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YANLORD 2Q 2018 PROFIT ATRIBUTABLE TO OWNERS OF THE COMPANY SURGED 219.6% TO RMB1.478 BILLION
2018/8/16 17:07:21

 

 

 

 

1H 2018

1H 2017

Change (%)

ASP (RMB / sqm)

35,868

33,940

5.7

GFA Delivered (sqm)

447,438

286,329

56.3

Revenue (RMB mil)

16,851.1

10,598.4

59.0

Gross Profit (RMB mil)

7,835.3

4,943.1

58.5

Gross Profit Margin (%)

46.5

46.6

 (0.1) ppt

Profit for the period (RMB mil)

3,814.8

2,115.5

80.3

Profit Attributable to Owners of the Company (RMB mil)

2,275.3

1,396.6

62.9

Net Attributable Profit Margin (%)

13.5

13.2

0.3 ppt

Earnings per share (RMB cents)1

117.80

72.05

63.5

 

 

 

 

 

 

 

 

 

 

 

 

           

1                1Based on a fully diluted basis of 1,931,535,376 and 1,938,392,937 shares respectively 


Singapore/Hong Kong – 14 August 2018 –Yanlord Land announced its results for the period of January to June 2018 (“1H 2018”).

2Q 2018

Underscored by healthy market demand for the Group’s quality developments in the PRC, recognised revenue for the period increased 125.9% or RMB5.386 billion to RMB9.663 billion in 2Q 2018 from RMB4.277 billion in 2Q 2017. The growth in revenue was attributable to a significant increase in gross floor area (“GFA”) delivered to customers to 363,572 square metre (“sqm”) in 2Q 2018 from 127,951 sqm in 2Q 2017.

In-line with the greater recognised revenue of the Group, gross profit rose 110.8% or RMB2.014 billion to RMB3.831 billion in 2Q 2018 as compared to RMB1.817 billion in 2Q 2017. Profit attributable to owners of the Company similarly rose approximately 219.6% to RMB1.478 billion in 2Q 2018 from RMB462.5 million in 2Q 2017.

On the back of healthy market demand in the PRC property sector, total investment in residential development rose 13.6% for the first half of 2018 to RMB3.899 trillion based on data released by the PRC National Bureau of Statistics. Supported by this healthy demand, accumulated pre-sales pending recognition as at 30 June 2018 was RMB14.199 billion and will be progressively recognised as revenue in subsequent financial periods. As at 30 June 2018, the Group has received RMB11.522 billion as advances for pre-sale properties.

1H 2018

Recognised revenue in 1H 2018 rose 59.0% to RMB16.851 billion from RMB10.598 billion in 1H 2017. The increase in revenue was attributable to higher average selling price (“ASP”) achieved and GFA delivered to customers in 1H 2018 over the same period in 2017. Delivery of projects namely, Oasis New Island Gardens (Phase 3) (绿洲新岛花园三期) in Nanjing, Yanlord on the Park (仁恒世纪公寓) in Shanghai and Tianjin Jinnan Land (Phase 3) (景新花园三期) accounted for 15.0%, 34.2% and 21.9% of the Group's gross revenue on sales of properties in 1H 2018 respectively. Gross profit in 1H 2018 rose 58.5% to RMB7.835 billion while gross profit margin remained at approximately 46.5% in 1H 2018 as compared to 46.6% in 1H 2017.

Reflecting the increase in 1H 2018 revenue, profit attributable to owners of the Company similarly rose 62.9% to RMB2.275 billion in 1H 2018 as compared to RMB1.397 billion in 1H 2017, while earnings per share on a fully diluted basis rose 63.5% to 117.80 Renminbi cents in 1H 2018 as compared to 72.05 Renminbi cents in 1H 2017.

Attributable to the Group’s prudent financial policies, Yanlord remains in a healthy financial position with cash and cash equivalents of RMB11.807 billion as at 30 June 2018.

The Group continues to actively pursue opportunities to expand its prime land bank holdings. Subsequent to the end of the period, the Group announced in July that it has acquired a 154,500 sqm prime residential development site within Xihu District in Hangzhou, Zhejiang Province through a public land auction for a consideration of approximately RMB2.94 billion. Ideally situated for the development of a prime residential development, the site benefits from its close proximity to the campuses of renown institutes, provincial-level museums and technology hubs which are the designated campuses for renowned technology, media and telecommunication companies such as Alibaba Cloud. Underscored by the Group’s land acquisition strategy in 1H 2018, net debt to total equity gearing ratio stood at 78.3% as at 30 June 2018.

Moving forward, the Group will continue to launch new projects and new batches of its existing projects in 3Q 2018 namely, Nanjing Daji Land Parcels (Phase 1) (南京大吉别墅项目一期) and Yanlord Taoyuan Gardens (桃园世纪华庭) in Nanjing, Yanlord Eastern Gardens (仁恒东邑雅苑) in Shanghai, Riverbay Gardens (江湾雅园) in Suzhou, Tangshan Nanhu Eco-City - Land Parcel A8 (唐山南湖生态城A8地块) in Tangshan and The Mansion In Park (Phase 1) (仁恒公园世纪一期) in Tianjin.

Commenting on the Group’s financial performance, Mr. Zhong Sheng Jian, Yanlord Chairman and Chief Executive Officer, said, “The healthy growth in net profit for the Group in 1H 2018 was underlined by sustainable home buyers’ interest for our high-quality developments in the PRC. While near term volatilities arising from austerity measures may persist, our quality developments continue to attract the attention of home buyers. Looking ahead we will continue to proactively seek out opportunities to augment our prime land bank holdings and build on our business strategies and advantages in quality residential development to drive the sustainable development of our core business segments.”