EVERGRANDE's interim results: net profit RMB13,300,000,000 yuan, cash balance RMB81,600,000,000 yuan

Aug 31, 2015, 09:36 ET from Sina Leju

HONG KONG, Aug. 31, 2015 /PRNewswire/ -- EVERGRANDE Real Estate's (HK.3333) results of first half of 2015 announced on August 31: EVERGRANDE Real Estate's (hereinafter referred to as EVERGRANDE) net profit of first half of 2015 was RMB13,290,000,000 yuan, including RMB 81,570,000,000 yuan from the core business; its cash balance was RMB10,160,000,000 and total assets was RMB53,985,000,000 yuan ranking No. 1 throughout the whole of China. An original report from Sina Leju follows:

According to the data of Interim statement, EVERGRANDE's net profit rose by RMB13,290,000,000 yuan, indicating year-on-year growth of 40% and its profit from core business rose by RMB10,160,000,000 yuan, meaning a year-on-year increase of 56.5%, both equivalent to the amount of the whole year in 2013. At the same time, its core business profit margin reached up to 13.1%, indicating an increase of 2.8%, or approximately 3%, which demonstrates a substantial increase in profitability. In the same period, its earning per share was 0.63 yuan, meaning a year-on-year increase of 31.3%, and the rate of return was up to 34.5% for the shareholders.

In the first half, EVERGRANDE's volume and price of shares simultaneously rose. Its contract sales amount was RMB 87,110,000,000 yuan, accounting for 58.1% of its annual target amount and indicating year-on-year growth of 25.7%; its contract sales area reached 11,378,000 m2, showing a year-on-year increase of 16.1%; its average contract sales price was RMB7656 yuan / m2, revealing a year-on-year rise of 8.2%. At the same time, its revenue for the first half of 2015 reached RMB77,740,000,000 yuan, indicating a year-on-year growth of 22.7%.

Financially, EVERGRANDE's cash flow was ample. Its cash up to RMB81,570,000,000 yuan broke a record, and its bank credit amount of RMB134,200,000,000 yuan was unused, its available balance reached RMB215,770,000,000 yuan. And at the end of the reporting period, its undue unpaid land cost was RMB33,570,000,000 yuan, only accounting for 13.5% of the total.

In terms of development and construction, as of the end of the first half, its land reserves was 144,000,000 m2, 291 projects were under construction, covering 41,700,000 m2 in total, and the area of completed projects was 12,870,000 m2. 35 new projects were launched in the first half, including 22 located in first-tier and second-tier cities. 

The statistics data have demonstrated EVERGRANDE's outstanding performance since its being listed in 2009. Its contract sales amount in 2014 was almost quadruple that of 2009, increasing from RMB30,300,000,000 yuan to RMB131,500,000,000 yuan; its net profit from core business grew almost forty-fold, growing from RMB290,000,000 yuan to RMB12,040,000,000 yuan; its net profit increased by 16 times to RMB18,020,000,000 yuan; its cash balance soared from RMB14,380,000,000 yuan to RMB59,500,000,000 yuan.

On August 31, the closing HSI edged up by 0.27%, and EVERGRANDE's rose by 3.24% to HK $5.1 per share.

SOURCE Sina Leju