Evergrande adjusts its annual target to 180 billion yuan

Date:2015.11.11 Publisher:Evergrande Group Page View:721
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In November 10, Evergrande (HK.3333) issued a notice, increasing its sales target to 180 billion in 2015, with an increase of 20% compared with the original target of 150 billion yuan, and 37% compared with the actual sales of 131.5 billion yuan in 2014.

Data show that Evergrande has achieved sales of 154.53 billion yuan in ten months, up by 44%, with an annual growth of 17.5% compared with 2014, completing 103% of the target of 150 billion set at the beginning of the year, which is the first real estate enterprise reaching annual target ahead of schedule this year.

Evergrande's performance over the years show that it exceeded the target every year. Analysts believe that there's no suspense for Evergrande to complete the target of 180 billion yuan, with an increase of 37% over last year, and is expected to reach 200 billion, achieving an annual growth of 52%.

In fact, in the case of the economic downturn and continuing depression in the property market, Evergrande has been growing in performance. In the first half of this year, its sales, turnover, net profit and core business profit reached 87.11 billion, 77.74 billion, 13.29 billion and 10.16 billion respectively, with year on year increase of 25.7%, 22.7%, 40% and 56.5%; in 2014 the annual sales, turnover, net profit and core business profit increased 31%, 18.9%, 31.4%, 16.5% year on year, respectively.

From 2009 (becoming listed) to 2014, the core index of Eevergrande have maintained an average increase of 30%, with sales from 30.3 billion to 131.5 billion, turnover from 5.7 billion to 111.4 billion, net profit from 1.12 billion to 18.02 billion, and core business profit from 290 million to 12.04 billion.

A few years ago, Chairman of the Board Hui Ka Yan said repeatedly in the annual results press conference with thousands of reporters and investors, "Only when the market becomes depressed that Evergrande can better reflect its strength".

Insiders pointed out that in the industry differentiation and increasing competition, Evergrande maintains a sustained growth in performance, with its excellent product quality, strong cost control, accurate product positioning, rapid development on large scale and other advantages. "As the only business in China with handover of wholly decorated houses, and the only one to announce cancellation of contract with no reason. Evergrande adopts quality strategy to enhance the ability to create quality, with standardized management and strict control of costs to ensure the high quality and cost-effectiveness of the product, which is its confidence to reach the target of 180 billion".