TAN SRI LIM HOCK SAN(1)
KUALA LUMPUR: LBS Bina Group Bhd
has secured total property sales of RM1.21bil with RM183.5mil in booking as at Nov 28.
“This was mainly driven by the Klang Valley region, our biggest contributor to property sales at 85%.
“With one month remaining until the financial year ends on Dec 31, 2024, it is unlikely the group will be able to achieve its full-year sales target of RM1.8bil, due to deferred launches caused by a lengthy approval process. Nevertheless, we remain confident in our strategy and look forward to a robust performance when these projects come to market,” the developer said in the notes accompanying its financial results.
LBS Bina’s profit after tax and non-controlling interests (PATMI) surged four-fold to RM164.5mil, due to the one-off gain after tax of RM136.9mil from the disposal of its investment in Zhuhai International Circuit Ltd (ZICL).
“In light of the one-off gain, coupled with the group’s dedication to maximise shareholders’ value and deliver consistent returns, LBS has announced a special dividend of 2.6 sen per share, which is payable on Dec 30, 2024. This represents a payout ratio of 30% of the gain after tax on the disposal of ZICL,” the developer said.
Its revenue for the quarter stood at RM377.4mil compared with RM466.8mil posted last year while earnings per share climbed to 10.32 sen against 2.11 sen a year ago.
For the first nine months, LBS Bina’s net profit more than doubled to RM232.2mil, with revenue reaching RM1.15bil.
As at Nov 28, the group has a total landbank of 3,746 acres, ensuring a sustainable pipeline of development projects ahead. Backed by unbilled sales of RM1.67bil, the group reflects strong revenue and earnings visibility ahead.
Group executive chairman Tan Sri Lim Hock San said: “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. While achieving our sales target this year presents challenges, we remain confident in our strategy and optimistic about prospects.
“Our well-received affordable township, KITA @ Cybersouth and the high-demand Alam Perdana Central Hub have driven total sales of RM1.2bil as at Nov 28, positively contributing to future earnings.”
