Gelonghui March 28 | China Tianbao Group (01427.HK) announced its annual results. For the year ended December 31, 2023, the Group's revenue was approximately RMB 2,717 billion, up 41% from 2022. The Group's basic profit is approximately RMB 31 million (2022: basic loss of RMB 159 million).
The Group announced profit of approximately RMB 11 million and announced loss of approximately RMB 347 million in 2022. Mainly due to the impact of the novel coronavirus pneumonia epidemic in 2022, the construction contracting business gradually returned to normal in 2023. Gross profit increased, annual fair value losses recorded for investment properties, realized losses on financial assets included in fair value, and impairment losses on financial and contract assets decreased significantly by about RMB 349 million compared to 2022.
The increase in revenue from the construction contracting business is mainly due to the fact that 2023 is the year the economy resumed development after three years of COVID-19 prevention and control, and the construction contracting business gradually returned to normal. The progress of construction and normal bidding has returned to normal, and business volume has increased. The increase in revenue from the real estate development business is mainly due to an increase in confirmed sales after the completion of property sales.