DaFa Properties Announces 2019 Interim Results

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Thursday, 29 August 2019, 20:28 HKT/SGT

Contracted Sales Surge 40.8% YoY, Driving Revenue and Gross Profit Up 302.6% and 227.7% YoY

HONG KONG, Aug 29, 2019 - (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") is pleased to announce unaudited interim condensed consolidated results for the six months ended 30 June 2019(the "Reporting Period").

DaFa Properties 2019 Interim Financial Highlights
(For the six months ended 30 June 2019)
- Contacted sales was RMB7,111.0 million, increased by approximately 40.8% compared to the same period of 2018;
- Revenue was RMB3,973.6 million, representing an increase of approximately 302.6% over the same period of 2018;
- Gross profit was RMB960.9 million, representing an increase of approximately 227.7% over the same period of 2018;
- Profit attributable to owners of the parent was RMB315.2 million, representing a significant increase of approximately 6,774.5% over the same period of 2018;
- Basic and diluted earnings per share increased from RMB1 cent to RMB38 cents over the same period of 2018.
- Declared interim dividend of 8.5 HK cents per share (equivalent to RMB7.7 cents per share) for the six months ended 30 June 2019.

During the Reporting Period, the Group's business reported steady improvements, significantly driving up revenue and gross profit. The Group's revenue increased by approximately 302.6% from RMB986.9 million for the six months ended 30 June 2018 to RMB3,973.6 million for the six months ended 30 June 2019, which was primarily due to the increase in revenue from sales of properties. The gross profit of the Group for the six months ended 30 June 2019 increased by 227.7% from RMB293.2 million for the six months ended 30 June 2018 to RMB960.9 million for the six months ended 30 June 2019. Increase in gross profit was due to increase in revenue recognized.
Rooted in Yangtze River Delta, actively expanded the national layout and posted remarkable increase in contracted sales

The Group has been intensively penetrating into the real estate market in the Yangtze River Delta Region and selectively entering into new markets such as the Southwest Region, Guangdong Hong Kong-Macao-Greater Bay Region, the Central Region etc., resulting in an increase of its accumulated saleable gross floor area and contract sales accordingly. For the six months ended 30 June 2019, the Group (together with associates) recorded the contracted sales of RMB7,111.0 million, increased by approximately 40.8% compared to the same period of 2018. The total contracted saleable GFA amounted to approximately 589,175 square meters, representing an increase of approximately 133.4% from approximately 252,450 square meters for the same period of 2018, the contracted average selling price was approximately RMB12,069 per square meter.

Completed GFA jumped by 421.9% and revenue recognized from sale of properties increased
During the Reporting Period, the Group's total completed and delivered GFA amounted to 238,551 square meters as of 30 June 2019, increased by 421.9% compared to the same period of 2018. The increase in revenue recognized from sales of properties was primarily due to an increase in GFA completed and delivered as a result of the Group's continuing expansion. The Group's completed properties held for sale increased by 36.1% from RMB1,094.2 million as of 31 December 2018 to RMB1,489.4 million as of 30 June 2019. Revenue recognized from sale of properties for the six months ended 30 June 2019 amounted to RMB3,943.6 million, representing an increase of approximately 313.1% from approximately RMB954.7 million for the same period of 2018, accounting for 99.2% of the Group's total revenue.

Land reserves grew steadily to support future business development
As at 30 June 2019, the Group together with joint venture and associates, owned land reserves with a total planned GFA of approximately 4.32 million square meters. In the first half of 2019, the Group together with a joint venture and associates added 13 new land parcels with a total site area of approximately 396 thousand square meters, an estimated total planned GFA of approximately 1.28 million square meters in aggregate and total land costs of approximately RMB6,908.3 million.

Looking forward to the second half of 2019, the maintenance of "stability" will still be the keynote of real estate policies and controls will continue to adhere to the orientation of "houses are for living but not for speculation" so as to ensure the consistency and stability of policies, prevent the occurrence of great fluctuations in the real estate market and to achieve the long-term control goal of "stabilizing land prices, housing prices and expectations". The overall national real estate market will maintain a healthy operation. The loosening local policies on household registration for talents across the country will further push forward the development of urbanization and drive urban residents' pursuit of better housing and living. In the future, the Company will continue to take building a better urban life and improving the quality of human habitat as its goal, and continuously improve its quality and service to achieve high-quality growth of the Group and strive to lead the quality of life for urban residents.

About DaFa Properties Group Limited
Establiahsed in 1996 and headquartered in Shanghai, DaFa Properties is a real estate developer in the Yangtze River Delta Region focusing on the development and sales of residential properties. Over the years, the group has positioned its brand as "Designing for Life" and adhered to the business philosophy of "Pursuing Excellence with Integrity and Innovation", providing customers with top quality properties and specific living scenes through the development and construction of premium properties. As of June 30, 2019, the group had a total of 38 projects under construction, completed and acquired in the Yangtze River Delta Region, 2 projects under construction in Chengyu Metropolitan Cluster, and 1 project under construction in the Guangdong Region. As the creator of "Situational Real Estate" and with 23 years of experience in the industry, DaFa Properties has built a solid reputation upon exceptional product quality and product offering. In the future, it will continue to uphold the goal of building a better life for people, improving their living environment and enhancing their living quality.

Topic: Press release summary Sectors: Daily Finance, Automotive, Daily News
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