acrofan

Industry Economy TECH GAME
Society Comfort AUTO MEDIA

Country Garden Releases Financial Results for 2019

  • Monday, March 30, 2020, 12:55 pm
  • ACROFAN=PRNasia
  • hkcs@prnasia.com

- Positive Net Operating Cash Flow for Four Consecutive Years Backed by Steady Improvement in Sales Performance


- Total Revenue reached US$68.5 billion, while net profit stood at US$8.6 billion


- Gross profit, net profit and other core earnings indicators maintain double-digit growth


FOSHAN, China, March 30, 2020 /PRNewswire/ -- On March 27, Country Garden Holdings Company Limited ("Country Garden") (02007.HK) released its financial results for the year ended December 31, 2019.


Country Garden Releases Financial Results for 2019
Country Garden Releases Financial Results for 2019

Key highlights include:


Steady improvement in sales performance


In 2019, the Group (including joint ventures and associates) achieved contracted sales attributable to shareholders of RMB552.2 billion (US$77.8 billion), with contracted sales GFA attributable to shareholders totaling approximately 62.37 million sq. m. This represents a year-on-year increase of 10.03% and 15.16% respectively.


Double-digit growth for core earnings indicators


In 2019, the Group's total revenue rose by 28.2% YoY to RMB485.91 billion (US$68.5 billion). Gross profit increased by 23.6% YoY to approximately RMB126.64 billion (US$17.9 billion), while net profit increased by 26.1% YoY to approximately RMB61.2 billion (US$8.6 billion). Overall, the core net profit attributable to shareholders rose by 17.6% YoY to RMB40.12 billion (US$5.6 billion).


Abundant operating capital


As of 31 December 2019, the Group's available cash rose to a historic high of RMB268.35 billion (approx. US$37.8 billion). This marks the fourth consecutive year since 2016 that operating cash flow has remained positive.


Balancing significant revenue growth with strict management of liabilities


As of 31 December 2019, the Group's net gearing ratio stood at 46.3%, a year-on-year decrease of 3.3 percentage points and has remained lower than the redline of 70% for the 12th year in a row. The Group's unused bank credit lines totaled RMB316.79 billion (approx.US$44.7 billion).


Delivering generous, stable dividends for shareholders


An investment-grade blue-chip stock, Country Garden has maintained generous, stable dividends for many years in an effort to give back to shareholders for their ongoing support. The Group's basic earnings per share rose by 14.9% YoY to RMB1.85 (US$0.27) for the year of 2019. Meanwhile, the Board recommended payment of a final dividend of RMB34.25 cents (US$0.0048) per share, up 13.0% YoY. Total annual dividends reached RMB57.12 cents (US$0.08) per share, up by 17.0% YoY.


Spearheading innovation in construction robotics and modern agriculture


Parallel to developing its property business, the Group has focused on the research and development of robots since July 2018 with the Bright Dream Robotics project, in a bid to increase safety and efficiency in complementary industries such as construction and modern agriculture. To date, there are over 50 types of construction robots in the pipeline - 32 of which are already being tested at construction sites. With 327 patents under their belt, the team now hold proprietary core technologies in the key areas of application.


Country Garden have also adopted cutting-edge technologies and equipment for modern agricultural production. In addition to using robot technology to build advanced, unmanned farms, the Group have linked its farms directly to community-based retail channels, reducing intermediaries across the supply chain and decreasing transaction costs for farmers and consumers.


Combining urbanization initiatives with high-tech planning to deliver steady long-term growth


Country Garden serves as an example of how an urbanization initiative can make a company more competitive, and its growth has only strengthened the Group's confidence in the future. Looking ahead, Country Garden will continue to explore intelligent manufacturing and robotics, develop modern agricultural production and cultivate community-based retail channels. In doing so, the management team will further enhance the Group's competitiveness, while maintaining the strategies that have served the company well and delivered consistent returns for shareholders.


Photo - https://photos.prnasia.com/prnh/20200330/2763690-1?lang=0


Related Links :


https://www.bgy.com.cn