Evergrande Property Management Reports 9.4% Profit Growth in H1, Declares No Dividend
AM730 · 2 SOURCESabout 2 hours ago2 MIN
Summary
Evergrande Property Management Co Ltd (stock code: 6666) announced on Thursday its interim results for the six months ending June 30, 2024. The company posted a net profit attributable to shareholders of 517 million yuan, marking a 9.4% increase from the same period last year . Total operating revenue reached approximately 6.943 billion yuan, representing a year-on-year growth of 4.5% . The board of directors proposed no interim dividend, a decision consistent with the company's capital preservation strategy .
Key Points
- Net profit attributable to owners reached 517 million yuan, up 9.4% year-on-year, with basic earnings per share of 0.05 yuan
- Total revenue stood at approximately 6.943 billion yuan, growing 4.5% year-on-year, while gross profit increased 11.1% to 1.332 billion yuan
- Property management services remained the core revenue driver at 5.846 billion yuan, accounting for 84.2% of total revenue
- Community life services posted the strongest growth at 17.9%, reaching 538 million yuan, though community operations services declined 7.3%
- Contract liabilities decreased by approximately 306 million yuan year-on-year to 2.317 billion yuan, primarily due to reduced prepaid property service fees
- Available funds amounted to approximately 4.244 billion yuan as of June 30, down approximately 66.2 million yuan from the end of last year
Why It Matters
The solid profit growth despite a challenging property market demonstrates the resilience of Evergrande Property Management's diversified business model . The decision to retain earnings rather than distribute dividends signals management's focus on strengthening the balance sheet amid ongoing uncertainties in China's property sector .
The solid profit growth despite a challenging property market demonstrates the resilience of Evergrande Property Management's diversified business model . The decision to retain earnings rather than distribute dividends signals management's focus on strengthening the balance sheet amid ongoing uncertainties in China's property sector .