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China Overseas Property Holdings Limited Announces Interim Results for 2019

Press time:2019-08-21    Author:China Overseas Property Holdings Limited

(Hong Kong, 21 August 2019) 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 2019.
During the six months ended 30 June 2019, total GFA under our management increased by 7.9% to 142.2 million sq.m. from the end of last corresponding period. New/ renewed property management contracts secured during the first half of 2019 amounted to a total contract sum of approximately HK$359.1 million;Revenue increased by 25.9% to HK$2,400.4 million, comparing to HK$1,906.9 million in the last corresponding period. Operating profit increased by 11.9% during the first half of 2019 against last period to HK$353.2 million for the period (2018: HK$315.7 million);Profit attributable to owners of the Company for the six months ended 30 June 2019 increased by 12.5% to HK$248.5 million against the last corresponding period (2018: HK$220.8 million). Basic and diluted earnings per share was HK7.56 cents (2018: HK6.72 cents), increased by 12.5%. Average return on equity was 41.1% (2018: 46.7%);The Board declared the payment of an interim dividend of HK2.2 cents per share (2018: HK2.0 cents) for the six months ended 30 June 2019.
In 2019, the Group formulated an overall development strategy featuring “one base, two wings and four drivers”, with basic property services as the core foundation, quality management and operating scale as the pair of wings, plus UN+, Xinghai Wulian, asset management, and investment and M&A as the four turbine engines. It aims to achieve a full spectrum and sustainable “space service”, provide consistent motivation for the pursuit of satisfaction from shareholders, customers, staff and society, and pave the way for a comprehensive market-driven development. The Group wishes that, by continuously improving customer satisfaction and enlarging the scale of operations to shore up the weak link of basic property management services, while utilizing the loT platform and mobile internet platform as marketing channels, it would increase the proportion of non-core service revenues to turnover.
As always, the Group adheres to our service tenet of “customer first and service best”, and is always faithful to our customers with the service promise of “Property Assets to be Entrusted”, while sticking to our purpose and moving forward through adversities and challenges. In the past six months, we focused on our target of being customer-oriented and enhancing customer satisfaction, while actively improved service product design, complaint management and customer service team building. Through concerted research efforts of independent third parties, such as “customer satisfaction survey” and “mystery customer’s inspection”, we established a mechanism to deal with a verification check-list for issues and invited customers to participate in the establishment of a multi-dimensional, open and transparent surveillance, by conducting customer interviews, on-site visits, engaging quality inspectors, establishing an instant evaluation mechanism for inhabitants in the living zones, and initiating community activities, etc. According to the research findings by the independent third parties for the first half of the year, customers’ satisfaction towards the Group remained at a high level within the industry.
In view of the current challenges and opportunities, the Group will leverage our strong brand and leading position in the market gained by more than thirty years of efforts and hard work and set forth the following strategies with a view to bolstering our confidence and moving forward in order to maintain our market leading position.
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