KUALA LUMPUR (Aug 22): LBS Bina Group Bhd (KL:LBS) said its second quarter net profit rose 4.9% to RM34.64 million  from RM33.01 million a year ago, boosted by contributions from its key property development projects.

Revenue for the quarter ended June 30, 2024 (2QFY2024) increased 16.5%  year-on-year to RM431.85 million from RM370.75 million, attributable to increased on-site development activities across ongoing projects, the group's bourse filing on Thursday showed.

For the first half of FY2024, the property developer's net profit rose 2.6% to RM65.17 million from RM63.51 million in the same period last year, while revenue grew 2.5% to RM770.13 million from RM751.65 million.

The group has not announced any dividend so far this year.

LBS said it has secured total property sales of RM794 million on the back of RM293 million in bookings as of August 21.

Its total unbilled sales amounted to RM1.71 billion, while its total landbank stood at 2,686 acres.

The Klang Valley remains its biggest market with 91% of property sales achieved in the region.

LBS said it has launched several new projects including Idaman Perdana, comprising affordable apartments in Puncak Alam, Selangor, and Imperial Garden Phase 2a, comprising double-storey semi-detached houses in Bandar Putera Indah, Johor.

“These projects are expected to contribute positively to the group over the next two years,” the group said.

LBS also noted its launch of the Bandar Saujana Putra (BSP) flyover in July, to align with the launch of the BSP Sutera Apartment and Townhouse project in April.

Shares in LBS closed up one sen or 1.5% at 67.5 sen, giving the group a market capitalisation of RM1.07 billion. The stock is up 19.9% year to date.