China Resources Land net profit languishes 18.45pc to 25.58b yuan

China Resources Land (1109) reported a net profit of 25.58 billion yuan (HK$27.41 billion) for 2024, down 18.45 percent year-on-year, with China’s real estate industry remaining in a period of deep adjustment.

The board proposed a final dividend of 1.119 yuan per share, bringing the full-year payout to 1.319 yuan, down 8.47 percent year-on-year. Its revenue rose 11 percent year-on-year to 278.8 billion yuan.

Contracted sales totaled 261.1 billion yuan, down 15 percent year-on-year, while contracted gross floor area fell 13.3 percent to 11.34 million square meters.

The developer acquired an additional 3.93 million sq m of land bank in 2024, bringing its total land reserves to about 51.94 million sq m by the end of the year.

STAFF REPORTER