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    3360   HK0000077468

FAR EAST HORIZON LIMITED

(3360)
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Far East Horizon : Announces 2021 Interim Results

08/31/2021 | 01:10am EST

HONG KONG, Aug 31, 2021 - (ACN Newswire) - - Far East Horizon Limited ("Far East Horizon" or "the Group", Stock Code: 03360.HK), a leading financial services and industrial group in China, today announced its interim results for the six months ended 30 June 2021 (the "Review Period").

Financial Review

In the first half of 2021, against the backdrop of the continuous evolution of the COVID-19 on a global scale, as well as the more complex and severe external environment, the quality and efficiency of the proactive fiscal policy of China improved, the economy recovered in a remarkable fashion. In the face of the complex and difficult external environment, the Group adhered to its original aspiration and followed its development vision of "vigorously building excellent enterprises", performance remained stable and healthy. During the Review Period, the Group realized revenue of RMB16.18 billion, representing an increase of 21.91% year-on-year ("YoY"). Among which, the financial and advisory segment remained stable overall with a slight increase. The industrial operation segment continued to record substantial growth with the quality of assets continued to be further optimized. The profit attributable to holders of ordinary shares of the Company during the Review Period amounted to RMB2.57 billion, representing an increase of 25.16% YoY, basic earnings per share reached RMB0.64, together with the return on average equity (ROE) of 14.45%, demonstrating a steady growth momentum.

Financial Business Developed Steadily with Significant Growth in Industrial Operation

In terms of financial business, on the basis of nine industry sectors, the Group continued to focus on deepening its foothold in various regions and industries, enriched the operation means and consolidated and deepened the competitive advantages, thus revenue of RMB11.1billion, representing an increase of 14.98% YoY. On the basis of traditional financial leasing services, the Group continued to expand and enrich new business such as inclusive finance, commercial factoring, PPP investment, overseas financing, asset business and other new business directions, the interest income contribution from these new business directions amounted to RMB873 million, representing a YoY increase of 112.87%.

The Group adhered to the prudent strategies of risk control and asset management, the non-performing asset ratio recorded a slight decrease YoY to 1.10%, asset quality remained healthy and stable.

In terms of industrial operation, in response to national development strategies such as new urbanization and population aging, the Group's business sectors including Horizon Construction Development and Horizon Healthcare have undertook active planning and formed an industrial group with leading scale and social influence. Income derived from industrial operation amounted to RMB5.12billion, representing an increase of 41.34% YoY. In particular, Horizon Construction Development has become the largest comprehensive equipment operation service provider in the PRC, realized revenue of RMB2.43 billion and net profit of RMB230 million during the period, representing an increase of 75.85% and 55.65% YoY, respectively. Horizon Healthcare continues to focus on regions with weak medical resources, steadily promotes the "100 Counties Plan", and is committed to building a medical service network across the country with regional chains. Currently, the number of hospitals in which Horizon Healthcare had controlling interests was 29 and its number of available beds was more than 12,000. During the Period, Horizon Healthcare realized revenue of RMB1.99 billion and net profit of RMB110 million, representing an increase of 29.20% and 293.09% YoY, respectively.

In the first half of 2021, the economy in China continues to recover. However, the global pandemic continues to evolve and the external environment has become more complex and severe. Against this backdrop, the Group will remain true to the original aspiration and upgrade the business and management models, make unremitting efforts to seek high-quality and sustainable development in an environment full of uncertainty and instability in the future, and continuously increase value creation for all parties in society.

About Far East Horizon Limited

Far East Horizon Limited is one of China's leading innovative financial companies focusing on the Chinese fundamental industries and leveraging the business model of integrating finance and industry to serve enterprises of greatest vitality with the support of the fast-growing and enormous economy in China. Based on its operational philosophy of "finance + industry", Far East Horizon endeavours to realize its vision of "Integrating global resources and promoting China's industries" by making innovations in products and services to provide our customers with tailor-made integrated operations services. Over the past more than 10 years, the Group has been leading the development of the industry, and has been listed among the Fortune China 500 and Forbes Global 2000.

Over the past two decades, the Group has evolved from a single financial service company into an integrated service provider with a global vision centered on China so as to facilitate national economic and sustainable social development. With the creative integration of industrial services and financial capital and with unique advantages in the organization of resources and value added services, we provide integrated finance, investment, trade, advisory and engineering services in healthcare, cultural & tourism, engineering construction, machinery, chemical & medicine, electronic information, public consuming, transportation & logistics, urban public utility as well as other fundamental sectors.

The Group, headquartered in Hong Kong, has business operations centers in Shanghai and Tianjin, and has offices in major cities throughout China such as Beijing, Shenyang, Ji'nan, Zhengzhou, Wuhan, Chengdu, Chongqing, Changsha, Shenzhen,

Xi'an, Harbin, Xiamen, Kunming, Hefei, Nanning and Urumqi, forming a client service network that covers the national market. The Group has been successfully operating its multiple specialized business platforms in China and abroad in financial services, industrial investment, hospital investment and operations, equipment operation services, exquisite education, trade brokerage, management consulting, engineering services, etc.

The Company was officially listed on the Main Board of The Stock Exchange of Hong Kong Limited ("Stock Exchange") on 30 March 2011.

Copyright 2021 ACN Newswire . All rights reserved.

© Japan Corporate News, source JCN Press Releases

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Financials (USD)
Sales 2021 4 925 M - -
Net income 2021 851 M - -
Net Debt 2021 37 374 M - -
P/E ratio 2021 4,06x
Yield 2021 6,15%
Capitalization 3 672 M 3 671 M -
EV / Sales 2021 8,33x
EV / Sales 2022 8,54x
Nbr of Employees 22 442
Free-Float 44,7%
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Last Close Price 0,85 $
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Managers and Directors
Fan Xing Kong Vice Chairman & Chief Executive Officer
Ming Zhe Wang Chief Financial Officer & Executive Director
Gao Ning Ning Chairman
Jian Jun Cai Chief Information Officer
Xiao Jing Han Independent Non-Executive Director