DaFa Properties Announces 2021 Interim Results
Contracted Sales Increased Substantially by approx. 130% Maintains Green-tier Operation Revenue Grew by approx. 51% YoY Net Profit Surged by approx. 154% YoY
HONG KONG, Aug 24, 2021 - (ACN Newswire) - The board (the "Board") of directors (the "Directors") of DaFa Properties Group Limited ("DaFa Properties" or the "Company", together with its subsidiaries, the "Group"; Stock Code: 6111.HK) is pleased to announce the unaudited interim results of the Group for the six months ended 30 June 2021 (the "Reporting Period").
DaFa Properties 2021 Interim Results Highlights (For the six months ended 30 June 2021) -- Contracted sales were approx. RMB 25.81 billion, representing a significant YoY increase of approx. 130%; -- The contracted GFA was approx. 1.59 million sq.m., representing a YoY increase of approx. 99%; -- Revenue was approx. RMB5.25 billion, representing a YoY increase of approx. 51%; -- Profit for the year was approx. RMB443.97 million, representing a YoY increase of approx. 154%; -- Total assets were approx. RMB39.55 billion, representing an increase of approx. 13% as compared to 31 December 2020; -- Net gearing ratio was approx. 56%; -- Total cash to short-term debt ratio was approx. 1.4 times; -- Liabilities to assets ratio (excluding receipts in advance) was approx. 69%; -- Declares an interim dividend of RMB4.8 cents per share for the six months ended 30 June 2021
In the Reporting Period, DaFa Properties achieved sustainable growth, performed excellently in multiple dimensions including contracted sales, land reserves, financial indicators, and its capital structure, indicating increased speed and efficiency to maintain good momentum. In the face of COVID-19, the Group continues to adhere to the "1+1+X" strategic guidance, actively deploy products and marketing, and delivering growth in both sales and profitability. The contracted sales of the Group were mainly generated from Yangtze River Delta Region and Chengyu Region where the Group has been intensively penetrating. During the Reporting Period, the Group recorded accumulated contracted sales of approx. RMB25.81 billion, increased by approx. 130% YoY; the accumulated contracted GFA grew by approx. 99% YoY to approx. 1.59 million sq.m. and the contracted average selling price increased by approx. 16% YoY to approx. RMB16,229 per sq.m..
Deep Penetration of the Yangtze River Delta Region, Positioned its Presence in the Golden Metropolitan Clusters Nationwide During the Reporting Period, the Group adhered to the "1+1+X" strategic guidance, comprehensively deepen the development of golden metropolitan clusters nationwide such as the Yangtze River Delta Region and the Chengyu Region. At the same time, the Group enriched land reserves with a strategic land acquisition strategy and projects across different cities including Wenzhou, Ningbo, Hefei, Chengdu, Changzhou and Wuhu. Currently, the Group has 86 projects under development and completed projects, 71 of which are located in the Yangtze River Delta Region. First-and second-tier cities accounted for approx. 80% of the total saleable resources of the Group, reflecting our high quality and potential land reserves. DaFa Properties actively penetrated the presence with reasonable and attractive land costs to ensure the sustainable development of the Group's land reserves. The Group acquired seven new land parcels with a total GFA of approx. 1.14 million sq.m..
Outstanding Profitability with a Stable and Healthy Assets Scale Benefited from stable and healthy sales growth, the profitability of DaFa Properties has been further enhanced. During the Reporting Period, DaFa Properties recorded revenue of approx. RMB5.25 billion, representing a YoY increase of approx. 51%. Gross profit was approx. RMB1.05 billion, representing a YoY increase of approx. 51%; Gross profit margin was approx. 20.1%; Profit for the period was approx. RMB443.97 million, representing a YoY increase of approx. 154%;The Group's assets scale has further increased, with total assets increased by approx. 13% to approx. RMB39.55 billion compared to 31 December 2020. Total equity increased by approx. 12% to approx. RMB9.87 billion compared to 31 December 2020.
Healthy Financial Performance, Adhering to "Green-tier Operation" DaFa Properties has always strictly controlled its financial indicators while maintaining steady growth. The Group continuously managed its financial leverage and optimized its capital structure, adhering to "green-tier operation". As at 30 June 2021, the Group's net gearing ratio has further decreased to approx. 56%; the liabilities to assets ratio after excluding receipts in advance was approx. 69%; the total cash to current borrowings ratio remained at a sounded level of approx. 1.4 times.
Building Diversified Financing Channels Actively During the Reporting Period, DaFa Properties actively expanded diversified financing channels while maintaining a good relationship with numerous banks and financial institutions. During the Reporting Period, the Group received new integrated credits by Ping An Bank and Agricultural Bank, exploiting abundant and stable sources of funds for long-term development. On 23 August 2021, DaFa received offshore commercial bank loans for the first time. The Group was granted a US$30 million term loan facility from the Hang Seng Bank, fully demonstrating the recognition and confidence from the capital market to the Group.
Mr. GE Yiyang, Chairman of DaFa Properties said: "Looking ahead to the second half of 2021, 'Houses are for living but not for speculation' is still the main theme; the central and local governments have intensively introduced austerity policies to stabilise market expectations. However, with the continuous promotion of new urbanization with people as the core, the demand in the real estate market remains strong. In the face of the growth trend of ongoing upgrade, the Group will continue to adhere to the '1+1+X' strategic guidance, actively deploy products, marketing and investment, and comprehensively deepen the development of golden metropolitan clusters nationwide, such as the Yangtze River Delta Region and the Chengyu Region. At the same time, the Group will enrich land reserves with strategic land acquisition strategy and actively expand the diversified domestic and overseas financing channels, while continuously optimising the financial structure, reducing the financing costs, strictly managing the financial risks in adherence to 'green-tier operation'. The year 2021 marks the 25th anniversary of the establishment of DaFa Properties, and the Group will also usher in the third anniversary of listing in the second half of the year. While strengthening the concept of shareholder value management, we will integrate shareholder value throughout the whole cycle of investment, operation, budget and incentives, with a view to enhancing the overall competitiveness of the Group and ensuring its healthy and stable development."
About DaFa Properties Group Limited DaFa Properties Group Limited (DaFa Properties), incorporated in 1996 and headquartered in Shanghai, is a real estate developer specializing in developing and selling residential properties mainly in the Yangtze River Delta Region and Chengdu-Chongqing Metropolitan Area. The Group has vigorously practiced the brand positioning of "Design for Life" and upheld the business philosophy of "Integrity, Innovation, Pursuing Excellence" for years, provided customers with quality properties and created specific living scenarios through high-quality real estate properties. As of 30 June 2021, the Group, together with its joint ventures and associates, had 86 projects under construction and completed in total, of which 71 are based in the Yangtze River Delta Region. As a "pleasant living service provider", DaFa Properties has built its sound reputation, thanks to its 25 years of extensive industry experience, outstanding product quality, and product portfolios. It will continue to unremittingly dedicate itself to build better city life, improve living quality, and raise residential experience standards.
For more information: Investor Relations Department of DaFa Properties Group Limited Alice WANG Tel.: (852) 3976 8600 Email: ir@dafaland.com
Citigate Dewe Rogerson Linda PUI Tel: (852)3103 0118 / 9700 0178 Email: dafa@citigatedewerogerson.com
Source: DaFa Properties Group Limited Sectors: Daily Finance, Real Estate & REIT
Copyright ©2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
Latest Release
Hitachi High-Tech and University of Tokyo Promote Joint Research for the Practical Application of High-resolution Laser-PEEM in the Semiconductor Field Nov 07, 2024 18:19 JST
| Mitsubishi Motors Acquires Its Own Shares from Nissan Nov 07, 2024 17:20 JST
| Honda Signs Sponsorship Agreement to Provide Electrified Vehicles at World Athletics Championships Tokyo 25 Nov 07, 2024 17:10 JST
| Home of Fujitsu joint conservation project designated as first Nationally Certified Sustainably Managed Natural Site in Okinawa Nov 07, 2024 14:51 JST
| NEC and NEC Bio publish foundational work on T Cell Receptor engineering using proprietary generative AI at the Society for Immunotherapy of Cancer annual meeting Nov 07, 2024 11:40 JST
| Anime Tokyo Station 1st Anniversary Event: Celebrating one year since the opening of the new hub for sharing Japanese anime Nov 07, 2024 11:00 JST
| 57% of Banking Executives Struggle with Data Silos, Blocking AI-Driven Personalization, CleverTap's New Report Highlights Nov 06, 2024 15:30 JST
| Honda Unveils Electric Motorcycle Concept Models "EV Fun Concept" and "EV Urban Concept" at EICMA 2024 Nov 06, 2024 14:15 JST
| Yoshimoto Kogyo and Mitsubishi Corporation have signed a business partnership agreement for co-creation of business using "laughter" Nov 06, 2024 11:51 JST
| Honda to Begin European Verification Test of Battery Sharing Service with GoCimo Nov 06, 2024 10:39 JST
| Honda Unveils World's First and New V3 Engine with Electrical- Compressor at EICMA 2024 Nov 06, 2024 09:03 JST
| Victory and world title for TOYOTA GAZOO Racing Nov 05, 2024 17:59 JST
| Tokyo Stock Exchange and Fujitsu announce renewal of cash equity trading system 'arrowhead4.0' Nov 05, 2024 17:13 JST
| Mitsubishi Heavy Industries Continues Order Intake, Revenue, and Profit Growth in Strong First Half, Raises Full-Year Order Intake Guidance Nov 05, 2024 14:37 JST
| Eisai's Corporate Venture Capital Subsidiary, Eisai Innovation, Inc., Selected for AMED's 'Strengthening Program for Pharmaceutical Startup Ecosystem" Nov 05, 2024 11:35 JST
| Asahi Kasei and Honda Sign Shareholders' Agreement to Convert Existing Asahi Kasei Subsidiary into Joint Venture for Production of Lithium-ion Battery Separators in Canada Nov 04, 2024 14:12 JST
| Joby Aviation and Toyota Accelerate Efforts to Realize Air Mobility Nov 04, 2024 09:36 JST
| Eisai Completes Rolling Submission to US FDA for LEQEMBI(R) (lecanemab-irmb) Biologics License Application for Subcutaneous Maintenance Dosing for the Treatment of Early Alzheimer's Disease Under the Fast Track Status Nov 01, 2024 13:56 JST
| All-New Triton Wins Golden Award at VMARK Vietnam Design Awards 2024 Nov 01, 2024 12:43 JST
| Fujitsu's groundbreaking computing technology for accelerating scientific computing wins Japan Patent Office Commissioner's Award Nov 01, 2024 12:24 JST
|
More Latest Release >>
|