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| Contracted but Unrecognized Sales Amounted to RMB31,161.9 million |
HONG KONG, Aug 23, 2021 - (ACN Newswire) - Sansheng Holdings (Group) Co. Ltd. (stock code: 2183.HK), which is principally engaged in property development and property investment, has announced its unaudited interim results for the six months ended 30 June 2021.
During the Period, the overall operation of Sansheng Holdings was satisfactory and its financial position remained stable and healthy. Revenue increased by 198.9% year-on-year to approximately RMB5,131.8 million. Profit attributable to equity shareholders soared by 293.1% year-on-year to approximately RMB625.9 million. Basic earnings per share were RMB1.28 (1H2020 (restated): RMB0.32), a sharp threefold year-on-year increase. Moreover, substantial contracted but unrecognized sales of approximately RMB31,161.9 million were achieved as of 30 June 2021, providing a solid base for the Group's future growth in recognized revenue.
Mr. Lin Rongbin, Executive Director and Chairman of Sansheng Holdings, said, "Sansheng Holdings has smoothly implemented its strategic plan during the review period. We have proactively selected property development projects from cities with a robust economy and avoided projects from areas where stringent real estate policies such as restrictions on purchases and prices are in effect. What's more, we have actively participated in various land bids, which have contributed to our land bank and laid a strong foundation for the property development business going forward."
Currently, the "Western Straits Economic Zone", the "Yangtze River Delta Economic Zone" and the "Bohai Economic Rim" are key regions where the Group has been able to derive business contributions. In recent years, expansion into the "Guangdong-Hong Kong-Macau Greater Bay Area" and "Yangtze River Economic Belt" markets has also become new highlights of the Group. The Group has been improving its business scale and operating results, and progress in the areas of overall business strategic layout and optimization have been achieved.
Significant increase in revenue from sales of properties and prudent expansion of land bank
Sansheng Holdings' revenue from the sale of properties totaled approximately RMB4,965.7 million during the Period (1H2020 (restated): approximately RMB1,659.5 million), and was mainly attributed to the delivery of properties located in Fuzhou, Nantong and Qingdao. The significant revenue increase was also principally due to more properties delivered during the period as compared with the first half of 2020.
As at 30 June 2021, the Group has a total of 56 property projects that are held for sale, under development, or held or secured for future development. Total site area of its land bank was approximately 3,602,663 sq.m. and planned total GFA was approximately 10,626,522 sq.m., of which 7,408,536 sq.m. were attributable to the Group based on its equity interests.
In the first half of 2021, the Group acquired or secured to acquire interest in a total of four new land parcels. The total planned GFA of the new land acquisitions amounted to approximately 850,955 sq.m., of which 545,125 sq.m. were attributable to the Group based on its equity interests.
Growth in rental income from investment properties
Sansheng Holdings' portfolio of investment properties comprises nine investment properties in Hong Kong and Mainland China. During the period, rental income from the Group's investment properties reached approximately RMB49.80 million (1H 2020 (restated): approximately RMB37.20 million), and was mainly derived from commercial investment properties in Yangzhou, Fuzhou, Harbin, Qingdao and Chengdu. The increase was largely attributable to greater rental income as the effects of the COVID-19 pandemic were brought under control.
Sound financial position
As of 30 June 2021, the Group's total assets reached RMB60.09 billion, with stable cash flow. Its cash and cash equivalents amounted to approximately RMB8.10 billion. In addition to sufficient cash flow, the Group had unutilized credit facilities amounting to approximately RMB6.33 billion.
Looking to the future, Mr. Lin Rongbin concluded, "We at Sansheng Holdings will maintain sensitive to the market dynamics of the real estate industry and deftly respond to volatile macro policies. While adhering to an established strategic direction, we will actively and effectively make tactical adjustments and local optimizations to achieve moderate business scale while constantly striving for greater efficiency. In the face of uncertain market conditions in the future, the Group will adhere to a proper development path. We will proceed with making investments in established regions, cultivate the potential of newly expanded regions, continuously optimize our own system to realize 'management-driven bonus', improve performance and create better returns for our investors based on a 'long-term perspective'."
Topic: Press release summary
Source: Sansheng Holdings (Group) Co. Ltd
Sectors: Daily Finance, Real Estate & REIT
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From the Asia Corporate News Network
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