KWG net profit jumps to 9.8b yuan

Business | 26 Mar 2020 1:17 pm

KWG (1813) announced that net profit soared by 143 percent last year over 2018 to 9.81 billion yuan (HK$10.7 billion).

The core profit was up by 36.8 percent to 5.22 billion yuan.

A final dividend of 42 cents yuan was declared. The dividend yield reached 8.5 percent, as of yesterday. Earnings per share increased by 141.4 percent to 309 fen.

Revenue surged by 234 percent to 25 billion yuan. The gross profit margin dipped by 1.3 percentage point to 31.5 percent.

Revenue from sales of properties was 22.76 billion yuan, while hotel operations income was 550 million yuan. Property management fee income was 1 billion yuan.

Proportionate revenue for the year amounted to 38.95 billion yuan, an increase of 72.4 percent,  compared with the financial year of 2018.

Pre-sales grew by 31.5 percent to 86.1 billion yuan.

The gearing ratio increased from 66.4 percent in 2018 to 75.4 percent last year. Overseas bonds of US$550 million (HK$4.29 billion) will expire in November.

Last week, the company issued 1 billion yuan corporation bond.

Chairman Kong Jianmin said the coronavirus pandemic has mostly affected the hotel operations.

Sixty percent of the shopping mall has resumed  normal operations. Also, most of the project development and construction have resumed.

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