KUALA LUMPUR, Aug 22 — LBS Bina Group Bhd’s net profit rose to RM35.13 million in the second quarter ended June 30, 2022 (Q2 2022) from RM16.28 million in the same quarter last year.

Revenue surged to RM410.37 million from RM265.92 million previously, thanks to better contribution from the property development segment, the developer said in a filing to Bursa Malaysia.

For the first six months ended June 30, 2022, net profit surged to RM65.29 million from RM41.43 million while revenue rose to RM819.39 milllion against RM668.47 million previously.

The property development segment in the first-half year was largely driven by continuous strong demand for its ongoing development projects, namely LBS Alam Perdana in Bukit Jalil, KITA @ Cybersouth in Dengkil, and Alam Awana Industrial Park in Shah Alam.

"Development projects within the Klang Valley remain the largest revenue contributor, accounting for 84 per cent of the group’s revenue for the current financial period,” it said.

Meanwhile, the construction and trading segment’s revenue amounted to RM304 million in the first six- month period, management and investment segment revenue (RM33 million), motor racing circuit segment (RM6.7 million), hotel operation revenue (RM4 million), and others (RM16 million).

On prospects, LBS Bina said the group recorded property sales of RM1.31 billion as at August 21, 2022, with bookings of RM313 million in the pipeline.

This outstanding performance was attributed to the success of projects within the LBS Alam Perdana Township, which contributed 29 per cent (RM383 million), followed by projects within LBS Kita @ Cybersouth Township which accounted for 20 per cent (RM259 million).

The third major contributor was from its affordable housing project, Idaman BSP (Bandar Saujana Putra), at 17 per cent (RM218 million), it said.

"We believe the reintroduction of the stamp duty exemption under Keluarga Malaysia Home Ownership initiative will further motivate first-time homebuyers,” it added. — Bernama