Logan Group Company (3380) H2 2024 earnings summary

Executive summary

• Revenue fell 50.7% year-over-year to RMB23.26 billion, mainly due to a sharp decline in property development sales.

• Net loss narrowed to RMB6.62 billion from RMB8.86 billion in 2023, driven by lower gross margins and significant inventory impairment.

• Attributable contracted sales reached RMB7.18 billion, with the Greater Bay Area contributing 52.1%.

• The Group completed delivery of over 28,000 units in 2024, focusing on stabilizing operations and project deliveries.

Financial highlights

• Gross loss for the year was RMB5.08 billion, compared to RMB4.51 billion in 2023.

• Cash and bank balances decreased 34.3% to RMB8.65 billion.

• Total assets declined 14.4% to RMB212.59 billion; total equity dropped 24.2% to RMB24.81 billion.

• No dividend was declared for 2024.

Outlook and guidance

• The Group will continue to focus on property deliveries, operational stability, and debt restructuring.

• Management expects policy support for the real estate sector to take time to show results.

• Plans include accelerating sales, cost control, and asset disposals to improve liquidity.