LBS posts strong FY2025 start, earnings surge on robust sales, demand
The people-first property developer reported a 15 per cent quarter-on-quarter revenue increase in Q1 FY2025 to RM329.2 million, up from RM287.1 million in the preceding quarter. This was driven by active construction progress across key developments, particularly in the Klang Valley, which contributed over 86 per cent of total revenue.
Major contributors included flagship projects such as KITA @ Cybersouth, LBS Alam Perdana, Prestige Residence, and the Idaman series.
The group also saw its pre-tax profit more than double to RM32.5 million from RM15.8 million in the previous quarter.
Commenting on the results and outlook, executive chairman Tan Sri Dr Lim Hock San said the group recorded RM281.2 million in sales and RM256 million in bookings during the quarter.
"This performance is driven by the robust demand for the state-of-the-art light and medium factories in our Alam Perdana Industrial Park, further boosted by Cameron Centrum, following the successful launch of Centrum Iris, its second precinct and largest mixed development, earlier this year," he said in a statement.
Lim said that the strong uptake in both these projects reflects the strong market confidence in the developments and reinforces the group's strategy of delivering market-driven projects that cater to real demand.
Guided by its 8 x 8 Strategy, LBS plans to launch projects worth RM8 billion in total gross development value (GDV) over the next three years. With 3,793 acres of land landbank and RM1.61 billion in unbilled sales, the group is well-positioned for sustainable growth.
"This, combined with our sizeable 3,793 acres of land landbank and RM1.61 billion in unbilled sales, means we are well positioned for sustainable growth, providing clear visibility of our future revenue and earnings.
"Moreover, we are exploring opportunities to expand our presence in Melaka with our recent MOU (memorandum of understanding) to develop a mixed-use industrial development project with an estimated GDV exceeding RM7 billion," Lim said.
"We are excited about the potential growth opportunities and looking ahead, we maintain a cautiously optimistic outlook and will continue to respond with agility to evolving market demands while building on our strengths to drive sustainable growth," he said.
The board has proposed a final single-tier dividend of 1.10 sen per share in respect of the financial year ended Dec 31, 2024, subject to shareholder approval at the upcoming 25th AGM on June 26, 2025.
Upon approval, the total dividend payout for 2024, including a first interim single-tier dividend of 1.00 sen per ordinary share and a special single-tier dividend of 2.60 sen per ordinary share, is 4.70 sen per ordinary share or RM73.2 million in total.
This represents a 30 per cent payout ratio, in line with the group's dividend policy.
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