Superland announces 2021 annual results

Revenue and gross profit increased by 17.3% and 9.7% respectively

*Excluding the one off and non-recurring items, i.e., listing expenses, donation arising from the Listing and the subsidy granted under the Employment Support Scheme

HONG KONG, March 31, 2022 /PRNewswire/ — Superland Group Holdings Limited (“Superland Group” or the “Company”, together with its subsidiaries, the “Group”; Stock Code: 0368.HK), announced its annual result ended 31 December 2021. During the year, the Group recorded a total revenue of approximately HK$798.1 million (2020 corresponding period: approximately HK$680.2 million), representing an increase of approximately 17.3%. The increase in revenue was mainly driven by the revenue contribution by the on-going projects as the outbreak of the coronavirus pandemic (“COVID -19”) was gradually under control before the fifth wave of COVID-19 starting in late December 2021.

Excluding the one off and non-recurring items, i.e., listing expenses, donation arising from the Listing and the subsidy granted under the Employment Support Scheme, the profit and total comprehensive income for the year attributable to owners of the Company for the year and 2020 would be adjusted to approximately HK$12.0 million and approximately HK$10.2 million respectively, representing an increase of approximately 17.7%.

Business Review

The Group is an established contractor based in Hong Kong providing professional fitting-out services and repair and maintenance services with the qualification as a registered electrical contractor, subcontractor and minor work contractors.

The Group is principally engaged in the provision of fitting-out services and repair and maintenance services for residential and commercial properties in Hong Kong. During the reporting year, revenue increased by approximately 17.3% to approximately HK$798.1 million (2020 corresponding: approximately HK$680.2 million). As at 31 December 2021, the Group had a total of 43 fitting-out projects on hand, which included fitting-out projects that have commenced but not yet completed and fitting-out projects that have been awarded to the Group but not yet commenced, with an aggregate total contract sum of approximately HK$3,221 million. Among these projects on hand, 25 projects were with total contract sum of approximately HK$50 million or above. The aggregate total contract sum of these 25 projects amounted to approximately HK$2,865 million.

Business Prospect

The onslaught of the fifth wave of COVID-19 has dealt a blow to Hong Kong. It is unavoidable that the overall economy of Hong Kong in the short term will be greatly affected by the fifth wave of COVID-19 starting in late December 2021. As such, the Group’s business needs to encounter challenges for a while. However, as supported by the 2021 Hong Kong  Policy Address, the Government will develop land resources in a persistent manner to satisfy the housing demand. Therefore, the Group anticipates that the Group’ business will remain stable in the fitting-out industry in Hong Kong in the long term. The Group will devote necessary resources to further enhance its market position if appropriate.

Looking ahead, the Group remains prudent and optimistic about the prospects of the Group’s business in the long term. The Group will consider closely monitoring its working capital management, as well as cautiously examine the latest developments in its core business. The Group will adjust its business strategies as needed to ensure corporate sustainability.

On the other hand, the Group intends to commercialize the Group’s existing technologies and technical solutions for both industry participants and end users in the market. Leveraging its extensive and well-developed network in industry and market value chains, as well as its technologies and technical solutions, the Group will collaborate more closely with its strategic partners to create new opportunities while also increasing overall cost savings.

About the Superland Group Holdings Limited

Superland Group Holdings Limited is an established contractor based in Hong Kong with over 18 years of operating history providing fitting-out services and repair and maintenance services. It has provided services for a number of prominent property projects of established property developers in Hong Kong, including Victoria Harbour Residence, Victoria Dockside, Rosewood Hong Kong, The Pavilia Farm, Southland, Emerald Bay and K.Summit, etc.  The Group has recently launched “Oodles”, its own technological brand. Oodles provides a fitting-out service platform that integrates its own developed technologies and technological solutions and combines design, matching, shopping and information to allow customers to experience and foretell the home of the future.