Country Garden Services profit surges 519pc to 1.81 billion yuan

Shares of Country Garden Services (6098) rose over 3 percent following the announcement that its 2024 net profit surged by 5.2 times year-on-year, alongside a 500 million yuan (HK$535.7 million) share repurchase plan.

The property services firm recorded a net profit of 1.81 billion yuan, up 519 percent from a low base a year earlier of 292.3 million yuan.

The company declared a final dividend of 13.52 fens – up 5.2 times year-on-year – and a special dividend of 16.09 fens.

Core net profit, which excluded borrowing costs of convertible bonds, share-based payment expenses and fair value changes in assets, fell by 22.9 percent to 3.04 billion yuan, according to a filing on Thursday.

But revenue rose 3.24 percent to 43.99 billion yuan, of which sales of property management services increased by 4.9 percent to 25.91 billion yuan.

Total bank deposits and cash stood at 18.18 billion yuan as of December last year, up 40.5 percent year-on-year.

The company also revealed plans to use the existing available cash reserve of not less than 500 million yuan to repurchase, or purchase, shares in the open market within one year in the future.

Shares of Country Garden Services rose 3.12 percent to HK$6.60 at one point after announcements.

STAFF REPORTER