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    China Overseas Property Holdings Limited Announces Annual Results for 2018

    Press time:2019-03-19    Author:China Overseas Property Holdings Limited

    (Hong Kong, 19 March 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 annual results for the twelve months ended 31 December 2018.
    For the year ended 31 December 2018, the gross floor area (“GFA”) under our management increased by 9.8% to 140.9 million sq.m. from 128.3 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$838.3 million. Revenue increased by 23.7% to HK$4,154.7 million for the year ended 31 December 2018, comparing to HK$3,357.8 million in the last year. Gross profit increased by 5.8% against last year to HK$848.8 million (2017: HK$802.4 million) for the year ended 31 December 2018. Gross profit margin decreased to 20.4% for the year from 23.9% in the last year. Profit attributable to owners of the Company for the year ended 31 December 2018 increased by 31.1% to HK$402.1 million against last year (2017: HK$306.8 million). Basic and diluted earnings per share was HK12.23 cents (2017: HK9.33 cents), represented an increase of 31.1%. Average return on equity in 2018 was 40.7% (2017: 36.7%). The Board recommended the payment of a final dividend of HK2.0 cents per share (2017: HK1.5 cents per share) for the year ended 31 December 2018.
    In 2018, the Group established the overall development strategy of “continuously improving customer satisfaction and enlarging the scale of operations to shore up the weakness of basic property management services, and utilizing the Internet of Things (“IoT”) platform and mobile Internet platform as marketing channels to increase the proportion of non-core service revenues to turnover”, so as to face the market and expand our business.
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