Evergrande Group revenue up 49.9 pct in 2018

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Chairman of Evergrande Group Xu Jiayin (L) and founder and chairman of Alibaba Group Ma Yun thumb up at a signing ceremony of strategic soccer cooperation between the Evergrande Group and Alibaba Group in Guangzhou, capital of south China's Guangdong Province, June 5, 2014. [Photo/Xinhua]

Real estate conglomerate China Evergrande Group posted 49.9 percent year-on-year growth in revenue for 2018, the company said in a statement Tuesday.

The revenue came in at 466.2 billion yuan (around 70 billion U.S. dollars), while its net profit excluding exchange gains or losses increased by 106.4 percent from a year ago to 72.21 billion yuan.

The group's net assets rose 27.4 percent year-on-year to 308.6 billion yuan at the end of 2018.

Analysts attributed the improving profitability of Evergrande Group to several reasons, such as its farseeing land reserve strategy, slashed sales and management expenses, and promoted added value of the products.

Xia Haijun, president of Evergrande Group, said that with the huge lands it holds and a deepened strategy transformation, the group would maintain high-speed growth in the future.

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