According to the Zhitong Finance App, Ocean Group (03377) announced its annual results for the year ending December 31, 2017. The group's agreed sales volume increased 40% year-on-year to RMB 70.560 billion (same unit) during the year, a record high. Turnover increased 33% year-on-year to 45.837 billion yuan, and gross margin increased to 25%. Operating profit (excluding fair value income from investment properties) increased sharply by 50% to $11.29 billion.

Profit attributable to company owners and profit per share reached $5.115 billion and $0.680 respectively, up 34% and 38% respectively. It is proposed to pay a final dividend of $0.155 per share. The total asset value is approximately RMB 191,884 billion, and the equity attributable to the Company's owners is RMB 48.502 billion.

The announcement shows that since the group has developed a diversified land reserve portfolio, contributions from other first-tier and second-tier cities have remained stable. In 2017, Dalian, Tianjin, Hangzhou, Wuhan and Shenzhen contributed 22.031 billion yuan to total turnover, accounting for about 48% of total turnover.

Benefiting from rising carry-over income, excluding fair value income from one-time projects and investment properties, core profit increased 51% from $2,666 billion in 2016 to $4,022 billion, and core profit margin increased 1 percentage point compared to 2016.

In addition, the group's land reserves increased 57% to about 34.88,000 square meters in 2017, while the equity portion of land reserves accounted for 35% to 18.49 million square meters. In 2017, the group purchased 59 plots of land and 7 mature projects.