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Public company info - Mingfa Group (International) Co. Ltd. , 00846.HK
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Mingfa Group (International) Co. Ltd., 00846.HK - Company Profile
Chairman Lam Lee G
Share Issued (share) 6,093,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Development
Corporate Profile Business Summary: The principal activities of the Group are property development, property investment and hotel operation in the People’s Republic of China (the “PRC”). Performance for the year: The consolidated revenue of the Group was approximately RMB12,858.6 million for 2020 (2019: approximately RMB12,660.9 million), representing an increase of 1.6% as compared to 2019. The consolidated profit for the year and profit attributable to equity holders of the Company were approximately RMB1,277.8 million and RMB1,075.0 million respectively for 2020 (2019: approximately RMB1,135.9 million and RMB952.1 million respectively), representing an increase of 12.5% and 12.9% respectively as compared to 2019. The basic and diluted earnings per share were RMB17.6 cents for 2020 (2019: RMB15.6 cents per share), representing an increase of 12.8% as compared to 2019. Business Review The revenue of the Group was approximately RMB12,858.6 million for 2020 (2019: approximately RMB12,660.9 million), representing an increase of 1.6% as compared to 2019. The slight increase in revenue in 2020 was mainly due to the set off effect between the increase in the GFA delivered from 1,484,164 sq.m. in 2019 to 1,616,834 sq.m. in 2020 and the decrease in average selling price (“ASP”) from RMB8,146.5 per square metre in 2019 to RMB7,411.3 per square metre in 2020. The gross profit of the Group was approximately RMB3,770.7 million for 2020, representing a decrease of 5.7% as compared to 2019 (2019: approximately RMB3,998.0 million). The decrease in gross profit for 2020 was due to the decrease in gross margin from 31.6% in 2019 to 29.3% in 2020. The profit for the year of the Group increased by 12.5% from approximately RMB1,135.9 million in 2019 to approximately RMB1,277.8 million in 2020. The increase was mainly due to the decrease in the income tax provision in 2020. The profit attributable to the equity holders of the Company was approximately RMB1,075.0 million for 2020, representing an increase of approximately 12.9% from 2019 (2019: approximately RMB952.1 million). The increase was mainly due to less tax provision was made in 2020. The cost of sales of the Group was approximately RMB9,087.9 million for 2020, representing an increase of 4.9% as compared to 2019 (2019: approximately RMB8,662.9 million). Cost of sales increased in line with revenue. The average cost of properties included in cost of sales of the Group was RMB5,211.6 per sq.m. for 2020, representing a decrease of 6.7% over 2019 (2019: approximately RMB5,585.7 per sq.m.). The decrease was due to less commercial properties being delivered in 2020 which had higher cost. The total GFA sold and delivered by the Group in 2020 was approximately 1,616,834 sq.m., representing an increase of 8.9% as compared to 2019 (2019: approximately 1,484,164 sq.m.). Such increase was due to more properties delivered in the newly completed projects in Jiangsu and Anhui in 2020. During the year under review, the average selling price of the Group’s delivered properties was RMB7,411.3 per sq.m., representing a decrease of 9.0% as compared to 2019 (2019: RMB8,146.5 per sq.m). Such decrease was mainly due to less residential properties with higher ASP in Nanjing being delivered to buyers in 2020. Prospects: Looking forward to 2021, the spread of Coronavirus may be controlled due to the application of vaccine. The global economy is expected to be rebounded in the third quarter 2021. PRC government reiterated that residential properties should be used as dwellings instead of speculative investment. Various austerity fiscal and monetary policies has been imposed to control the gearing of property developers in PRC. These measures will be benefit to the long term development of real estate market. In consideration of the uncertain monetary policies in 2021, the Group has succeeded to lower the gearing ratio to 6.4% in 2020 which reserve more capacity to raise additional fund for expansion if necessary. The Group continues to develop the existing land reserves first and replenish the land parcel in a more prudent manner. The Group will continue to focus on the Yangtze River Delta where Anhui and Jiangsu province represents 35.5% and 22.5% of the Group’s total GFA respectively.

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