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KUALA LUMPUR: LBS Bina Group Bhd, which posted a net profit of RM35.1mil, has secured RM1.31bil in sales, equivalent to 82% of its 2022 sales target.
"The group is on track to meet the FY22 sales target of RM1.6bil, underpinned by 14 new project
launches worth RM1.77bil in the Klang Valley, Johor, Pahang and Perak, mainly from the affordable home segment," it said in a filing with Bursa Malaysia.
As at Aug 21, the developer has recorded property sales of RM1.31bil and RM313mil bookings in the pipeline. As at July 31, it has a land bank of 2,674 acres for future development.
“We are pleased that we have continued to receive strong take-up rates for our projects in the second quarter, in particular at our LBS Alam Perdana and KITA @ Cybersouth developments. This indicates that we are building in the right key areas and delivering affordable housing which satisfies the needs of our homebuyers.
“We continue to remain focused on our growth plans while prioritising our shareholders as we aim to elevate LBS to greater heights,” executive chairman Tan Sri Lim Hock San said in a statement.,
In the second quarter ended June 30, LBS saw its revenue grow 54% year-on-year to RM410.4mil while earnings per share rose to 2.25 sen from 1.04 sen a year prior.
For the six months to June 30, its revenue and net profit surged by 23% and 58% respectively to RM819.4mil and RM65.3mil as compared to the corresponding period in 2021.
LBS said the increase was largely attributable to the positive take-up rates of the Group’s projects at Bukit Jalil, LBS Alam Perdana, KITA @ Cybersouth and Alam Awana Industrial Park.
The group reported that development projects within the Klang Valley accounted for more than 84% of the 6MFYE22 revenue.
LBS’ cash and cash equivalents, as at end-June 2022, was RM265.7mil, an increase of 62% compared to 6MFY21.
“LBS has reported a set of remarkable earnings this quarter. This is part and parcel due to carefully planned launches and the group’s relentless effort to push forward with innovative marketing strategies.
“In an environment filled with much uncertainty due to labour shortages, interest rate hikes and raw material price increases, I am glad that we have managed to sustain our earnings. While we are aware that solving these issues would be a gradual process, we hope to keep up our momentum heading into the second half of 2022,” Lim said.