C&D International Investment Group (1908) H2 2024 earnings summary

Executive summary

• Revenue rose 6.4% year-over-year to RMB142.99 billion, with gross profit up 27.2% to RMB18.97 billion.

• Profit attributable to equity holders fell 4.6% to RMB4.80 billion, while total profit increased slightly to RMB6.39 billion.

• Contracted sales attributable to shareholders dropped 25.1% to RMB103.36 billion, with GFA sold down 24.3%.

• Final dividend of HK$1.2 per share proposed, with scrip option available.

Financial highlights

• Property development revenue grew 6.5% to RMB138.62 billion, accounting for 96.95% of total revenue.

• Gross profit margin improved to 13.3% from 11.1% year-over-year.

• Administrative expenses rose to RMB4.98 billion, mainly due to higher inventory provisions.

• Net debt increased to RMB32.58 billion, but net debt to equity ratio improved to 31.78%.

• Gearing ratio decreased to 87.6% from 93.2% due to higher non-controlling interest contributions.

Outlook and guidance

• 2025 strategy focuses on innovation, product upgrades, and technological advancement.

• Plans to accelerate inventory turnover, expand in core cities, and optimize organizational structure.

• No material future investment or capital asset plans currently.