Xinyuan Real Estate Co., Ltd. Releases 2023 Annual Report, Achieving Positive Net Profit Attributable to Shareholders
BEIJING, May 22, 2024 (GLOBE NEWSWIRE) -- Xinyuan Real Estate Co., Ltd. ("Xinyuan" or the "Company") (NYSE:XIN), an NYSE-listed real estate developer operating primarily in China and also in other countries, announced that on May 15, 2024, it filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2023 with the U.S. Securities and Exchange Commission (the "SEC"). An electronic copy of the annual report on Form 20-F can be accessed on Xinyuan's investor relations website at http://ir.xyre.com/financials/annual-reports and on the SEC's website at http://www.sec.gov.
The Company recognized revenue of US$804 million and achieved positive net profit attributable to shareholders of US$40.28 million. Amidst the industry adjustment cycle and the background of "ensuring property delivery", the Company ended three consecutive years of losses, demonstrating the resilience of the enterprise.
- Improved Gross Profit Margin, Reduced Expenses, Effective Proactive Control Measures
Despite a significant decline in sales revenue, the Company has been actively optimized its organizational structure, strictly controlled selling and administrative expenses, reduced various ineffective costs, and implemented measures to improve efficiency by managing financial debts through restructuring, reduction, and deferral. The Company's gross profit margin increased to 16.5% from 7.6% last year, achieving net profit attributable to shareholders of US$40.28 million.
- Restructured Financial Debt, Reduced Short-Term Repayment Pressure, Earning Valuable Time for Recovery
As of December 31, 2023, the Company's net assets amounted to US$107 million, increased by US$24 million compared to last year; total assets amounted to US$5.33 billion, decreased by US$517 million from the previous year. The total liabilities and interest-bearing liabilities of the Company decreased by US$542 million and US$183 million compared to last year, respectively. In August 2023, through an exchange offer of senior notes, the company significantly lowered the interest rate of the senior notes and extended the maturity date for the exchanged senior notes, alleviating the Company's pressure for short-term repayment.
About Xinyuan Real Estate Co., Ltd.
Xinyuan Real Estate Co., Ltd. ("Xinyuan") is an NYSE-listed real estate developer primarily in China and recently in other countries. In China, Xinyuan develops and manages large scale, high quality real estate projects in over ten tier one and tier two cities, including Beijing, Shanghai, Tianjin, Zhengzhou, Jinan, Qingdao, Chengdu, Xi'an, Suzhou, Dalian, Zhuhai and Foshan. Xinyuan was one of the first Chinese real estate developers to enter the U.S. market and over the past few years has been active in real estate development in New York. Xinyuan aims to provide comfortable and convenient real estate related products and services to middle-class consumers. For more information, please visit http://www.xyre.com.
For more information, please contact:
Xinyuan Real Estate Co., Ltd.
Investor Relations Department
Tel: +86 (10) 8588-9200
Email: [email protected]
