LBS Bina unlikely to hit RM1.8 bil full year sales target, declares 2.6 sen special dividend
As of Nov 28, the group had registered total property sales of RM1.21 billion, with RM183.5 million in bookings. However, with just one month remaining until the financial year ends Dec 31, 2024, the target is out of reach for the group.
KUALA LUMPUR (Nov 29): LBS Bina Group Bhd (KL:LBS) said that it is unlikely for the group to meet its internal sales target of RM1.8 billion this year, due to deferred launches caused by a lengthy approval process.
As of Nov 28, the group had registered total property sales of RM1.21 billion, with RM183.5 million in bookings. However, with just one month remaining until the financial year ends Dec 31, 2024, the target is out of reach for the group.
Nevertheless, LBS Bina remains confident in its strategy and looks forward to a robust performance when the projects in its pipelines come to market.
As of Nov 28, the group has a total land bank of 3,746 acres, ensuring a sustainable pipeline of development projects ahead. It has RM1.67 billion worth of unbilled sales as of Thursday.
LBS Bina declared a special dividend as its net profit surged four-fold for the third quarter, carried by a one-off gain from the disposal of Lamdeal Investments Ltd (LIL).
The property development and construction outfit plans to distribute a special dividend of 2.6 sen per share, payable on Dec 30, according to the group’s bourse filing on Friday.
Net profit for the quarter ended Sept 30, 2024 (3QFY2024) ballooned 315.43% to RM167.06 million — its highest since 3QFY2013 — from RM40.21 million in the same quarter last year, mainly thanks to booking an RM137 million one-off gain from the disposal of LIL.
Excluding the one-off disposal gain, the group’s adjusted pre-tax profit for 3QFY2024 comes to RM77.3 million.
Quarterly revenue declined 19.16% to RM377.39 million from RM466.86 million on certain property and construction projects’ completion or near completion.
LBS Bina announced the disposal of LIL, which owns a 60% stake in Chinese motor racing circuit company Zhuhai International Circuit Ltd, back in June for 192.18 million yuan (RM124.74 million).
For the nine months ended Sept 30 (9MFY2024), net profit more than doubled to RM232.23 million from RM103.72 million in the same period last year, as cumulative revenue declined 5.83% to RM1.15 billion from RM1.22 billion.
Shares in LBS Bina ended half a sen or 0.93% higher at 54.5 sen, valuing the developer at RM843.68 million.
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Source: EdgeProp.my
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