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YANLORD FY 2017 CORE PROFIT ATTIBUTABLE TO OWNERS OF THE COMPANY LEAPT 39.9% TO RMB3.206 BILLION
2018/4/9 15:38:09

Singapore/Hong Kong – The group announced its results for the period of January to December 2017 (“FY 2017”) in March.

 

FY 2017

FY 2017 revenue declined marginally to RMB25.638 billion from RMB25.664 billion in FY 2016. Despite the decline in revenue, gross profit in FY 2017 rose 50.2% to RMB 12.044 billion on the back of a healthy rise in gross profit margins which rose to 47.0% in FY 2017 from 31.2% in FY2016. This increase was attributed to the continued delivery of higher-gross-profit margin projects across the Group’s core markets.

 

In tandem with the above performance, profit for the year jumped 41.3% to RMB5.620 billion in FY 2017, led by the steady growth, profit attributable to owners of the Company in FY 2017 rose 19.2% to RMB3.217 billion. Fully diluted earnings per share in FY 2017 rose 19.9% to 166.12 Renminbi cents (based on 1,936,255,782 shares).

 

Excluding the fair value gain on investment properties, fair value gain from put liability to acquire non-controlling interests and the net foreign exchange effect, FY 2017 core profit attributable to owners of the Company leapt 39.9% or RMB914 million to RMB3.206 billion compared with RMB2.292 billion in FY 2016.

 

Attributable to the Group’s prudent financial policies, Yanlord remains in a healthy financial position. The Group’s cash and cash equivalent balance was RMB17.798 billion as at 31 December 2017, while net debt to total equity ratio of 50.8% provides the Group with the necessary foundations to drive its future development. In 1Q 2018, the Group has slated for launch a brand new project, Yanlord Majestive Mansions (仁恒海和院) in Tianjin.

 

Commenting on the Group’s financial performance, Mr. Zhong Sheng Jian, Yanlord’s Chairman and Chief Executive Officer, said, “The performance for the year was achieved against the backdrop of the PRC Central government’s support for the sustainable development of the PRC real estate sector. To better manage volatilities arising from austerity measures introduced, we strategically managed our launch schedules and inventory levels to better capture market opportunities for enhanced returns.”

 

To further capitalize on the PRC market potential, we actively sought to broaden our market presence in 2017 through a series of acquisitions and collaborations, adding 1.43 million sqm GFA of prime development landbank within our existing bases of Shanghai, Zhuhai, Nanjing, Chengdu as well as branching out into new cities namely Hangzhou, Jinan and Wuhan. Looking ahead, Yanlord remains 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 to further augment our existing holdings,” added Mr Zhong.

 

 

FY 2017

FY 2016

Change (%)

ASP (RMB / sqm)

43,288

26,812

61.5

GFA Delivered (sqm)

556,237

944,834

(41.1)

Revenue (RMB mil)

25,638.4

25,664.4

(0.1)

Gross Profit (RMB mil)

12,043.9

8,019.7

50.2

Gross Profit Margin (%)

47.0

31.2

15.8 ppt

Profit for the year (RMB mil)

5,620.3

3,977.2

41.3

Profit Attributable to Owners of the Company (RMB mil)

3,216.4

2,697.4

19.2

Net Attributable Profit Margin (%)

12.5

10.5

2.0 ppt

Earnings per share (RMB cents)1

166.12

138.56

19.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

1  Based on a fully diluted basis of 1,936,225,782 and 1,946,655,581 shares respectively