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Guangdong Land Holdings (124) investor relations material
Guangdong Land Holdings H1 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue surged 188.0% year-over-year to HK$2,804 million for the six months ended June 30, 2024, mainly due to increased property sales volume.
Net loss attributable to shareholders widened by 8.4% year-over-year to HK$217 million, impacted by lower gross profit margins, reduced fair value gains, and higher finance costs.
No interim dividend declared for the period, compared to HK3.00 cents per share last year.
Sales and delivery totaled 152,000 sqm and 143,000 sqm, respectively, across multiple cities in the Greater Bay Area.
Key projects in Guangzhou, Shenzhen, and other core cities maintained strong sales and high de-stocking rates, with several projects recognized for quality and delivery.
Financial highlights
Gross profit dropped 48.2% year-over-year to HK$116 million due to lower-margin project deliveries.
Fair value gains on investment properties plummeted 99.9% to HK$0.19 million from HK$259 million.
Net finance costs increased by HK$70.96 million year-over-year due to cessation of capitalisation.
Net asset value per share decreased 5.1% to HK$2.79 as of June 30, 2024.
Cash and cash equivalents rose 4.2% to HK$4,257 million.
Outlook and guidance
Real estate market remains in a downward trend with slow recovery; policy support is expected to continue focusing on destocking and stabilizing demand.
Projects in the Greater Bay Area are expected to benefit from regional economic growth and policy support.
The company aims to maintain stability, complete ongoing projects, and explore new high-quality opportunities.
The company will continue to focus on core cities in the Greater Bay Area, leveraging local government cooperation and professional teams.
Group remains confident in long-term prospects despite market challenges.
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