Yuexiu Property sees net profit dive 67pc to 1.04b yuan

Yuexiu Property (0123) recorded a 67.3 percent year-on-year drop in net profit to 1.04 billion yuan (HK$1.11 billion) last year, and scrapped the final dividend amid a prolonged downward trend in the Chinese property market.

Core profit, which excluded net foreign exchange changes and fair value differences on investment properties, also slumped by 54.4 percent to 1.59 billion yuan, the Chinese developer said in a filing on Monday.

Its 2024 revenue was 86.4 billion yuan, representing a year-on-year increase of 7.7 percent.

The company's gross profit margin slid 4.8 percentage points to 10.5 percent.

The value of aggregate contracted sales during the year tumbled by 19.4 percent to 114.54 billion yuan.

Yuexiu Property’s total land bank stood at 19.71 million square meters as of the end of last year, of which 96 percent is located in Tier 1 and Tier 2 cities, the filing said.

STAFF REPORTER