China Overseas Grand Oceans Group Ltd. (“COGOGL”, “the Group”, Stock code: 00081.HK) announced its 2010 annual results on 15 March 2011.
The Group’s continuing operations reported revenue of HK$3,512.9 million and gross profit of HK$1,563.0 million for the period ended 31 December 2010, represents an increase of 118% and nearly 500% respectively compared to the last corresponding period. Profit margin increased from 16% in last corresponding year to 44% in current year. Operating profit was HK$2,003.6 million, an increase of 16 times over last year. The audited consolidated profit of the Group attributable to the owners of the Group amounted to HK$1,001.1 million. Basic earnings per share was HK139.9 cents. The Board recommended the payment of a final dividend of HK10 cents per share for the year ended 31 December 2010.
The Group maintained a land bank of approximately 5.3 million sq. m. in the Mainland China, of which the Group had an attributable interest of 4.1 million sq. m. as at 31 December 2010.
With the increased urbanization of rural area in Mainland China in accordance with Central Government policy, coupled with the heavy investments in infrastructure development (such as the link up of various inland cities through the high-speed railway system), it has paved way for upgrading the living and accommodation standard for the third tier cities adjacent to the first or second tier cities, and those capital cities in major provinces. As a result, the positioning of the Group would focus on the third tier emerging cities with best investment value and growth potentials. With highly effective and professional market propositions, the Group would target for customers from these cities and offer for sales advanced mid-range to high-end quality housing products and services that serve the needs of the people.