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China Overseas Property Holdings Limited Announces Interim Results for 2018

Press time:2018-08-22    Author:China Overseas Property Holdings Limited

(Hong Kong, 22 August 2018) China Overseas Property Holdings Limited (hereinafter referred to as “China Overseas Property” or “the Group”, HKSE code: 02669.HK) is pleased to announce its unaudited interim results for the six months ended 30 June 2018.
During the six months ended 30 June 2018, total GFA under our management increased by 2.7% to 131.7 million sq.m. from last year end, and was 8.3% more comparing with the restated GFA at the end of last corresponding period;New/ renewed property management contracts secured during the first half of 2018 amounted to a total contract sum of approximately HK$304.4 million;Revenue increased by 19.8% to HK$1,906.9 million, comparing to HK$1,592.1 million (restated) in the last corresponding period. Gross profit increased by 21.3% during the first half of 2018 against last period to HK$528.3 million for the period (2017: HK$435.5 million (restated)). Gross profit margin slightly improved to 27.7% for the six months ended 30 June 2018 from 27.4% (restated) in the last corresponding period;Profit attributable to owners of the Company for the six months ended 30 June 2018 increased by 38.6% to HK$220.8 million against the last corresponding period (2017: HK$159.3 million (restated)). Basic and diluted earnings per share was HK6.72 cents (2017: HK4.85 cents (restated)), increased by 38.6%. Average return on equity was 46.7% (2017: 36.0% (restated)). The Board declared the payment of an interim dividend of HK2.0 cents per share (2017: HK1.5 cents) for the six months ended 30 June 2018.
In ongoing adherence to the customer-oriented business strategy, we have provided premium property management services in Mainland China, Hong Kong and Macau on the back of the recognition and support of property developers and owners with whom we have developed longstanding partnerships. Leveraging the strong brand recognition of “China Overseas Property”, the Group seized business opportunities in a timely manner and effectively addressed business risks by strengthening control over the application and allocation of resources, while pursuing business diversification with ongoing expansion in terms of geographic coverage and business volume.
As at 30 June 2018, the Group provided property management services to 662 properties located across 73 cities and regions in Hong Kong, Macau, and the People’s Republic of China (the “PRC”), with an aggregate gross floor area (“GFA”) under management of approximately 131.7 million sq.m., with the support of 30,348 employees. The categories of properties under management include mid- to high-end residential units/commercial buildings, commercial complex, hotels and government properties.
The Group operates a diverse range of businesses. Apart from providing premium basic property services, such as facilities repair and maintenance, cleaning and landscape and security management, which would add value to properties and enhance their reputation, we also provide comprehensive, end-to-end property management services for property development projects, including consultation relating to product positioning, recommendations for the selection of equipment models, pre-delivery services, move-in assistance services, delivery inspection services, as well as engineering services quality control and consulting services. Through the provision of sound property management services, we have also developed close relations with the communities we serve and have earned their trust. Such relationship is conducive to the expansion of our mobile internet-based operation of customers’ assets and daily services and our effort to tap the immense potential spending powers of these communities.
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