Shimao Services records 100% revenue growth since listing

Its profit surged 88.4% to $864m (RMB724m) in 2020.

Hong Kong-listed Shimao Services Holdings Limited recorded a 101.9% revenue to $6b (RMB5.026b) in 2020, its first annual result since listing.

The company, largely engaged in property management in China, also reported a profit worth $864m (RMB724m) and a profit attributable to equity holders of $827m (RMB693m).

“Shimao Services is one of the important wings of Shimao Group's ‘big aircraft’ strategy,” said Hui Sai Tan, vice chairman of the Shimao Group Board and chairman of Shimao Services Board.“In the past three years, it has achieved speedy growth of five folds and carried out a new three-year strategy.”

More than half of its revenue, or 54%, were attributed to its property management services revenue, which grew 126.1% YOY to $3.2b (RMB2.7b).

Other contributing segments were its community value-added services with revenue that rose 146.8% YOY to $1.9 (RMB1.6b) and value-added services to non-property owners with $851m (RMB713m).

Moreover, the company’s GFA under management was 146.1m square metre, whilst its contracted GFA exceeded 200m square metre, representing a 114.4% and 99.4% YOY increase, respectively.

Moving forward, the company plans to carry out its “three-year strategy”, which will cover basic property management services value-added services and smart city services. It will provide the tri-positioning of “city service bulter”, “city asset operation assistant”, and “city development cooperative partner.”