Singapore & Hong Kong, Aug 13, 2021 - (ACN Newswire) - Yanlord Land Group Limited (Z25.SI) ("Yanlord" or the "Company" and together with its subsidiaries, the "Group"), a Singapore Exchange-listed real estate developer focusing on developing high-end integrated commercial and residential property projects in strategically selected high-growth cities in the People's Republic of China ("PRC") and Singapore, today announced its unaudited first half year condensed interim financial statements for the six months ended 30 June 2021 ("1H 2021").

The Group's revenue increased by 44.7% to RMB13.189 billion in 1H 2021 compared to the first half of financial year ended 31 December 2020 ("1H 2020"), of which, RMB11.359 billion was contributed from property development, RMB692 million from property investment and hotel operations, RMB420 million from property management and the remaining RMB718 million from other segment, representing an increase of 46.0%, 40.9%, 13.7% and 50.4% compared to 1H 2020, respectively. The increase in revenue for 1H 2021 was primarily attributable to the increase in gross floor area ("GFA") delivered to customers, which partly offset by the decrease in average selling price ("ASP") per square metre ("sqm") achieved by the Group in 1H 2021 compared to 1H 2020. The decrease in ASP achieved by the Group in 1H 2021 was mainly due to the change in the composition of product-mix delivered in the reporting period.

The Group has been accelerating the development pace and growing the scale of operations to sustain its growth over the past few years. With the increase of GFA being delivered and recognised as revenue of the Group in 1H 2021, gross profit of the Group for 1H 2021 increased by 7.5% to RMB3.520 billion compared to 1H 2020. Gross profit margin decreased by 9.2 percentage points to 26.7% in 1H 2021 from 35.9% in 1H 2020 primarily due to the change in the composition of product-mix delivered in 1H 2021.

Profit for the period increased by 54.8% to RMB1.567 billion in 1H 2021 from RMB1.013 billion in 1H 2020, mainly resulting from the increase in gross profit, other operating income and other gains and share of profit from joint ventures and associates as well as decrease in finance cost, partly offset by absence of fair value gain on investment property recorded in 1H 2021 compared to 1H 2020. The profit margin for the period increased by 0.8 percentage point to 11.9% in 1H 2021 compared to 11.1% in 1H 2020. Profit attributable to owners of the Company for 1H 2021 was RMB823 million, an increase of 67.1% compared to 1H 2020.

Property sales recognition, property pre-sales and accumulated property contracted presales pending recognition

The Group together with its joint ventures and associates delivered a total GFA of 711,738 sqm of residential and commercial units, and 3,323 units of car parks to customers in 1H 2021, an increase of 145.4% and 96.7% respectively compared to 1H 2020. The gross property sales (including car parks) recognised in 1H 2021 amounting to RMB18.558 billion, an increase of 127.4% compared to 1H 2020, of which, RMB11.433 billion was recognised as revenue of the Group and RMB7.125 billion was recognised as revenue of joint ventures and associates.

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