPUR: LBS Bina Group Berhad's pre-tax profit soared four-fold to RM164.5 million, driven by a one-off post-tax gain of RM136.9 million from the disposal of its investment in Zhuhai International Circuit Ltd (ZICL).
In a statement, the property developer said that the strategic divestment unlocked the inherent value of the land, strengthening LBS' financial position and allowing a sharper focus on long-term value creation.
To share the benefits of this gain, LBS announced a special dividend of 2.6 sen per share, representing 30 per cent of the gain after tax. The dividend will be distributed on 30 December 2024.
To maintain growth momentum, LBS unveiled the 315-acre Rimbawan Township in Genting Highlands in October 2024. The flagship project, with a projected gross development value (GDV) exceeding RM9.5 billion, features the newly launched Bayu Hills serviced apartments, comprising 642 residential units with a GDV of RM453 million.
LBS Group executive chairman, Tan Sri (Dr) Lim Hock San, expressed enthusiasm about the Group's progress.
"We are pleased to declare a special dividend, which affirms our continued dedication to enhancing shareholders' value through the strategic disposal of ZICL. At the same time, we are excited for the upcoming project launches and the Rimbawan township, unveiled in October, which are set to drive performance and support long-term growth."
Despite market challenges, Lim reaffirmed LBS' confidence in its strategy. As of 28 November 2024, strong sales from KITA @ Cybersouth and the Alam Perdana Central Hub contributed to RM1.2 billion in total sales, positively impacting future earnings.
LBS continues to prioritise environmental, social, and governance (ESG) principles.
In October 2024, the group made significant progress in the Corporate Green Power Programme, appointing Solarvest Holdings Berhad as the engineering, procurement, construction, and commissioning contractor for a 43-MWp solar farm in Senawang, Negeri Sembilan.
In November 2024, the group entered into a memorandum of understanding with Invest Sabah Berhad, the Sabah Forestry Development Authority, and Midwest Green Sdn Bhd to develop a solar- and wind-powered green hydrogen production facility and a potential green industrial park in Kota Marudu, Sabah.
The facility aims to produce 10 GW and generate over 250,000 tonnes of green hydrogen annually, covering a site area of 15,000 to 30,000 acres.
These initiatives highlight LBS' commitment to sustainable development while enhancing shareholder value and contributing to Malaysia's renewable energy goals