Evergrande Property Services (6666), China Evergrande Group (3333)’s property management unit, saw a 9.5 percent increase year-on-year in its first-half net profit to 517 million yuan (HK$603 million) with no dividend distribution.
Total revenue rose 4.5 percent to 6.94 billion yuan. Revenue from basic property management services posted a 3.9 percent growth to 5.85 billion yuan, accounting for 84 percent of the total, driven by the increase in management areas and the enhanced services with fewer risk-exposed customers.
As of the end of June, the total managed area of the company was 603 million square meters, an increase of 7 million sq m from a year earlier.
Overall gross profit increased 11 percent to 1.3 billion yuan, with a gross profit margin of 19.2 percent, up 1.2 percentage points.
Looking ahead, the company will deepen service value creation and promote the deep embedding of AI throughout the service chain, according to its filing document.
Frank Feng
