Shenzhen-listed Mhome Group, a top Chinese real estate developer headquartered in Wuhan, reported strong growth in its interim report on August 26.
Operating income amounted to RMB 1.934 billion (USD$282.336 million), an increase of 112.57% year-on-year. Net profit attributable to shareholders totaled RMB 34.616 million (USD$5.053 million), an increase of 165.06% year-on-year. Total assets amounted to RMB 27.914 billion (USD$4.075 billion), an increase of 6.69% year-on-year.
The company's cash flow from operating activities increased by 67.62% year-on-year. Basic EPS and diluted EPS increased by 169.23% year-on-year.
"In the first half of 2020, we delivered robust financial results, demonstrating a successful strategic transformation," said Liu Daoming, President of Mhome Group. "Moving forward, with China's new dual-cycle economic pattern and favorable policies, Mhome will continue to push for further growth and increase shareholder value."
Mhome received an increasing amount of foreign investment during the reporting period. As of August 28, SZ-HK Stock Connect takes total holding to 82.050 million shares, up 700% compared to the beginning of this year. The stock price has risen nearly 73% from the lowest point this year to RMB 3.78 (USD$0.55) per share on August 31. The number of visits from institutional investors, including Guangda Security and CICC Fund, also grows.
In the second half of the year, Mhome will further expand its integrated business of smart manufacturing and create a complete housing solution for the entire value chain. The company will focus on its market-oriented strategy and enhance its project planning and product positioning capability to provide customers with high-quality and cost-effective products.
For its modern agricultural business, Mhome will further improve production management in the face of global food security challenges. The company will prioritize the essential steps in rice sowing, cultivating, reaping, and processing by providing technical guidance, implementing production technical standards, and refining management in cost control.
Benefiting from a favorable external environment, Mhome says its performance and valuation are expected to continue to grow.
Mhome Group (000667.sz) was established in 1989 as a developer of residential and urban homes properties and provider of urban and rural construction services. Headquartered in Wuhan, China, Mhome is now a listed company with a prominent presence in multiple industries including smart housing manufacturing, modern agriculture, and industrial revitalization of small towns.