KUALA LUMPUR: LBS Bina Group Bhd saw a significant increase in revenue by 58.9 per cent to RM596.7 million in the fourth quarter of its financial year ended Dec 31, 2023 (4QFY23), compared to the same period last year.
This was primarily attributed to a 60.2 per cent increase in the property development segment, which contributed RM571.2 million to the total revenue.
The group's net profit also experienced a notable rise, reaching RM41.1 million or a jump of 31.2 per cent.
Overall, LBS achieved a net profit of RM159 million for FY2023, marking a year-on-year (YoY) increase of 15.6 per cent.
The growth was supported by a 6.0 per cent rise in revenue to RM1.83 billion, driven by increased development activities across ongoing projects.
The property development segment remains the primary revenue contributor for LBS, accounting for 95.9 per cent of the total revenue.
Key projects including KITA @ Cybersouth, Bukit Jalil projects, LBS Alam Perdana, Idaman projects, and Prestige Residence significantly fuelled this revenue increase.
Executive chairman Tan Sri Lim Hock San said LBS has delivered outstanding financial results for the year 2023 with the RM1.83 billion revenue marking its 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.
"We are excited and cautiously optimistic about the growth momentum over the coming years.
"The unbilled sales of RM2 billion will continue to provide the group with a healthy earnings outlook for the next two to three years," he added.
Lim pointed out that LBS is presently engaged in 19 active projects.
"Our target for this year is to achieve RM1.8 billion in property sales buoyed by various developments with a gross development value of RM3.51 billion, built across strategic locations including the Klang Valley, Johor, Pahang and Perak," he added.
Lim emphasised that LBS is committed to upholding strong environmental, social, and governance (ESG) standards.
"Our Sustainability Financing Framework has been assigned a 'GOLD' Impact Bond Assessment by MARC Ratings Bhd which is a testament to our ESG commitment.
"With the Green Mission programme targeting biodiversity, energy, water and waste management, along with a partnership with Malaysia Green Technology and Climate Change Corporation for green projects, we aim to achieve net zero carbon emission by 2050, in line with the National Energy Transition Roadmap," said Lim.
As of Dec 31, 2023, LBS had a land bank spanning around 2,767 acres, providing a strategic reserve for the next 10 to 15 years.