Guangdong Land Holdings (124) H2 2024 earnings summary

Executive summary

• Revenue increased by 74.3% year-over-year to HK$6,759 million, driven by higher GFA of properties sold, especially from key projects in the Greater Bay Area.

• Loss attributable to owners narrowed by 43.4% to HK$1,383 million, mainly due to reduced inventory impairment losses.

• No final dividend was proposed for the year.

Financial highlights

• Gross profit more than doubled to HK$780 million, up 110.1% year-over-year.

• Fair value losses on investment properties of HK$44.9 million, compared to gains of HK$230.1 million last year.

• Basic loss per share improved to HK(80.80) cents from HK(142.85) cents.

• Net assets decreased by 32.4% to HK$4,346 million.

• Cash and bank balances fell 24.8% to HK$3,412 million.

Outlook and guidance

• The company expects continued challenges in 2025 due to external and domestic economic pressures but remains confident in the long-term fundamentals of the Chinese economy.

• Plans to focus on cost control, cash flow security, and prudent land reserve replenishment.

• Will closely monitor policy and market trends, adjusting leasing and sales strategies as needed.