KUALA LUMPUR: LBS Bina Group Bhd recorded a 24.6% year-on-year (y-o-y) increase in profit after tax and minority interest (PATAMI) to RM18.4mil for the fourth quarter ended Dec 31, 2020. Revenue for the quarter declined 5.3% to RM275.5mil. Despite a challenging year in 2020, the group exceeded its revised sales target of RM1bil by 20%, having recorded total net sales of RM1.2bil. "Last year was a year the global pandemic concocted a bleak and unprecedented situation for the business communities, impacting the respective financial performances where LBS was no exception," it said in a statement. For FY20, the group registered a lower revenue and PATAMI of RM1.1bil and RM50.6mil, respectively. Nonetheless, the revenue is almost at par with its pandemic-free financial year 2018 revenue. LBS’ property development segment, which is its core business, contributed 94% of the group’s revenue. The second largest contributor was the construction and trading business, which accounted for 3% of the revenue. As of Dec 31, 2020, LBS has unbilled sales of RM2.2bil, which will contribute positively to the group’s revenue over the next two to three years. It currently has 19 ongoing projects with an estimated gross development value of RM5bil. “Perseverance would be one word which succinctly describes our strength in 2020. We embraced the sheer reality of the impact brought about by the pandemic and I am proud to claim that we have weathered through the storm. "The financial results are commendable, given the circumstances that we were in. Our sales and bookings proved that LBS is offering not only the right products but also strategically located properties to meet the market’s demand," said group managing director Tan Sri Lim Hock San (pic). He noted that the pandemic has allowed LBS to innovate many processes internally to be more inclusive and efficient, especially in the way it does sales. "We saw the opportunity to invest in the industrialised building system (IBS) as it is in line with our three main pillars of affordability, connectivity and community. "Through our investments, LBS managed to deliver its first batch of IBS-built homes nine months ahead of schedule in 2020. IBS allows LBS to continue to develop affordable homes and township for every Malaysian. "This is also part of our strategic plans to build a sustainable business in the long run and play our role in reducing carbon emission," he said.
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