PETALING JAYA: LBS Bina Group Bhd subsidiary MGB Bhd, a construction and property development solutions provider, registered higher revenue of RM178.59mil for its first quarter results in tandem with the road towards economic recovery.
For the quarter under review, MGB saw an increase of 6.57% from RM167.59mil in the previous year’s corresponding quarter. In addition, profit before tax and profit after tax clocked in at RM11.23mil and RM6.82mil respectively.
The construction and trading business segment remained the group’s main revenue contributor. The segment’s revenue increased by 11.8% to RM174.01mil as compared to the previous corresponding period of RM155.62mil.
The increase in revenue was a result of steady contribution from several sizeable projects such as Residensi Bintang Bukit Jalil and Mercu Jalil at Bukit Jalil as well as Ritma Perdana and Melodi Perdana at LBS Alam Perdana.
“Albeit a less than ideal start to Q1 on the back of the Russia-Ukraine war, raw material price hikes and labour shortages, MGB continued to deliver steady profit. We are cautiously navigating our way through these uncertain times. Cost control and disciplined business planning are currently at the forefront of our minds as we run our business,” said MGB executive vice-chairman Tan Sri Lim Hock San.
“Our construction order book stands at RM1.74 billion. Coupled with an estimated gross development value of RM2.15 billion under our property development segment, we look set to deliver close to RM4.00 billion in revenue in the coming years. We expect a healthy replenishment of construction projects to keep us busy and will take the opportunity to tender for further government projects when available.
“In addition, following the launch of Rumah Idaman BSP, MGB has received overwhelming bookings for its 1,312 units and is currently converting these bookings into sales for eligible purchasers who have obtained approval from the relevant authority. We look forward to the launch of the 5 remaining Rumah Selangorku Idaman MBI projects which will take place throughout this year and 2023,” he said.
Lim pointed out that the newly launched Laman Bayu Phases 3 and 4 have recorded encouraging sales where a total of 47 units out of 118 units of double-storey terraces with a gross value amounting to RM18.25mil have been sold.