News & Articles MGB delivers robust Q3 net profit growth
MGB delivers robust Q3 net profit growth
21 Nov 2024
KUALA LUMPUR: MGB Berhad, a subsidiary of LBS Bina Group Berhad, posted a 12.9 per cent year-on-year revenue growth, achieving RM289.2 million for the third quarter ending Dec 31, 2024 (Q3FYE2024), compared to RM256.1 million in the same period last year.
This growth reflects strong performance across both quarterly and cumulative nine-month results.
The property development segment played a pivotal role, with revenue surging fourfold from RM29.2 million to RM132.2 million.
In a statement, MGB attributed this increase to improved progress in projects such as Idaman Melur, Idaman Cahaya, Idaman Sari, and Pangsapuri Saujana Indah.
Consequently, pre-tax profit for the quarter rose 24 per cent from RM17.9 million to RM22.2 million, while net profit jumped 29.9 per cent from RM12.7 million to RM16.5 million.
For the nine-month period ending Sept 30, 2024, the property development segment saw a remarkable seven-fold revenue growth, from RM51.7 million to RM369.3 million.
This boosted MGB's total revenue for the period by 16.3 per cent, reaching RM775.1 million, up from RM666.5 million in the previous year.
Pre-tax profit for the nine-month period rose 27.6 per cent from RM50.8 million to RM64.8 million, while net profit increased by 26.7 per cent, from RM37.4 million to RM47.4 million.
MGB attributed this strong performance to its focus on operational efficiency, including effective cost control management across projects.
The company emphasised its commitment to prioritising project execution and profitability, ensuring sustainable growth.
Tan Sri Ir. (Dr.) Lim Hock San, MGB's executive chairman, said, "Our third-quarter financial performance underscores our dedication to delivering value through sustainable growth. The continuous momentum in our property development and construction segments, especially our affordable housing initiatives such as Rumah Idaman MBI, as well as other projects within the affordable housing segment, remains a focal point for MGB."
Lim added that MGB's commitment and dedication to providing affordable housing solutions continues to drive the group forward.
"We innovate consistently, streamline our construction operations, and boost productivity and quality in order to remain competitive and relevant in an ever-changing business environment.
"This focus enables us to deliver homes efficiently and also ensures we uphold high standards and affordability, fulfilling our mission to make quality housing accessible for all," he said.
As of Sept 30, 2024, MGB maintained a healthy financial position with cash and bank balances of RM107.2 million and net assets per share of RM1.00.
The company's construction order book stood at about RM1.2 billion, with RM700 million in unbilled sales from property development as of Oct 31, 2024, all of which are expected to contribute positively to profitability in the final quarter of the fiscal year.
This growth reflects strong performance across both quarterly and cumulative nine-month results.
The property development segment played a pivotal role, with revenue surging fourfold from RM29.2 million to RM132.2 million.
In a statement, MGB attributed this increase to improved progress in projects such as Idaman Melur, Idaman Cahaya, Idaman Sari, and Pangsapuri Saujana Indah.
Consequently, pre-tax profit for the quarter rose 24 per cent from RM17.9 million to RM22.2 million, while net profit jumped 29.9 per cent from RM12.7 million to RM16.5 million.
For the nine-month period ending Sept 30, 2024, the property development segment saw a remarkable seven-fold revenue growth, from RM51.7 million to RM369.3 million.
This boosted MGB's total revenue for the period by 16.3 per cent, reaching RM775.1 million, up from RM666.5 million in the previous year.
Pre-tax profit for the nine-month period rose 27.6 per cent from RM50.8 million to RM64.8 million, while net profit increased by 26.7 per cent, from RM37.4 million to RM47.4 million.
MGB attributed this strong performance to its focus on operational efficiency, including effective cost control management across projects.
The company emphasised its commitment to prioritising project execution and profitability, ensuring sustainable growth.
Tan Sri Ir. (Dr.) Lim Hock San, MGB's executive chairman, said, "Our third-quarter financial performance underscores our dedication to delivering value through sustainable growth. The continuous momentum in our property development and construction segments, especially our affordable housing initiatives such as Rumah Idaman MBI, as well as other projects within the affordable housing segment, remains a focal point for MGB."
Lim added that MGB's commitment and dedication to providing affordable housing solutions continues to drive the group forward.
"We innovate consistently, streamline our construction operations, and boost productivity and quality in order to remain competitive and relevant in an ever-changing business environment.
"This focus enables us to deliver homes efficiently and also ensures we uphold high standards and affordability, fulfilling our mission to make quality housing accessible for all," he said.
As of Sept 30, 2024, MGB maintained a healthy financial position with cash and bank balances of RM107.2 million and net assets per share of RM1.00.
The company's construction order book stood at about RM1.2 billion, with RM700 million in unbilled sales from property development as of Oct 31, 2024, all of which are expected to contribute positively to profitability in the final quarter of the fiscal year.
Source: NST.com.my