Xi'an Kingfar Property Services (1354) H2 2024 earnings summary

Executive summary

• FY2024 revenue rose 10.4% YoY to RMB951.5m; profit for the year increased 19.8% to RMB61.1m.

• Contracted GFA grew 20.7% YoY to 18.1m sq.m.; GFA under management reached 17.3m sq.m. across 169 projects.

Financial highlights

• Gross profit increased 21.4% to RMB143.2m; gross margin was 15.1% vs 13.7% in 2023.

• Operating profit was RMB74.8m vs RMB64.7m; profit attributable to owners rose to RMB59.0m from RMB49.7m.

• Other income more than doubled to RMB8.5m, mainly on higher government subsidies; impairment losses on receivables rose to RMB11.4m from RMB3.9m.

• Administrative and R&D costs increased to RMB65.6m from RMB53.3m, reflecting higher management expenses as operations expanded.

Outlook and guidance

• 2025 priorities include growth through acquisitions, joint ventures and project expansion, alongside stronger regional presence and market share.

• Plans also include refining standardized services, improving customer experience, developing new business models and strengthening talent and brand capabilities.