News

Residential Property

Staff Reporter

, Hong Kong

Published:

11 months ago

Photo from Simon Zhu on Unsplash

Kaisa Prosperity gross profit climbs 2.2% YoY in FY23

Total GFA under management amounted to 102.3 million sq.m.

Kaisa Prosperity reported a gross profit of approximately $526.77m (RMB481.3m) for the year ended 31 December 2023, reflecting a 2.2% year-on-year (YoY) increase from $511.85m (RMB471.1m) in 2022.

The group’s total revenue grew to $1.95b (RMB1.8b) for FY23, of which revenue from property management services went up at 7.2% YoY to $1.46b (RMB1.34).

Gross floor area (GFA) under management rose 8.2% to 102.3 million sq.m., whereas projects under management have grown from 673 to 720, establishing a presence in 74 cities in 19 provinces.

The group managed about 60.4 million sq.m. GFA of properties developed by independent third-party property developers.

Revenue of projects for properties developed by independent third-party developers reached $886.34m (RMB810.1m), signifying a 16.1% growth.

Cash and cash equivalents increased by 16% to $313.81m in FY23, whereas the consolidated gross profit margin improved from 26.4% to 26.8%.

(RMB1 = HK$1.09).

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