20220321 LBS PARTICIPATES IN THE PROPOSED JOINT VENTURE OF A LIGHT RAIL TRANSPORT SYSTEM
For Immediate Release
LBS PARTICIPATES IN THE PROPOSED JOINT VENTURE OF A LIGHT RAIL TRANSPORT SYSTEM WITH TRANSIT ORIENTED DEVELOPMENT IN JOHOR BAHRU
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Petaling Jaya, 21 March 2022 – LBS Bina Group Berhad (“LBS” or the “Group”) today announced that it has entered into a Heads of Agreement (“HOA”) with Nylex (Malaysia) Berhad (“Nylex”), Sinar Bina Infra Sdn. Bhd. (“SBI”), BTS Group Holdings Public Company Limited (BTS) and Ancom Berhad (“Ancom”) to build and operate a light rail transport system (“LRT Project”) with an integrated property development based on the “Transit-Oriented Development” concept in Johor Bahru’s metropolitan region. LBS and SBI have certain strategic land banks in Johor Bahru while BTS is a public listed company in Thailand and the majority shareholder of Bangkok Mass Transit System PCL, the operator of the BTS Skytrain and Bangkok BRT.
Pursuant to the HOA, LBS shall inject its lands at a consideration to be mutually agreed taking into account the valuation to be carried out by an independent valuer. In exchange, LBS will receive Nylex shares priced at RM0.15 per share and LBS or its affiliate shall be the preferred civil and construction contractor for the LRT Project as well as the preferred main contractor for the development of the LBS lands. The HOA is subject to the completion of a feasibility study to be conducted by BTS and professional consultants, the grant of the LRT Project concessions by the state government of Johor to SBI and signing of definitive agreements.
LBS Executive Chairman Tan Sri Lim Hock San said, “This potential collaboration provides us with an opportunity to monetise our lands in Johor and expand our property development and construction expertise beyond our usual housing projects. We expect to generate infrastructure construction income and steady recurring income from this project. The Johor Bahru metropolitan region is up and coming, connectivity is crucial for its growth. Our lands are strategically located. We foresee this project to be a viable development which will ease the transportation and connectivity concerns of the local community.
In addition, we are pleased to be able to work with experienced professionals who have appropriate technical skills and knowledge to see us through this project. We will work towards inking the definitive agreements and share any developments in addition to the final terms and conditions when available.”
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20220224 LBS FYE2021 NET PROFIT LEAPS BY 76%
For Immediate Release
LBS FYE2021 NET PROFIT LEAPS BY 76%
- Q4FYE2021 revenue increased by 50%
- Outperformed 2021 sales target by 31% to RM1.58 billion
- 18 ongoing projects with an estimated GDV of RM5.30 billion
- Unbilled sales of RM2.30 billion
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Petaling Jaya, 24 February 2022 – LBS Bina Group Berhad (“LBS” or the “Group”) today announced its fourth-quarter results for the financial year ended 31 December 2021 (“Q4FYE2021”).
For the period under review, LBS reported a revenue of RM441.84 million. This translates to a year-on-year increase of 50%. To add on, the Group recorded a profit after tax (“PAT”) of RM46.38 million for Q4FYE2021, an impressive 41% increase as compared to Q4FYE2020.
For FYE2021, revenue increased by 24%, year-on-year, from RM1.10 billion to RM1.36 billion. The RM1.36 billion revenue is LBS’ highest ever achieved. The PAT increased by 76%, from RM67.29 million to RM118.70 million.
The strong FYE2021 performance was attributed to the innovative digitalisation efforts by the Group such as LBS’ Virtual Property Page, Raikan Rezeki Bersama LBS and Vacci-Nation Bonanza digital campaigns, as well as in-demand products which were well-received by the public.
On the property development front, which is the Group’s main earnings contributor, revenue increased to RM1.30 billion, resulting in a 26% increase year-on-year. The respective increase was the end result of good take up rates and steady construction progress at ongoing projects such as Residensi Bintang Bukit Jalil, Alam Awana Industrial Park, Cameron Centrum, KITA @ Cybersouth and LBS Alam Perdana.
LBS currently has 18 ongoing development projects with an estimated Gross Development Value (“GDV”) of RM5.3 billion. The landbank of 2,744 acres, as at 31 December 2021, will keep the Group busy for the next 10 years. Unbilled sales of RM2.30 billion will contribute positively to the Group’s revenue over the next two to three years.
Commenting on the results, LBS Executive Chairman Tan Sri Lim Hock San said, “FYE2021 has turned out to be an exceptional year for LBS. Our numbers reached an all-time high. Nevertheless, I hope that our financial results are a testament of the direction LBS is heading towards and that the general public and our shareholders keep their faith in us.
In 2021, we surpassed our property sales target by 31%, hitting RM1.58 billion as compared to our initial target of RM1.20 billion. This is a great start to 2022. Property development will continue to be our core business. Therefore, we have set ourselves a higher property sales target of RM1.60 billion for 2022 via 14 new project launches with a gross development value of RM1.77 billion. We are confident our launches will continue to receive strong responses, given the strategic locations. Further, with the roll-out of the vaccination booster shots, it appears that the days of lockdowns are out of sight.
In 2022, we will remain true to our three main pillars of Affordability, Connectivity and Community. The LBS team is motivated to rise to the challenge of delivering developments in strategic locations while maintaining affordable prices to meet homebuyers’ needs and to win their trust. We will continue to monitor the market and implement appropriate strategies to ensure our operations are not disrupted. We remain optimistic of our growth prospects for 2022.”
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2022 LBS Media Briefing
Our annual 2022 LBS Media Briefing was held on 5th of January 2022.
Here’s the highlight video of the event.
Happy watching!
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20220124 LBS BINA GROUP 2022 TOWN HALL MEETING
For Immediate Release
LBS Bina Group 2022 Town Hall Meeting
Two-Day ‘Hybrid’ Event Setting Amid New Norm
Petaling Jaya, 24 January 2022 – LBS Bina Group Berhad (LBS) welcomes the return of the annual town hall meeting implemented in both virtual and physical settings. Fully aware that the pandemic is far from over, the meeting was extended into a two-day event to better regulate the SOPs. What remained the same is the objectives of the event, establishment the bonds of all LBS staff, acknowledging the efforts made throughout 2021 and how the organization can grow even sturdier moving forward.
‘‘The new norm is no longer new, with more variants emerging and more vaccines being administered to combat the virus, we should also remember to never let our guards down and have history repeat itself. To be able to gather everyone here today is no coincidence, it’s the joint effort of everyone seated here today. For the year 2022, I am cautiously optimistic that LBS will set new benchmarks and offer an even wider range of products and services to the market.’’ said Tan Sri Lim Hock San, Executive Chairman of LBS.
The meeting started with the welcoming remarks from the Group Managing Director and Chief Executive Officer, Datuk Wira Joey Lim followed by the 2021 company’s performance review presented by Tan Sri Lim Hock San. In line with the company’s goal to adapt digitalization in its operation, LBS Deputy Chief Executive Officer, Lucas Lim provided an in-depth brief on the company’s Digital Transformation Roadmap initiatives and future digitalization plans. LBS’ key attributes, introduced by Dato’ Cynthia Lim, Executive Director, namely swift action and interdependence, has been making positive impacts to the organization since its introduction in 2021. To further grow the key attributes, Ms Shany Lim, the founder of the Heroes of Change, introduced the initiatives, its major objectives and its respective agents represented by employees from all departments. The focal role of the agents will be actively integrated into LBS’ working culture.
The town hall meeting remains to be the company’s official communication platform for both the management and employees to share the company performance updates and forecast. Approximately 955, including both physical and virtual attendees from LBS Bina Group Berhad including Board of Directors, Independent Directors and employees from its subsidiaries, MGB Berhad, M3 Mall, SCAPES Hotel and Zhuhai International Circuit Limited (ZIC) attended the Town Hall Meeting.
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20220107 LBS INCREASES FEMALE DIRECTORS ON BOARD
For Immediate Release
LBS INCREASES FEMALE DIRECTORS ON BOARD
Female board representation increases to 25%
Petaling Jaya, 14 January 2022 – LBS Bina Group Berhad (“LBS” or the “Group”) today announced the appointment of Dato’ Yong Lei Choo (“Dato’ Yong”) as its new independent non-executive director, member of LBS’ Remuneration Committee and Risk Management Committee, effective 14 January 2022. She will replace Datuk Lim Tong Lee who will retire from the LBS board.
With Dato’ Yong’s appointment, LBS will have 2 female directors on its board, which translates to a 25% female composition. The higher female composition allows for increased diversity as LBS supports the push for greater women representation in boardrooms. To add on, it is part of LBS’ increasing focus on ESG as it creates a company guided by a robust corporate governance framework.
Commenting on the appointment, LBS Executive Chairman Tan Sri Lim Hock San said, “LBS values diversity and experience. We have already met the mandatory requirement for female board representation in the form of Dato’ Lim Mooi Pang who has been on the LBS board since 2009. We are indeed pleased to have Dato’ Yong Lei Choo, a veteran of the Royal Malaysian Police Force, onboard. With her experience and background, I am confident Dato’ Yong will do a tremendous job in her new role, providing us with sound advice and unique viewpoint as management works to steer LBS forward. We hope our shareholders recognise our efforts in providing appropriate corporate governance oversight in LBS as we advocate for gender diversity and equality in our board.”
In addition, the Group announced the re-designation of current Managing Director, Datuk Wira Lim Hock Guan to Group Managing Director/Chief Executive Officer as well as the resignation of Dato’ Sri Lim Hock Seong and Lim Kim Kiat as Executive Directors of LBS and their subsequent appointments as Deputy Chief Executive Officers of LBS. The resignations will streamline LBS’ board towards an equal representation of 4 executive directors and 4 independent non-executive directors, as compared to a 6:4 ratio previously. This is part of LBS’ step towards implementing a stronger and more active corporate governance structure within the Group.
About Dato’ Yong Lei Choo
Dato’ Yong holds a Bachelor of Arts (Hons) (Population Studies) from University of Malaya and a Master of Science (Human Resource Development) from Western Carolina University, North Carolina, USA.
Dato’ Yong, who hails from Jasin, took up her first position in the Royal Malaysian Police Force with the Taiping district police in Perak following completion of her cadetship in 1986. She had a distinguished career in the police force for nearly 36 years before retiring in October 2021 as the Deputy Chief Police Officer of Kuala Lumpur. Notable achievements while with the police force include being the first female Head of Special Branch in the Petaling Jaya Police District (1998); first Chinese woman with the rank of Senior Assistant Commissioner (2009); first female Special Branch Chief of Penang Police Contingent (2015) and the first female Assistant Principal Director of the Special Branch (Economic Intelligence Division). Her outstanding performance garnered her a federal scholarship from the Public Service Department to pursue her Master’s Degree in North Carolina, USA (1995-1997). In 2009, she was conferred the Darjah Indera Mahkota Pahang by the Sultan of Pahang.
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VoxPop : LBS Talent Photoshoot
Ever dreamt of being a model? At LBS, we are constantly cultivating talents above and beyond your day-to-day job! In this episode of VoxPop, let us bring you to the behind the scene of the photoshoot comprising entirely of LBS staff!