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Public company info - CNQC International Holdings Ltd. , 01240.HK

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CNQC International Holdings Ltd., 01240.HK - Company Profile
Chairman Cheng Wing On, Michael
Share Issued (share) 1,518,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Property Development
Corporate Profile Business Summary: the Group is principally engaged in property development, foundation and construction business in Singapore and Southeast Asia, Hong Kong and Macau. Performance for the year: The Group’s total revenue for the Reporting Period was approximately HK$7.9 billion (2018: approximately HK$7.5 billion), representing an increase of 4.9% as compared with last year. The Group’s gross profit margin during the Reporting Period was approximately 6.7% (2018: approximately 12.5%). During the Reporting Period, the Group reported a net profit of approximately HK$243.3 million (2018: approximately HK$301.9 million), representing a decrease of 19.4% as compared with last year. The profit attributable to owners of the Company was HK$238.8 million (2018: approximately HK$225.3 million, representing an increase of approximately 6.0% over the last year. Basic earnings per share was HK$0.145 (2018: HK$0.135.) Business Review Property Development Business The Group focuses on the development and sale of quality residential projects in Singapore. During the Reporting Period, one residential project, namely iNz Residence, obtained the Temporary Occupation Permit (“TOP”) from the Building and Construction Authority of Singapore (“BCA”). By the end of 2019, the Group’s comprehensive property development located at Butik Batok, Le Quest, recorded a cumulative contracted sales rate of over 74% and a sales volume of over 380 units. In July 2019, the Group’s private condominium project located at Shunfu Road, Jadescape, launched its second phase of units and received satisfactory market response, with its annual sales volume exceeding 180 units. During the Reporting Period, the Group won numerous industry awards, including the Top Ten Singapore Developers (2019年新加坡十大知名開發商) from BCI Asia and the Sustainable Singapore Developer Special Award 2019 (新加坡2019年可持續發展商特別獎) from PropertyGuru. The Group started to hand over units at the iNz Residence, an executive condominium (“EC”) development, which obtained its Temporary Occupation Permit (“TOP”) in April 2019, and recognised sales revenue of approximately HK$2.42 billion during the Reporting Period. Le Quest is a private mixed development project under development and it recognised presales revenue of approximately HK$1.29 billion during the Reporting period, based on its percentage of construction completion. As at 31 December 2019, the Group’s current portfolio of property projects under development with significant interest consists of 3 private condominium development projects across Singapore with a total saleable floor area (“SFA”) of over 190,000 sq.m. As at 31 December 2019, the unsold SFA of these properties was over 124,000 sq.m. Le Quest (73% owned by the Group) Le Quest is a private mixed development project comprising a 4-storey podium (consisting of retail spaces, carparks and kindergarten), 5 blocks of 12-storey apartments (with total 516 units) and communal facilities. It is located at Butik Batok West Avenue 6. This project is a mixed development project of the Group. The total SFA of this project is 37,562 sq.m and the percentage of saleable area sold was 74.4% as at 31 December 2019. The construction is scheduled to be completed in March 2020. Jadescape (45% owned by the Group) Jadescape is a private condominium project consisting of 7 blocks of 21 to 23-storey apartments with 1,200 residential units and 6 retail shops, basement carparks and communal facilities. The project is located at 314–319 Shunfu Road. The total SFA of this project is 106,955 sq.m and the percentage of saleable area sold was 36.7% as at 31 December 2019. The construction is scheduled to be completed in May 2021. Forett at Bukit Timah (51% owned by the Group) In June 2019, the Group completed the land acquisition of Goodluck Garden and the new project name is Forett at Bukit Timah. It is a private condominium project on a freehold land. The total land site area is approximately 33,457 sq.m and the total gross floor area is approximately 46,840 sq.m. It is intended to be developed into 4 blocks of 9-story apartments and 9 blocks of 5-storey apartments with a total of 633 residential units and 2 retail shops with basement carparks and communal facilities. The project is located at the even numbers of 32- 46 Toh Tuck Road in Bukit Timah Planning Area. Land bank status (1)Phoenix Heights project, Singapore On 25 July 2019, the Group’s tender to purchase Phoenix Heights (situated at Phoenix Road) at a total consideration of SDG42.6 million (equivalent to approximately HK$243.8 million) was accepted by the vendor. The project has a land site area of approximately 5,853 sq.m and the total estimated gross floor area is 8,194 sq.m. After completion of the acquisition, the land site is intended to be developed into private condominiums with 100 units. (2)Yau Tong project, Hong Kong The Group acquired the land parcels at Yau Tong Marine Lot No. 58 and 59 and the extensions thereto for a total consideration of HK$530.0 million. The total site area of the lots and its extensions to the harbour are approximately 17,400 sq.ft. and 5,400 sq.ft respectively and the maximum plot ratio under the approved outline zoning plan is 5. It is intended to be a residential redevelopment. Planning application to facilitate the redevelopment is undergoing. (3)Sham Shui Po project, Hong Kong The Group acquired over 80% ownership of two blocks of old residential buildings in Sham Shui Po, Hong Kong through joint venture and it is intended as a residential redevelopment project after 100% ownership is acquired. Application for Compulsory Sales for Redevelopment has been submitted to Lands Tribunal. The management believes that it is essential to replenish its land bank in order for the Group’s sustainable project development in the coming years. The Group will follow its current strategy on land bank reserve whilst taking a prudent approach in selecting quality land with reasonable price which is suitable for the Group’s investment. Construction Business The construction projects undertaken by the Group can be broadly divided into two major geographical segments, namely “Singapore & other Southeast Asia” and “Hong Kong & Macau”. In Singapore & Southeast Asia, the Group tenders for public construction works, external private construction works and being engaged in the Group’s property development projects whereas in Hong Kong & Macau, the Group is mainly responsible for superstructure construction, foundation works and ancillary services with particular specialization in piling works. The Group’s revenue from the Singapore and other Southeast Asia countries construction contracts for the Reporting Period was approximately HK$3,075.9 million (year ended 31 December 2018: approximately HK$2,560.4 million). The revenue attributable from Hong Kong & Macau segment is approximately HK$935.7 million (year ended 31 December 2018: approximately HK$1,103.9 million). During the Reporting Period, for the Singapore segment, the Group completed 4 construction projects including 2 public residential projects, 1 temple project and 1 owned property development project. In 2019, the Group obtained 1 new HDB project, 4 private construction projects, 1 factory construction project and 1 owned property development project with aggregated contract sum of approximately HK$3.93 billion. There are 2 PPVC projects out of the 7 new projects. Benefiting from the Group’s competitive advantages in PPVC technology and management in Singapore market, these new projects inject new blood to the Group’s sustainable development in PPVC industry. As at 31 December 2019, there were 21 external construction projects on hand and the outstanding contract sums were approximately HK$6.8 billion. During the Reporting Period, the Group officially entered 2 new markets in South East Asia including Cambodia and Myanmar. The Group was awarded 3 new construction contracts in Malaysia, Cambodia and Myanmar with aggregated contract sums of approximately HK$787.0 million. As at 31 December 2019, the outstanding contract sums of the 6 projects on hand were approximately HK$973.0 million. In addition, the Group’s joint ventures obtained 3 new constructions projects in Indonesia with total contract sums of approximately HK$106.0 million. As for the Hong Kong & Macau segment, the Group was awarded 13 new foundation and superstructure construction projects with aggregated contract sums of approximately HK$1.33 billion. As at 31 December 2019, the outstanding contract sums of the 19 projects on hand were approximately HK$1.17 billion. Prospects: Looking forward to 2020, in light of the impacts from the Coronavirus Disease (COVID-19), the Ministry of Trade and Industry of Singapore predicts that the GDP of Singapore will grow at minus 0.5%-1.5% and the annual economic growth will be approximately 0.5%, a median of the forecasted range. As affected by the epidemic, the property market of Singapore might see short-term decline in demand, together with the existing huge new property supply in market during 2020, posing challenges to the sales of the Group’s projects. In order to counter the shock from the epidemic, the 2020 Budget of Singapore introduced a number of measures to stimulate economic development, and the Singapore Land Authority eased the restrictions on the Qualifying Certificate (QC) for developers in February, both of which may be beneficial to certain developers and the sales of certain local collective sales projects. From a long-term perspective, though the general economy of Singapore may slow down, it remains stable as a whole. According to the IMD World Competitiveness Ranking, Singapore ranked first among the most competitive economies in 2019. Meanwhile, the property market of Singapore still presented investment prospects. According to the Emerging Trends in Real Estate® Asia Pacific 2020 jointly released by PricewaterhouseCoopers and the Urban Land Institute, Singapore scored 6.31 on City Investment Prospects for 2020, ranking first among the 22 cities in Asia-Pacific region. The Singapore market will continue to provide long-term growth opportunities and expansion room for the Group. The Group will remain its root in the Singapore market to locate quality projects and capitalise upon its leading strengths in the property development business for consolidating its market position as a major local developer. According to the BCA of Singapore, it is estimated that the overall local construction demand will range from SGD28 billion to SGD33 billion in 2020, with the public sector and the private sector accounting for 60% and 40%, respectively. Driven by the continuous construction demand from the public sector, the total construction demand is expected to remain strong. Impacted by the epidemic, materials and labour may become the major factors affecting the progress of projects. Accordingly, the Group need to closely coordinate and cooperate with peers and governmental agencies to prevent risks and overcome the present difficulties. In addition, the Group will continue to further expand its existing presence in Southeast Asian markets, including Malaysia, Indonesia, Vietnams, Myanmar and Cambodia. In terms of Hong Kong property market, the 2020/21 Land Sale Programme comprises 15 residential sites, which is estimated to be available to build approximately 7,500 units, the lowest over the past decade. Together with projects of railway property development, private development and redevelopment, it is estimated that the potential land supply for the whole year is available to build approximately 15,700 units. The Land Sale Programme also includes six commercial sites, which are expected to provide a GFA of approximately 830,000 sq. m., reflecting that the Hong Kong government will adjust the land supply based on market demand. Presently, the Hong Kong government is not intended to ease the “harsh measures” for the property market, so as to enable the property market to regulate automatically and make the properties more easily to be affordable for local citizens. The Group believes that the medium-to long-term property market in Hong Kong, especially those medium-to largesized residential units with rigid demand, will remain stable growth. The Hong Kong government estimates that the annual construction volume of the overall construction industry will grow to HK$300 billion, which covers many public and private housing construction, hospital development and redevelopment, and development and expansion of new towns. The Government will continue to take a lead in promoting “Construction 2.0” in the sector in order to enhance the sector’s carrying ability and promote its sustainability through innovation, specialisation and rejuvenation. In July of last year, the Government established the Centre of Excellence for Major Project Leaders to improve the implementation abilities of leaders in government and public institutions. The Group believes that the above measures are beneficial to the construction segment in Hong Kong.

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