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Yanlord Announced Commendable Results for 1Q 2017
2017/5/22 9:59:13

Yanlord Land Group Limited  announced its results for the period of January to March 2017 (“1Q 2017”).

 

Underscored by healthy home buyer demand in the PRC and robust pre-sale delivery during the period, Yanlord’s recognised revenue in 1Q 2017 rose 121.5% to RMB6.321 billion from RMB2.853 billion in 1Q 2016. Profit for the period similarly rose 267.1% to RMB1.468 billion in 1Q 2017 from RMB399.8 billion in 1Q 2016 on the higher average selling price (“ASP”) achieved and larger gross floor area (“GFA”) delivered. Grounded in the strong revenue growth, profit attributable to owners of the Company for 1Q 2017 leapt 259.1% to RMB934.1 million from RMB260.1 million in 1Q 2016.

 

The Group continues to witness healthy buyer interest for its high-quality developments. Pre-sale of properties and car parks in 1Q 2017 was approximately RMB4.256 billion while accumulated pre-sales pending recognition as at 31 March 2017 was RMB23.994 billion and is expected to be progressively recognised as revenue in subsequent financial periods. As of 31 March 2017, the Group has received RMB20.814 billion as advances for pre-sale properties.

 

Attributable to the Group’s prudent financial policies, Yanlord remains in a healthy financial position. Cash and cash equivalents of RMB13.090 billion as at 31 March 2017 coupled with a net debt to total equity gearing ratio of 51.0% provides the Group with the necessary foundations to drive its future development.

 

 

 

1Q 2017

1Q 2016

Change (%)

ASP (RMB / sqm)

38,339

34,095

12.4

GFA Delivered (sqm)

158,378

80,187

97.5

Revenue (RMB mil)

6,321.2

2,853.4

121.5

Gross Profit (RMB mil)

3,125.9

816.8

282.7

Gross Profit Margin (%)

49.5

28.6

20.9 ppt

Profit for the period (RMB mil)

1,467.7

399.8

267.1

Profit Attributable to Owners of the Company (RMB mil)

934.1

260.1

259.1

Net Attributable Profit Margin (%)

14.8

9.1

5.7 ppt

Earnings per share (RMB cents)1

48.14

13.35

260.6

 

 

 

 

 

 

 

 

 

 

 

 

           

 

1 Based on a fully diluted basis of 1,940,233,827 and 1,948,736,476 shares respectively    

 

 

Moving forward, the Group will continue to launch a new project and new batches of existing projects in 2Q 2017 namely, Four Seasons Gardens (四季花园) in Nantong, Yanlord Eastern Gardens (仁恒东邑雅苑), Yanlord on the Park (仁恒世纪公寓) and Yanlord Western Gardens (仁恒西郊雅苑) in Shanghai, Riverbay Gardens (Phase 1 and 2) (江湾雅园一期及二期) in Suzhou, Tianjin Hong Qiao Land (Phase 1) (红咸雅苑一期) as well as Yanlord Marina Centre - Section B (仁恒滨海中心 - B标段) and Yanlord Marina Peninsula Gardens (Phase 2) (仁恒滨海半岛花园二期) in Zhuhai.

 

Commenting on the Group’s financial performance, Mr. Zhong Sheng Jian, Yanlord’s Chairman and Chief Executive Officer, said, “The strong performance in the period was achieved against the backdrop of the PRC Central government’s support for the sustainable development of the PRC real estate sector. While near term volatilities may arise due to the introduction of austerity measures, our quality developments continue to attract the attention of home buyers. Capitalising on our sales momentum and foundations of our healthy performance, we remain confident about the long-term potential of the PRC real estate sector and will seek to leverage on our healthy financial position to explore opportunities to acquire fairly priced developments that will augment our existing prime landbank holdings.”