(Hong Kong, 20 March 2019) China Overseas Grand Oceans Group Ltd. (the “Company”; Stock Code: 0081.HK) announced that, for 2018, the contracted property sales of the Company and its subsidiaries (the “Group”) amounted to HK$50,540.2 million (2017: HK$37,068.3 million), representing an increase of 36.3% against last year, which corresponded to an aggregated contracted area of 3,998,500 sq.m. (2017: 3,411,900 sq.m.).
For the year ended 31 December 2018, the Group recorded revenue of HK$25,571.3 million, 26.1% increase comparing with last year. Gross profit and margin for the year were HK$7,437.7 million and 29.1% respectively, comparing with HK$4,068.5 million and 20.1% respectively in last year.
Operating profit for the year amounted to HK$6,156.5 million, representing an increase of 94.4% against last year. Profit attributable to owners of the Company was HK$2,427.3 million, 90.9% higher than last year. Basic earnings per share were HK73.1 cents (2017 restated: HK53.6 cents).
During the year, the Group extended its business to three cities with high growth potential, which were Liuzhou (Guangxi province), Baotou (Inner-Mongolia) and Jining (Shandong province). The Group bagged a total of twenty five land parcels in fourteen cities with a total gross floor area of 5,022,700 sq.m. (attributable to the Group: 4,660,500sq.m.) for consideration of RMB19,599.6 million.
As at 31 December 2018, the gross floor area of total land bank of the Group and its joint ventures reached 21,340,000 sq.m., of which, 252,900 sq.m. was held by joint ventures. The gross floor area of land bank attributable to the Group (including the interests in joint ventures) was 19,976,500 sq.m..
In February 2018, the Group successfully raised a net proceeds of HK$4,607.7 million (net of expenses) by way of rights issue on the basis of one rights share for every two shares.
Cash and bank balances plus restricted cash and deposits were HK$33,264.2 million in total, 40.3% higher as compared with the last financial year end (HK$23,702.3 million). As at 31 December 2018, the Group was at net cash position (net gearing ratio as at 31 December 2017: 26.8%).
The Board recommended the payment of final dividend of HK11.2 cents per share for the year ended 31 December 2018 (2017: HK3 cents).