Yanlord Land Group has reported 2HFY2020 earnings of RMB2.1 billion, down 3% y-o-y. Revenue in the same period was up 35% y-o-y to RMB14.8 billion.

For the whole of FY2020, the China-based developer recorded earnings of RMB2.6 billion, down 23%. Revenue was up 28% to RMB23.9 billion.

The company explains that the lower bottomline was partly because it booked lower fair value gains of RMB811.5 million for 2HFY2020, versus RMB1.09 billion booked for 2HFY2019.

Despite the lower full year earnings, the company plans to pay a dividend of 6.8 Singapore cents – same as what was paid for FY2019.

Zhong Sheng Jian, Yanlord’s chairman and CEO says that while the pandemic has hit the global economy last year, China, the company's key market, is one of the few major economies to see growth instead.

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"Our focus of building premium developments in the high-growth economic regions and cities within the PRC has served us well. This is especially the case when the PRC pivot towards domestic driven growth," he says.

As at Dec 31 2020, Yanlord, together with its joint ventures and associates, have booked a total pre-sale amount of RMB106.5 billion, to be recognised in the current 1HFY2021 and beyond. They hold some 10.9 million sqm of landbank spread across 18 Chinese cities.

During the year, with cash and equivalents up 24.5% to RMB17.2 billion, Yanlord’s net debt to total equity ratio has been reduced by 16.8 percentage points to 63.2% over Dec 31 2019.

As at Dec 31 2020, Yanlord’s net asset value was RMB16.16, or $3.32 - up from RMB14.62 as at Dec 31 2019.

Yanlord shares closed Feb 26 at unchanged at $1.15.