CIFI Group Announces 2019 Interim Results
- Written by Reporters
Balanced Growth Prudent Development
Core net profit of RMB2,870 million, increased by 17.3% yoy Core net profit margin at 14.3%Proposed interim dividend of HK10 cents per share, up 43% yoyRanked 14th nationally in terms of contracted sales of RMB88.44 billion in 1H 2019Contracted sales soared by 33.9% Cash collection ratio reached 95%
2019 INTERIM RESULTS HIGHLIGHTS:
- Core net profit reached RMB2,870 million, up 17.3% year-on-year. Adjusted gross profit margin and core net profit margin amounted to 34.5% and 14.3% respectively.
- Proposed interim dividend of RMB8.93 cents ( or equivalent to HK10 cents) per share, increased by 42.9% year-on-year.
- Contracted sales and contracted gross floor area reached RMB88.44 billion and 5,088,200 sq.m. respectively, representing strong year-on-year growth of 33.9% and 17.5% respectively. During the period, the average selling price was approximately RMB17,400/sq.m. The Group achieved a cash collection ratio of over 95% from contracted sales. In the first seven months of 2019, the Group already completed 54% of its full year 2019 contracted sales target of RMB190 billion.
- Abundant cash on hand amounted to RMB54.30 billion. Net debt-to-equity ratio was 69.5%. Weighted average cost of indebtedness was 5.9%, which was similar to that of last year. (As at the end of 2018: RMB44.62 billion, 67.2% and 5.8%)
- Strategically entered 3 new cities and expanded our geographical coverage and diversified into cities with different tiers. CIFI was ranked 14th nationally in terms of contracted sales amount in the first half of 2019 according to the "China Real Estate Enterprises Sales Ranking in the First Half of 2019" published by CRIC Information Group.
- International and onshore credit rating agencies continued to endorse CIFI's efforts in sales, disciplined land-bank expansion and prudent financial management. Fitch and Moody's maintained the Company's credit rating at "BB" (with "Stable" outlook) and "Ba3" (with "Positive" outlook) respectively, while Standard & Poor's upgraded the Company's credit rating outlook to "BB" (with "Stable" outlook). China Chengxin Credit Ratings, United Ratings and China Lianhe Credit Rating each assigned "AAA" onshore credit ratings.
- Establish CIFI commercial headquarter to develop featured business in core cities.
- The Group is confident that it will exceed the full-year contracted sales target of RMB190 billion for 2019.
HONG KONG, CHINA - Media OutReach - 13 August 2019 - CIFI Holdings (Group) Co. Ltd. ("CIFI" or the "Group", HKEx stock code: 884), a leading real estate developer engaged in the property development and investment business in the first-, second- and robust third-tier cities in China, is pleased to announce its interim results for the six months ended 30 June 2019.
| Six months ended 30 June |
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| 2019
| 2018 | Year-on-year growth |
Contracted sales |
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Contracted sales (RMB'million) | 88,440 | 66,032 | +33.9% |
Contracted GFA (sq.m.) | 5,088,200 | 4,331,800 | +17.5% |
Contracted ASP (RMB/sq.m.) | 17,382 | 15,314 | +13.5% |
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Selected financial information (RMB'million) |
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Recognized revenue | 20,063 | 18,421 |
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Profit for the period attributable to equity owners | 3,194 | 3,419 |
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Core net profit attributable to equity owners | 2,870 | 2,446 |
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Selected financial ratios |
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Gross profit margin (adjusted) | 34.5% | 33.7% | +0.8p.p |
Core net profit margin | 14.3% | 13.3% | +1.0p.p |
Earnings per share (basic), RMB cents | 41 | 45 |
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Core earnings per share (basic), RMB cents | 37 | 32 |
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| As at 30 Jun 2019 | As at 31 Dec 2018 |
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Selected balance sheet data (RMB'million) |
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Total assets | 302,041 | 241,061 |
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Bank balances and cash | 54,300 | 44,618 |
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Total indebtedness | 94,768 | 77,865 |
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Total equity | 58,195 | 49,446 |
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Equity attributable to equity owners | 27,369 | 25,604 |
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Net debt-to-equity ratio | 69.5% | 67.2% |
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Weighted average cost of indebtedness | 5.9% | 5.8% |
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Land bank (GFA, million sq.m.) |
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Land bank (GFA, sq.m.) at the end of period |
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- Total | 46.8 | 41.2 |
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- Attributable | 23.4 | 20.7 |
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About CIFI (Group)
Headquartered in Shanghai, CIFI is one of China's top real estate developers. CIFI principally focuses on developing high-quality properties in first-, second- and selective third-tier cities in China. CIFI develops various types of properties, including residential, office and commercial complexes.
To learn more about the Company, please visit CIFI's website at: http://www.cifi.com.cn
Source http://www.media-outreach.com/release.php/View/10163#Contact