SCE CM Developed Steadily in 2022 GFA Under Management Grew by 14.8% YoY

Published : Thursday, March 30, 2023, 9:28 pm
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SCE Intelligent Commercial Management Holdings Limited ("SCE CM" or the "Company", together with its subsidiaries, the "Group", HKEX Stock Code: 606), a comprehensive property management service provider in China, is pleased to announce its audited annual results for the year ended 31st December 2022 (the "Year").

In 2022, the real estate market was affected by the tightened financing channels, in addition to the COVID-19 outbreaks, which slowed the progress of project construction and opening, impacting the Group's revenue from pre-opening management service. During the Year, the Group recorded a revenue of approximately RMB1.182 billion, with a gross profit of approximately RMB430 million and a gross margin of 36.4%. The Group's profit for the Year amounted to approximately RMB213 million. Profit attributable to owners of the parent was RMB208 million, and the basic earnings per share was RMB10.0 cents.

For the commercial property management services business, the segment revenue was RMB396 million during the Year. As of 31st December 2022, the contracted GFA of the Group's commercial property projects was approximately 5 million sq. m, while the GFA under management grew by 9.2% year-on-year to approximately 1.7 million sq. m, with the number of projects under management increasing to 17. Although COVID-19 flare-ups occurred across the PRC during the year, which affected the overall progress of construction, the resilient China SCE Group Holdings Limited ("China SCE Group") concentrated resources to ensure the speedy completion SCE Funworlds. In December 2022, the Gaomi SCE Funworld located in Shangdong Province opened for business, which was the Group's first shopping mall under management in the Bohai Rim Economic Zone. The occupancy rate was over 92% and the number of visitors exceeded 150,000 on the opening day.

For the residential property management services business, the Group strived to develop diversified value-added services during the Year, launching and improving in succession various service models and further extending the service scope, including car park sales services, exquisite residence services and residential property agency services. At the same time, the Group further enhanced the management scale by leveraging its capital advantages, the strength of its brand and service management capabilities, maintaining a steady development of its residential property management services business, the segment revenue of which amounted to approximately RMB786.6 million during the Year, representing an increase of 17.9% year-on-year. As of 31st December 2022, the Group's contracted GFA and the GFA under management of residential property projects increased by 6.7% and 15.2% to 43.2 million sq. m and 24 million sq. m, respectively. The number of projects under management increased by 21 year-on-year to 149.

As the Chinese government modified its response to COVID-19 outbreaks, the economy is set to gradually recover. China SCE Group and other real estate developers are expected to speed up the construction progress of all projects. The Group is anticipated to regain its previous pace and expand its management scale at an accelerated rate. In 2023, Beijing West Chang'an SCE Funworld, China SCE Group's first outlet-style shopping mall, commenced operation in March, while the construction of three other SCE Funworlds is proceeding at a quickened pace, to be completed during the year.

Mr. Wong Lun, Chairman of SCE CM, said, "Looking ahead, the Group will continue to develop based on the principle of increasing income and reducing costs. On the one hand, it will expand more value-added services with higher profit margin and further develop the third-party management services to replicate SCE CM's high-quality management model. On the other hand, the Group will extend digitalized applications and optimize its human resources organization, in order to further enhance the Group's competitiveness in the market. At the same time, the Group will identify potential targets among industries and expand the scale of its property management portfolio, thereby magnifying the brand effect of 'SCE CM'."

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