HONG KONG, Mar 21, 2020 - (ACN Newswire) - Sichuan Languang Justbon Services Group CO., LTD. (the "Company" or "Languang Justbon", Stock Code: 2606.HK) today is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively, the "Group") for the year ended 31 December 2019 ("Reporting Period").
Financial summary:
- The revenue increased to RMB2,100.2 million, representing an increase of approximately 43.4%, the gross profit increased to RMB760.2 million, representing an increase of approximately 56.2%, the gross profit margin increased to 36.2% ;
- The Net profit increased to RMB444.1 million, representing an increase of 49.6%,the profit attributable increased to RMB429.5 million, representing an increase of approximately 48.5%;
- Most of Revenue generated from property management services increased to RMB1,139.4 million, representing an increase of approximately 26.6%;
- Recommending the payment of a final dividend of RMB0.97 per Share [in the form of cash] for the year ended 31 December 2019.
During the Reporting Period, the Group generated total revenue of RMB2,100.2 million, representing an increase of approximately 43.4% as compared with the corresponding period in 2018, Gross profit of the Group was RMB760.2 million, representing a year-on-year increase of approximately 56.2%. Net profit for the year was RMB444.1 million, representing a year-on-year increase of approximately 49.6%. Profit attributable to the owners of the Company amounted to RMB429.5 million, representing an increase of approximately 48.5% as compared with 2018. The basic earnings per share amounted to RMB3.1. The Board recommends the payment of a final dividend of RMB0.97 per Share [in the form of cash] for the year ended 31 December 2019.
In 2019, property management services is the main business income of the Group. During the Reporting Period, revenue generated from property management services increased to RMB1,139.4 million, representing an increase of approximately 26.6%. The increase in the revenue from property management services mainly benefited from the Group's gradually large-scale development. In line with the Group's "1 + 1 + N" strategy of "strengthening its leading position in the southwest China, and regards the real estate as the core, the Group focus on eastern China development, and expanding the high-quality layout across China." During the Reporting Period, the Group has been expanding its business scale through various means, including the parent company delivery, mergers and acquisitions expansion, strategic cooperation with third-party property developers, public tenders, property owners' association entrustment. As at 31 December 2019, the gross floor area under management and contract area of the Group were 71.7 million sq.m. and 116.9 million sq.m., respectively, representing an increase of approximately 18.3% and 58.8% as compared with the corresponding period in 2018. As at 31 December 2019, the Group had 477 projects under management situated in 69 cities across China.
In 2019, the Group's consultancy services increased to approximately RMB511.4 million, representing an increase of approximately 121.0%, as the business segment with the fastest growth. During the Reporting Period, The Group provides consultancy services primarily in forms of sales assistance, home inspection and consultancy services to property management companies. The Group provides four categories of community value-added services, including resident services which covers property maintenance, public resources administration services, residential property agency, commercial property management and operation services, and advertisement. During the Reporting Period, the Group recorded revenue from its community value-added services of RMB449.4 million, representing a year-on-year increase of approximately 34.9%.
In 2019, with the healthy financial structure, the current ratio was 2.49, the Group had lease liabilities of RMB5.2 million, decreased by RMB1.3 million than the end of 2018. As at 31 December 2019, the Group had cash and cash equivalents of RMB1,962.7 million, nearly 6.4 times of that a year earlier, and it did not have any pledged assets.
In 2019, the Group constructed 12 major management systems which supported by application decisions, establishing an enterprise digital panorama. The Group established the Languang Justbon School of Management, where a total of 1,020 people were selected to three specialized courses throughout the year, 215 people were trained and promoted and about 23,000 training sessions were conducted. The Group had promoted 1,132 outstanding employees throughout the year, and six employees were honored the title of national, provincial and municipal craftsman masters.
Looking ahead, the Group will continue to develop its three core business lines of property management services, consulting services, community value-added services, and firmly implement the Group's "1 + 1 + N" strategy, focus on strategic high-quality areas where it cooperated with more outstanding property management companies. In addition, the Group will establish a flat organizational management system, as well as a targeted and multi-level incentive system. The Group will gradually upgrade the digital technology platform, aiming to support business development. Taking advantage of the rapid growth and transformation of the property management industry in China, the Group believes that it is well-positioned to achieve high-quality growth focusing on both profitability and scale with the access of capital and technology.
About Sichuan Languang Justbon Services Group CO., LTD.
Sichuan Languang Justbon Services Group CO., LTD. (2606.HK) is a leading property management service provider in Southwest China and Sichuan Province in the PRC. The Company's shares were listed on the Main Board of The Stock Exchange of Hong Kong Limited on 18 October 2019, which becomes the first property management enterprise listed in Hong Kong stock market in western China. Currently, the Group generated revenue primarily from three business lines, namely, property management services, consultancy services and community value-added services, forming an integrated service spectrum covering the entire chain of property management. The Group was ranked in fourth and first, respectively, among the Top 100 Property Management Companies in China in 2019 in terms of GFA under management in Southwest China and Sichuan Province. In 2019, in terms of overall strength, the Group was ranked 11th among the Property Management Companies in 2019 with a brand value of approximately RMB4.0 billion.
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