On March 27, GLONGHUI | Midea Real Estate (03990.HK) announced that for the year ended December 31, 2023, the Group's revenue was RMB 73,564.50 million, gross profit was RMB 8,483.57 million, and total profit and comprehensive income was RMB 2,125.07 million. The Board recommended that a final dividend of HK$0.36 per share be paid in cash for the year ended 31 December 2023.
On December 31, 2023, the Group's balance ratio after deducting advance payments was 67.3%, the net debt ratio was 35.8%, and the short-term cash debt ratio was 1.44. On December 31, 2023, the Group's total interest-bearing liabilities were RMB 38.07 billion, down 21.4% from the end of the previous year. The three red lines remained green, and financing costs remained low. For the year ended December 31, 2023, the weighted average effective interest rate of the Group's total loans was 4.80%.
After five years of restraint, the acquisition of new land in low-level cities has basically stopped since 2019. After three years of persistence, since 2021, we have continuously optimized the land storage structure and actively promoted the clearance of low-level cities. A total of 45 equity return projects have been completed. Of these, 21 projects have been acquired, adding equity value of RMB 9.84 billion; 24 projects have been withdrawn, and the equity value has been reduced by RMB 3.27 billion. At the end of the reporting period, the group had basically withdrawn from cities such as Dali, Liuzhou, Zhongshan, Zhoushan, Taizhou, Shijiazhuang, and Taizhou.
The Group maintains its investment strength, focuses on Tier 1 and 2 high-potential cities, and adheres to a rhythmic exchange of warehouses to accelerate the path of urban evolution. During the reporting period, based on its keen perception of the market and adhering to a prudent and pragmatic investment strategy, the Group successively acquired 5 plots of land in Guangzhou, Changsha, Foshan and other cities, with an investment cost of RMB 2.24 billion and an additional value of about RMB 7.0 billion.
As of December 31, 2023, the total construction area of the Group's land reserves reached 28.16 million square meters, involving 327 property development projects, distributed in five major regions: the Guangdong-Hong Kong-Macao Greater Bay Area, the Yangtze River Middle Economic Zone, the Beijing-Tianjin-Hebei Economic Zone, and the Southwest Economic Zone.