HONG KONG, Jun 20, 2023 - (ACN Newswire) -  Grand Ming Group Holdings Limited (the "Company" and together with its subsidiaries, the "Group", stock code: 1271.HK) today announces its annual results for the year ended 31 March 2023 ("FY 2022/23").

-- Revenue amounted to HK$5.0046 billion, an increase of 5.1 times from the previous financial year.
-- Net profit for the year was HK$1.2755 billion, representing an increase of 71.7 times.
-- Proposed payment of final dividend of 5.0 HK cents per share and special dividend of 15.0 HK cents per share.
-- Stay positive toward lucrative business of owning and operating data centres via upgrading and expanding portfolio of developing two new centres in near future.
-- Seize opportunity to increase land reserve for property development in Hong Kong.
-- Execute the plan for property development in Nanning, Guangxi Province, China targeting for luxurious senior residential market.

In FY 2022/23, the Group's consolidated revenue amounted to $5,004.6 million (FY 2021/22: $817.9 million), representing an increase of 5.1 times as compared to FY 2021/22.  The consolidated gross profit also increased 31.2 times to $1,987.8 million (FY 2021/22: $61.7 million).  These are primarily attributable to recognition of revenue and profits from The Grand Marine upon completion of its sales and handover of the residential units to the customers during the year under review. Net profit for FY 2022/23 grew by 71.7 times to $1,275.5 million (FY 2021/22: $17.5 million).  Earnings per share was 89.85 HK cents (FY 2021/22: 1.24 HK cents).  Excluding the change in fair value of investment properties, the Group recorded an underlying profit of HK$1,299.3 million in FY 2022/23, as compared to an underlying loss of $75.2 million in FY 2021/22.  Underlying earnings per share was 91.53 HK cents (FY 2021/22: underlying loss per share of 5.30 HK cents).

The Group believes a long-term high dividend policy is the best reward for our loyal shareholders. With the solid performance, the Board now recommends to pay a final dividend for FY 2022/23 of 5.0 HK cents per share. To celebrate the Group's 10th anniversary of listing on the Hong Kong Stock Exchange and express the gratitude to the Company's shareholders for their continued support, the Board also recommends a special dividend of 15.0 HK cents per share.  Together with the interim dividend of 6.0 HK cents per share and special interim dividend of 20.0 cents per share already paid, the total dividends for FY 2022/23 amounted to 46 HK cents per share.

The Group have demonstrated a proficiency in property development project initiation and execution through the successful launch of its first signature property project "Cristallo" which is a luxury residential project sitting at No. 279 Prince's Road West, Kowloon.  As at 31 March 2023, 15 units out of the total 18 units had been sold.

The residential development "The Grand Marine" is located at No. 18 Sai Shan Road, Tsing Yi, the New Territories.  It offers 776 units with a saleable area of approximately 345,000 square feet.   Pre-sales commenced since November 2019 and were well received by the market with over 92% of the units being sold as of 31 March 2023.  Handover of the pre-sold units to buyers commenced in April 2022 following the issuance of the certificate of compliance in March 2022.  Sales revenue of HK$4.85 billion was recognised in FY 2022/23.

The Group's another project "The Grands" is located at No. 41, 43 and 45 Pau Chung Street in To Kwa Wan, Kowloon in close proximity to MTR To Kwa Wan station with a gross floor area of approximately 31,000 square feet.  It is being developed into a 22-storey residential-cum-commercial tower with 76 residential units and a resident clubhouse over two levels of shops.  Interior fitting-out works of the residential units are substantially completed.  Preparation works for the pre-sale of the project are also commenced.

The Group is also developing a site, situated at No.1 Luen Fat Street, Fanling, the New Territories, into a residential-cum-commercial complex with a total gross floor area of approximately 36,000 square feet.  The foundation works is underway and the development is scheduled to be completed in mid-2025.

In February 2023, the Group acquired two properties at No.66 Fort Street and No.57 Kin Wah Street, North Point, which cover a site area of approximately 3,240 square feet with a developable gross floor area of approximately 30,000 square feet.   Currently, No.57 Kin Wah Street is a vacant land, while No.66 Fort Street has a 5-storey building, which is scheduled to be demolished in the third quarter of 2023.  The site is planned to be redeveloped into a residential-cum-commercial project.

The balanced portfolio development initiative also includes geographical footprint expansion. The Group has started to development a site locating at Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province with a site area of approximately 574,000 square feet.  It is planned to be developed into a luxury residential project under the theme of leisure and healthy lifestyle, comprising high-rise apartment units, villas, retail shops and a wellness centre.  Target customers will be the elderly and retirees and their families. The estimated gross floor area of the proposed development is approximately 1,100,000 square feet. The Group is in the process of obtaining all necessary document approvals from the relevant government authorities and plans to start construction works later this year.

The data centres operation is a major initiative of balanced development.  The Group currently owns two data centres, namely iTech Tower 1 and iTech Tower 2.  Revenue from its leasing business maintained a favourable growth, and recorded an increase of 20.5% year-on-year to HK$235.0 million.  This was mainly driven by increasing utilisation of data centre spaces by the existing and new customers and increasing rental-related income due to uprise of electricity tariff.

The development of the two new high-tier data centres in the pipleline located in Fanling are well underway.  Upon completion of these two new data centres, the Group will increase its portfolio gross floor area by 186,000 square feet.

Mr. Chan Hung Ming, Chairman and Executive Director of Grand Ming Group Holdings concluded, "The year 2023 remains a challenging year for businesses.  In tandem with the gradual recovery of the economy at this post-pandemic period, coupled with potential final push of interest rate hike ahead, we consider a cautious vision on our outlook this year is a key for navigating any tough environment.  The Group has stayed steadfast to drive the corporate priorities of creating a balanced portfolio for its business structure and segments as well as to broaden the recurring income stream to drive resilience in all-weather economic landscape. Leverage on the strength of our people and leadership bench, we achieve remarkable results in FY 2022/23 with a record-high revenue and net profit, attributed from the completion of sales of The Grand Marine.  We will continue the sale of the remaining units of The Grand Marine and Cristallo.  We also plan to launch the pre-sales of The Grands in the second half of 2023.  The development of the two new high-tier data centres in Fanling are progressing on schedule, and are targeted to be delivered in mid-2025 and mid-2026 to meet strong market demand.  Meanwhile, we continue to commit to improving and upgrading the infrastructure of the existing data centres with a view to providing reliable services to our existing customers. With proven track record and a resilient financial position, we continue to identify for suitable development projects on a prudent manner so as to create long-term sustainable value and impactful outcomes for our stakeholder."

About Grand Ming Group Holdings Limited (Stock code: 1271.HK)
The Group is principally engaged in the business of property development and property leasing, as well as building construction. As a local wholesale co-location provider of high-tier data centres, the Group is one of the dedicated service providers in Hong Kong which owns and uses the entire building for leasing to customers for data centre use. Its clientele includes multinational data centre operator, telecommunications company and financial institutions. The Group operates two high-tier data centre buildings, namely iTech Tower 1 and iTech Tower 2.  It also acquired two pieces of land in Fanling, the New Territories for developing into two high-tier data centres. Furthermore, the Group has completed sale of its luxury residential project, Cristallo. At present, the respective property development projects sale and ready to pre-sale in the pipeline include "The Grand Marine" at No.18 Sai Shan Road, Tsing Yi and "The Grands", which is located at No. 41, 43 and 45 Pau Chung Street, To Kwa Wan.  Besides, property development in progress includes a site located at No.1 Luen Fat Street, Fanling and a site located at No.66 Fort Street and No.57 Kin Wah Street, North Point.  In Mainland China the Group owns a piece of land at Guangxi-ASEAN Economic and Technological Development Zone, Wuming District, Nanning City, Guangxi Province for development into a luxury residential project comprising high-rise apartments, villas, retail shops and wellness centre with an estimated gross floor area of approximately 1,100,000 square feet.

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Angel Yeung
Jovian Communications Ltd
Email: news@joviancomm.com

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