Suxin Joyful Life Services (2152) H2 2023 earnings summary

Executive summary

• FY2023 revenue rose 35.7% YoY to RMB725.1m and profit for the year increased 23.1% to RMB80.1m; contracted GFA under management reached 16.7m sq.m., up 83.5% YoY.

• Recommended final cash dividend of RMB0.3351 per share, tax inclusive, subject to shareholder approval; FY2022 dividend was RMB0.1700 per share.

Financial highlights

• Revenue was RMB725.1m versus RMB534.2m restated in FY2022; gross profit rose 18.9% to RMB147.0m.

• Profit attributable to owners increased to RMB74.43m from RMB64.11m; basic EPS was RMB0.74 versus RMB0.76.

• Other income and gains rose to RMB45.9m from RMB17.8m, including RMB29.5m relocation compensation; administrative expenses increased 40.8% to RMB49.9m.

Outlook and guidance

• Plans to grow project scale through M&A, equity investment and other means, with target screening, due diligence and closer monitoring of key projects and tenders.

• 2024 priorities include expansion across Jiangsu, tailored property services, customer satisfaction and digital platforms for integrated service and project management.