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China Overseas Property Holdings Limited Announces Annual Results for 2019

Press time:2020-03-20    Author:China Overseas Property Holdings Limited

(Hong Kong, 20 March 2020) 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 twelve months ended 31 December 2019.
For the year ended 31 December 2019, the gross floor area (“GFA”) under our management increased by 7.5% to 151.4 million sq.m. from 140.9 million sq.m. in the last year. New/renewed property management contracts secured during the year amounted to a total contract sum of approximately HK$2,751.5 million. Revenue increased by 30.8% to HK$5,465.5 million for the year ended 31 December 2019, comparing to HK$4,177.5 million (restated, see Note) in the last year. Gross profit increased by 28.2% against last year to HK$1,090.4 million (2018: HK$850.3 million (restated)) for the year ended 31 December 2019. Gross profit margin remained relatively stable at 20.0% for the year (2018: 20.4% (restated)). Profit attributable to owners of the Company for the year ended 31 December 2019 increased by 33.4% to HK$537.8 million against last year (2018: HK$403.2 million (restated)). Basic and diluted earnings per share was HK16.36 cents (2018: HK12.27 cents (restated)), represented an increase of 33.3%. Average return on equity in 2019 was 40.8% (2018: 40.6% (restated)).The Board recommended the payment of a final dividend of HK2.8 cents per share (2018: HK2.0 cents per share) for the year ended 31 December 2019.
2019 is an important year for the Group to continue the implementation of “the Thirteenth Five-Year” strategic plan and to “go beyond the limit and innovate”. During the year, the Group has adhered to its strategic focus and was determined to implement the business development philosophy of “qualities as the roots, scales as the branches and results as the fruits”. With basic property services as the core foundation, community assets and services operating platform led by “U+” (優你互聯); engineering services spearheaded by “Xinghai Wulian” (興海物聯); asset management; and investments, mergers and acquisitions are the four growth engines of the Group, which aimed to achieve a full spectrum and sustainable comprehensive services, and provided continuous motivation for the pursuit of satisfaction from our shareholders, customers, staff and the society, and paved the way for a comprehensive market-driven development.
Note:Upon adoption of merger accounting method affected by the acquisition of a subsidiary in 2019, the comparative figures of 2018 were restated accordingly.
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