Yuexiu Services Announces 2024 Interim Results

Results Highlights

- Total revenue amounted to RMB1,960.2 million, representing a year-on-year increase of 29.7%. Among which:
    - Revenue from non-commercial property management and value-added services amounted to RMB1,601.3 million, representing a year-on-year increase of 32.3%
    - Revenue from commercial property management and operational services amounted to RMB358.9 million, representing a year-on-year increase of 19.2%
- Gross profit margin was 25.9%
- Profit attributable to owners of the Company reached RMB277.7 million, representing a year-on-year increase of 12.1%
- Basic earnings per share was RMB0.18
- The Group’s contracted gross floor area (“GFA”) and GFA under management were 88.8 million sq.m. and 66.7 million sq.m., respectively
- The Board has proposed to declare an interim dividend of HK$0.100 per share (equal to RMB0.091 per share). Dividend payout ratio was 50%

HONG KONG, Aug 20, 2024 - (ACN Newswire) - Yuexiu Services Group Limited (“Yuexiu Services” or the “Company”, together with its subsidiaries, the “Group”, HKEx Stock Code: 6626) is pleased to announce the consolidated interim results of the Group for the six months ended 30 June 2024 (the “Period”).

Steady growth in operating performance

During the Period, the Group’s total revenue amounted to RMB1,960.2 million, representing an increase of 29.7% over the corresponding period of last year. Gross profit margin was 25.9%. Profit attributable to owners of the Company was RMB277.7 million, representing a year-on-year increase of 12.1%. Basic earnings per share amounted to RMB0.18. The Board proposed to declare an interim dividend of HK$0.100 per share (equivalent to RMB0.091 per share), representing a payout ratio of 50%, to reward shareholders for their long-term support to the Group.

During the Period, revenue from the Group’s non-commercial property management and value-added services amounted to RMB1,601.3 million, representing a year-on-year increase of 32.3% and accounting for 81.7% of the Group’s total revenue. Within this 81.7%, property management services, value-added services to non-property owners and community value-added services accounted for 30.7%, 18.1% and 32.9% respectively of the Group’s total revenue. Revenue from commercial property management and operational services was RMB358.9 million, up 19.2% year on year, accounting for 18.3% of the Group’s total revenue.

Steady expansion of management scale

As at 30 June 2024, the Group had 508 contracted projects with a total contracted GFA of 88.8 million sq.m.. The Group had 418 projects under management, with a total GFA under management of 66.7 million sq.m.. During the Period, the Group entered into contracts for 59 new projects, adding a total contracted GFA of 9.3 million sq.m., of which approximately 6.0 million sq.m. came from market expansion. The Group won bids for a number of landmark projects, including the Hong Kong-Zhuhai-Macao Bridge , the National Energy Building , the Fuzhou Metro Line 5, further consolidating its competitive advantages in its core business types and effectively enhancing its reputation.

As of 30 June 2024, the Group’s management portfolio was categorized into four business types, namely residential, TOD, commercial buildings and industrial parks, urban services and public premises. These four types accounted for 62%, 11%, 17% and 10% respectively of the total GFA under management. The Group’s contracted projects spanned across 49 cities (including Hong Kong) in China. In terms of regional presence, the Group continued to strengthen its penetration in the core regions, with 67% of the total GFA under management located in the Greater Bay Area and Eastern China. Furthermore, nearly 90% of the GFA under management was located in the economically advanced first-tier and second-tier cities.

Focused development of community value-added services

The Group continued to optimize its resource allocation and enhancing its product competitiveness. In the new retail sector, the Group continued to improve its product offerings through developing bespoke products and launching various offerings targeted at tourism. Meanwhile, the Group has been exploring operation model for communities under management and enhancing the brand of its community commercial services by exploring the standardized operation of clubs and carrying out recreational activities. In addition, the Group’s intelligent services offerings have expanded to include elevator installation and maintenance with its relevant professional qualifications, and has successfully expanded fire-fighting, electrical and mechanical related projects.

During the Period, revenue from community value-added services increased by 61.2% to RMB645.5 million compared with RMB400.5 million for the corresponding period of last year. Among this, revenue from the home decoration business increased 2.1 times year on year to RMB245.2 million.

Mr. Zhu Huisong, Non-Executive Director and Chairman of the Board of Directors of Yuexiu Services, said: “Looking ahead, the Group will focus on the theme of ‘raising quality with devoted services and creating benefits through lean management’, consolidate the foundation of property services, adhere to quality scale expansion, optimize growth drivers of community value-added services, so as to create a better reputation and enhance market competitiveness, strive for greater development space, and thus move forward toward the vision of ‘becoming a trusted service company for customers’.”