CEO Morning Brief

LBS Bina Declares Higher Annual Dividend of 2.7 Sen

Publish date: Thu, 18 Apr 2024, 11:06 AM
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TheEdge CEO Morning Brief

KUALA LUMPUR (April 17): LBS Bina Group Bhd has declared total dividends of 2.7 sen per share for the financial year ended Dec 31, 2023 (FY2023), comprising a first interim dividend of 1.35 sen and a final dividend of 1.35 sen.

The interim dividend will be paid on July 16, while the final dividend will be paid on Sept 2, the property developer’s filing on Wednesday showed.

The 2.7 sen payout for FY2023 is higher than the 2.45 sen per share paid for FY2022.

LBS Bina’s net profit rose 9.13% to RM140.27 million for FY2023, from RM128.54 million a year earlier, as revenue increased 6.07% to RM1.83 billion from RM1.72 billion, on the back of higher contributions from its property development business and better progress of construction activities.

The group in January said that it aims 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 gross development value totalling RM3.51 billion across strategic locations, including in the Klang Valley, Johor, Pahang and Perak,” LBS Bina said in its financial statement.

Shares in LBS Bina settled up two sen or 3.01% at 68.5 sen on Wednesday, valuing the group at RM1.07 billion. The stock has gained 14.17% year-to-date, and increased by 59.3% in the past one year.

Source: TheEdge - 18 Apr 2024

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