Poly Developments and Holdings Group Co., also known as Poly Real Estate, posted a year-on-year growth of 20.92 percent in net profits in 2018.

According to its annual report disclosed to the public on Monday, the major real estate developer reported net income attributed to the shareholders of 18.9 billion yuan (about 2.82 billion U.S. dollars) last year.

Total revenue of the company reached 194.6 billion yuan, up 32.66 percent year on year, the report said.

Poly Real Estate recorded contracted floor area sold of 27.66 million square meters and sales value of 404.82 billion yuan last year, up 23.36 percent and 30.91 percent respectively, said the report.

Shares of Poly Real Estate closed 4.62 percent higher at 14.48 yuan Tuesday, as the benchmark Shanghai Composite Index closed 2.39 percent higher at 3,253.6 points.