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Jiayuan International Announces 2017 Interim Results

2017-08-24 23:29
-Contracted Sales surged by 93% to RMB 3,870 million
-Revenue up 38.6% to RMB 2,910 million
-Focus on Bay Area Quality Project Development and Strengthen Pearl River Delta Region Brand Influence

HONG KONG, Aug. 24, 2017 /PRNewswire/ --

Financial Highlights

RMB (million)

 

For the six months ended 30 June

Change

2017

2016

Contracted Sales

3,873

2,006

+93.0%

Revenue

2,908

2,099

+38.6%

Gross Profit

1,013

700

+44.7%

Gross Profit Margin

34.8%

33.4%

+1.4 pp

Profit attributable to owners of the company

515

381

+35.3%

Earnings per share (in RMB cents)

26.91

22.81

+18%

Jiayuan International Group Limited ("Jiayuan International" or the "Group"; SEHK stock code: 02768), one of China's established property developers of both large-scale residential and integrated commercial complex projects, announced today its interim results for the period ended 30 June 2017 ("the Period").

In the first half of 2017, the Group's region-focused development policy has paid off and recorded a contracted sales of RMB 3,873 million, representing a year-on-year increase of 93%; contracted GFA up 164.4% to approximately 466,554 sq.m. During the Period, revenue increased by 38.6% to approximately RMB 2,907.8 million. Gross profit margin gained 1.4 percentage points to 34.8%. Profit attributable to owners of the company up 35.3% to RMB515 million; earnings per share at RMB26.91 cents.

During the Period, the Group launched a series of residential projects and the market reacted positively, among which, 272 upper-floor units of Yangzhou Jiayuan Centurial Sky City were sold out within 90 minutes, accounting for a major contribution to the project's accumulated sales of RMB620 million; 300 units of Nantong Jiayuan Metropolis Monet Garden sold out within 3 hours, making a major contribution to the project's accumulated sales of RMB820 million and solidifying Jiayuan's position in the city's real estate industry. 

Concurrently, Jiayuan International undertook to replenish quality land resources via different channels. During the Period, the Group successfully acquired by way of mergers and acquisitions two residential projects located in Hanjiang District, Yangzhou and Taicang core district. And through process of tender, auction and listing, the Group also acquired a parcel of land for residential and commercial uses in Siyang. As at 30 June 2017, the Group's property portfolio comprised 29 properties in various major cities in the PRC, including 21 residential complexes and 8 commercial complexes, with land reserve of more than 6.88 million sq.m., covering most of the major cities of Jiangsu Province.

Besides continuing to undertake further expansion in the Yangtze River Delta Region, the Group will also continue to invest in the Pearl River Delta Metropolitan Circle, focusing on the development of quality projects in the Guangdong-Hong Kong-Macao Bay Area to seize the opportunity generated from the government policy to develop a city cluster in the area. The Group believes that both investment value and development potential in the region will become increasingly prominent. In addition, the Group will position Hong Kong as a business development center, and mirror China's "Belt and Road" strategic planning, develop quality projects in countries such as Vietnam and Australia, as well as in cities such as Hong Kong and Macau, thereby achieving parallel development in both domestic and overseas markets and capitalizing on the development opportunities offered in the international real estate market.

The Group adheres to a sound financial and cash flow management strategy. During the Period, net gearing ratio dropped significantly by 64 percentage points to a manageable rate of 86.3% while debt-asset ratio was maintained at no higher than 80%. The Group plans to issue rated corporate bonds to diversify financing channel and further mitigate financing costs. During the Period, the Group recorded an interest coverage ratio of 2.6 times. 

Mr. Shum Tin Ching, Founder and Chairman of Jiayuan International said, "The economy of the PRC is expected to continue to maintain steady growth. The central government will uphold a policy that facilitates the demand for owner-occupied residential property and speed up the introduction of a long-term mechanism promoting the healthy and stable development of the industry while reasonably increasing land supply, which is favorable to the middle -- and long-term development of the industry. The Group believes that the real estate industry itself is enormous in scale and with the new urbanization of the nation, the status of the real estate industry as a pillar supporting the healthy and stable development of the national economy will not change. Looking forward to the second half of 2017, the Group will continue to focus on Jiangsu Province while focus will also be laid on the expansion of the Pearl River Delta Region. We plan to actively engage in urban redevelopment projects so as to acquire quality land reserves and enhance the market share of the Group in the Guangdong-Hong Kong-Macao Bay Area."

About Jiayuan International

Jiayuan International is an established property developer of large-scale residential and integrated commercial complex projects in different major cities in the PRC. With over 20 years of experience in property development, the Group offers property projects to satisfy different demands through comprehensive planning, high quality control, sophisticated operating systems and experienced professional teams to meet the needs of different regions and strengthen the Group's brand image. The Group has a portfolio of 29 property projects in the PRC, including 21 residential complex projects, 8 commercial complex projects covering cities such as Changzhou, Nanjing, Yangzhou, Taizhou, Nantong, Zhenjiang, Taixing, Suqian, Siyang and Taicang as at 30 June 2017. The Group has successfully entered into the market of the Pearl River Delta in 2016, extending the business footprint to the major cities in Guangdong Province including Shenzhen.

Source: Jiayuan International Group Limited

Related stocks: HongKong:2768

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