On the evening of March 25, Jinhui Holdings (09993.HK) disclosed its 2021 annual results.
During the reporting period, Jinhui Holdings confirmed revenue of 40.02 billion yuan (RMB, the same below), a year-on-year increase of 14.8%; gross profit of 7.75 billion yuan, a year-on-year increase of 0.4%; profit attributable to company owners of 3.27 billion yuan, a year-on-year increase of 4.7%; contract Liabilities (received housing payments in advance) were 72.46 billion yuan, a year-on-year increase of 4.9%.
As of the end of the reporting period, Jinhui Holdings had a net debt ratio of 88%, a cash-to-short-term loan ratio of 1.2, and an asset-liability ratio of 68.5% excluding pre-sale payments, all meeting the green requirements of the “Three Red Lines” policy. The financing cost decreased from 7.47% in the previous period to 6.58% in the current period, a decrease of 0.89 percentage points.
In the whole year of 2021, Jinhui Holdings achieved contracted sales of 94.72 billion yuan, contracted sales area of 5.79 million square meters, and an average price of 16,400 yuan per square meter.
As of the end of the reporting period, Jinhui Holdings has added a total of 30 pieces of land, with a total planned construction area of 3.895 million square meters, involving 13 first- and second-tier key cities, including Beijing, Ningbo, Shaoxing, Quanzhou, etc. The Yangtze River Delta and southeastern regions are the focus of Jinhui Holdings’ expansion, with a total land reserve of over 33.19 million square meters, of which 97.7% are located in strong second-tier and core third-tier cities.
Regarding the outlook for 2022, Jinhui stated that it will adhere to the business strategy of living within its means, firm and steady investment and urban deep cultivation, and further improve the accuracy of land bank expansion.
Source of cover image: Every drawing
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