LBS Bina posts record high revenue in FY23

LBS Bina Group Bhd which announced its unaudited financial results for the fourth quarter (Q4’23) and full year ended Dec 31, 2023 (FY23) recently said that it achieved revenue of RM596.7 million, marking a significant increase of 58.9% compared to the corresponding quarter last year, which recorded RM375.6 million.

This notable surge in revenue was predominantly attributed to the property development segment’s 60.2% increase, which contributed RM571.2 million to the total revenue. The group’s profit after tax (PAT) also experienced a considerable rise, reaching RM41.1 million, translating to a surge of 31.2%.

For the full year 2023, LBS achieved a PAT of RM159 million, reflecting a yearon-year increase of 15.6%. This growth was supported by a 6% rise in revenue, reaching RM1.83 billion. The surge was attributable to increased development activities across ongoing projects.

The property development segment, maintaining its position as the group’s primary revenue contributor, accounted for 95.9% of the total revenue. Key development projects such as KITA @ Cybersouth, Bukit Jalil projects, LBS Alam Perdana, Idaman projects and Prestige Residence, played a significant role in driving this revenue increase.

LBS Group executive chairman Tan Sri Lim Hock San said that LBS delivered outstanding financial results for 2023, with RM1.83 billion in revenue, marking the group’s highest achievement to date and these positive financial results present a solid foundation for it to build upon as it embarks on the next phase of its journey.

As of Dec 31, 2023, the group’s land bank covered about 2,767 acres ensuring a strategic reserve for the next 10-15 years.