According to the Zhitong Finance App, R&F Real Estate (02777) announced its 2017 results. The company achieved a turnover of 59.28 billion yuan (same under the unit), an increase of 10% over the previous year; net profit attributable to shareholders of 21.186 billion yuan, an increase of 213% over the previous year; basic earnings per share of 6.5748 yuan; and plans to pay 0.77 yuan per share.

According to the announcement, due to strong growth in agreed sales in 2017 and 2016, the Group's total turnover reached a new high of 59.28 billion yuan. The sharp increase in turnover was due to a 12% increase in the construction area delivered to 4.71 million square meters. Among them, property sales revenue increased 9% to 53.71 billion yuan.

The Group's equity floor area under construction increased 39% to 177.12 million square meters by the end of 2017. The area under construction at the end of the year, together with the area already completed and unsold and planned to start construction in 2018, is estimated to be worth about 240 billion yuan of saleable properties that can obtain a pre-sale certificate.

In terms of profit, the company's gross margin increased from 28.3% to 35.4%, mainly due to the carry-over of higher-profit projects, which led to a sharp increase in gross profit to 20.96 billion yuan, an increase of 38% over the previous year; after deducting one-time non-recurring income, net profit in 2017 increased 18% to 8.32 billion yuan.

R&F Real Estate said that in 2017, the group made a major investment in land reserves. After acquiring a large amount of land reserves, the group's equity land reserves increased 34% to 51.38 million square meters. Furthermore, the Group set a target of no less than 130 billion yuan for agreed sales in 2018, an increase of 60% over the previous year.