China Overseas Grand Oceans Group Ltd.'s 2022 Net Profit fell 38% due to a write-down of its inventory of properties.
The company reported Monday that net profit dropped to 3.15 billion Yuan ($458.6 millions) from CNY5.05 trillion in 2021.
While revenue rose 6.8% to CNY57.49 trillion, a writedown for its property inventories reduced its gross profit to CNY2.67 billion.
The board recommended a final dividend in the amount of 15 Hong Kong Cents (1.91 U.S.cents) for 2022.
According to the company, while there is still volatility due to complex global geopolitical issues as well as increasing stagflation risk, it expects China's economy will see a strong improvement by 2023.
It stated that "Taking into consideration the volatile market conditions", the Group would continue to monitor the land market and will also be looking for mergers and acquisition opportunities.