Sunac China annual income rises to 35.6b yuan

Sunac China (1918) said net profit grew by 36.9 percent year-on-year to 35.64 billion yuan (HK$277.99 billion) in 2020.

The company declared a final dividend of HK$1.65, up by 34 percent.

The core profit increased by 11.8 percent to 30.26 billion yuan.

Revenue was up by 36.2 percent to 23.06 billion yuan. The gross profit margin fell by 3.5 percentage points.

The net gearing ratio fell to about 96 percent, representing a significant drop of 76.3 percentage points from the end of 2019.

As of end 2020, the expected saleable resources of the land bank was worth about 3.1 trillion yuan, 78 percent of which is in tier 1 and 2 cities. The average land cost is about 4,270 yuan per sq m.

The land bank of the group and its joint ventures and associates amounted to about 258 million square meters.