China Overseas Grand Oceans Group Limited Announces 2017 Annual Results
Time： 2018-03-27 15:45:46 Source: China Overseas Holdings Limited
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(Hong Kong, 26 March 2018) China Overseas Grand Oceans Group Limited (the “Company”; Stock Code: 0081.HK) is pleased to announce the annual results of the Company and its subsidiaries (collectively, the “Group”) for the year ended 31 December 2017.
The contracted property sales of the Group and its associates and joint ventures for the year increased to HK$37,068.3 million (2016: HK$24,003.9 million), representing an increase of 54.4% against last year, which corresponded to an aggregated sold area of 3,411,900 sq.m. (2016: 2,673,800 sq.m.).
For the year ended 31 December 2017, the Group recorded revenue of HK$20,277.8 million, 18.6% increase comparing with last year. Gross profit and margin for the year were HK$4,068.5 million and 20.1% respectively, comparing with HK$2,935.0 million and 17.2% respectively in last year.
Operating profit for the year amounted to HK$3,167.4 million, representing an increase of 48.5% against last year. Profit attributable to owners of the Company was HK$1,271.4 million, 41.2% higher than last year. Basic earnings per share were HK55.7 cents (2016: HK39.4 cents).
The Group entered into a new city, Xining, in Qinghai province. Together with other new land pieces, the Group acquired a total of ten parcels of land in Hefei, Yancheng, Xining, Yinchuan, Changzhou, Yangzhou, Xuzhou and Ganzhou with total development area of 2,508,047 sq.m. (attributable to the Group: 2,508,047 sq.m.) for a total consideration of approximately RMB9,401.7 million.
As at 31 December 2017, total land bank of the Group and its associates and joint ventures is estimated available to build gross floor area of approximately 19,025,800 sq.m. (attributable to the Group, including the interests in associates and joint ventures: 17,910,800 sq.m.).
Cash and bank balances plus restricted cash and deposits were HK$23,702.3 million in total, 13.8% higher as compared with the last financial year end (HK$20,820.5 million). The net gearing ratio of the Group was 26.8% as at 31 December 2017.
The Board recommended the payment of final dividend of HK3 cents per share for the year ended 31 December 2017 (2016: HK2 cents).