Dexin China Announces 2021 Interim Revenue Up 68.5% to RMB13,071.0 Million
Improved Revenue Scale and Profitability
In the first half of 2021, the Group has insisted on optimizing and diversifying its business development strategy, constantly improving its corporate strength. As a result, the Group further improved its revenue scale and profitability, achieving total revenue of RMB13,071.0 million and gross profit of RMB2,850.1 million, a period-on-period growth of 68.5% and 37.7% respectively, with a core profit up 15.0% to RMB2,084.0 million. The sales performance is also excellent, achieving half-year full-caliber sales of RMB43,030.0 million, a period-on-period increase of nearly 67.4%, reflecting the market's high recognition of the products and services of the Group.
In terms of expansion of land reserve, in the first half of 2021, the Group acquired an increased total gross floor area ("GFA") of approximately 4.93 million sq.m. and 75% were located in first - and second-tier cities. As of 30 June 2021, the Group operated a total of 161 projects in 27 cities. As at the end of the period, the total land reserve of approximately 19.93 million sq.m. further consolidated the strategic layout in the four core metropolitan areas, namely, the Yangtze River Delta, Pearl River Delta, Chengdu-Chongqing Double-city and the Middle Reaches of the Yangtze River Economic Belt.
Stable and Healthy Financial Position
The financial leverage of the Group is currently at a stable and healthy level. As of 30 June 2021, cash and bank balances (including restricted cash) amounted to approximately RMB17,840.8 million (31 December 2020: RMB15,648.2 million) representing an increase of 14.0% as compared to the corresponding period in 2020. The Group's net gearing ratio (calculated as the total borrowing from bank and other financial institutions net of restricted cash, cash and cash equivalents divided by total equity) was 72.4%, a decrease of 2.6 percentage points as compared with 75.0% as of 31 December 2020.
Prospects: "Based in Zhejiang, Established Presence in the Yangtze River Delta Region and Expanded Coverage in the Core Cities of the Four Metropolitan Areas"
Looking ahead to the second half of 2021, the Group will continue to emphasize the quality management concept of "doing a good job of internal skills, developing steadily, sticking to customer needs as the center, and creating value for customers", and adhere to the quality image of "Hangzhou workmanship".
Under the background of the central government's general policy of stabilizing housing price, land premium and expectation and centralized land supply, the Group will persist in the steady development, adhere to the layout of "based in Zhejiang, established presence in the Yangtze River Delta region and expanded coverage in the core cities of the four metropolitan areas", stick to prudent financing, optimize the capital structure, continue to improve financing costs, deepen the "selective and strategic" capital cooperation strategy, so as to achieve a balanced development of scale, profit and brand, achieve quality and steady growth, and bring long-term and stable investment returns to all investors.
About Dexin China Holdings Company Limited
Dexin China Holdings Company Limited is a leading comprehensive property developer based in Zhejiang Province, the PRC, focusing on the development of residential properties and the development, operation and management of commercial and mixed-use properties. Established in 1995, the Company has been among the top three property developers in Hangzhou since 2012. The Company has expanded into overseas markets since 2014 and achieved stable and continuous development. In 2019, the Company was successfully listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code of 2019.
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