KUALA LUMPUR (Feb 21): Builder cum property developer LBS Bina Group Bhd has reported a 31% growth in its fourth quarter net profit, underpinned by increased contribution from its property development business and better progress of construction activities.

Net profit for the quarter ended Dec 31, 2023 (4QFY2023) rose to RM36.55 million or 1.97 sen per share, from RM27.90 million or 1.39 sen per share a year earlier, the group’s stock exchange filing showed.

Quarterly revenue surged 58.88% to RM596.72 million from RM375.58 million, which the group attributed to higher on-site development activities across ongoing projects.

For the full year, LBS Bina’s net profit rose 9.13% to RM140.27 million or 7.70 sen per share, from RM128.54 million or 6.87 sen per share in FY2022. Full-year revenue increased 6.07% to RM1.83 billion, from RM1.72 billion.

The group had said in January that it was aiming to achieve a revenue of RM1.8 billion for FY2024, after missing its RM2 billion sales target for FY2023, as the group deferred the launches of three property projects.

“The target will be supported by various developments, with a GDV (gross development value) totalling RM3.51 billion across strategic locations, including the Klang Valley, Johor, Pahang and Perak,” LBS BIna said in its filing.

As at end-December 2023, LBS Bina said its land bank stood at 2,767 acres, with unbilled sales of RM2 billion. This, it said, will provide earnings visibility over the next two- to three years.

The group is currently involved in 19 projects and aims to launch 10 new projects that are set to yield a combined GDV of RM2.33 billion, it added.

LBS Bina’s shares closed half a sen or 0.76% lower at 65 sen on Wednesday, giving the group a market capitalisation of RM1.02 billion. The counter has gained 8.33% year-to-date, and 54.76% over the past 12 months.