Far East Horizon Announces 2021 Annual Results Sustained growth in the twin wheels of ‘finance + industry’


EQS-News / 16/03/2022 / 13:37 UTC+8

 

Far East Horizon Announces 2021 Annual Results

Sustained growth in the twin wheels of “finance + industry”

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 annual results for the year ended 31 December 2021 (the “Review Period”).

 

Results Highlights

RMB’000

For the year ended
31 December

 

 

2021

2020

Change

Revenue

33,643,923

29,041,801

15.85%

Profit for the year attributable to holders of ordinary shares of the Company

5,512,245

4,575,751

20.47%

Basic earnings per share (RMB)

1.36

1.20

13.33%

Diluted earnings per share (RMB)

1.25

1.16

7.76%

Return on average assets (ROA)

1.96%

1.80%

+0.16pts

Return on average equity (ROE)

14.57%

14.24%

+0.33pts

Net interest margin

4.06%

3.83%

+0.23pts

Non-performing asset ratio

1.06%

1.10%

-0.04 pts

Provision coverage ratio

241.75%

252.20%

-10.45pts

 

Financial Review

 

In 2021, the external environment became more complex and uncertain amidst the continuing impact of the epidemic, but fortunately China maintained its leading position in the world in terms of economic development and epidemic prevention and control. The Group also continued to adhere to the operational philosophy of “finance + industry”, and achieved stable growth in overall results in spite of the complicated and ever changing macro environment.

 

During the Review Period, the Group realized revenue of approximately RMB33.64 billion, representing an increase of 15.85% year-on-year (“YoY”). Among which, income (before taxes and surcharges) of the financial and advisory segment remained stable overall with a slight increase, accounting for 66.15% of the total income (before taxes and surcharges). Structurally, financial services maintained growth, while advisory services recorded decline. The Group also accelerated its pace in developing integrated industrial operation business with income derived grew by nearly 30% YoY, accounting for about one-third of the total income (before taxes and surcharges). The profit for the year attributable to holders of ordinary shares of the Company during the Review Period amounted to approximately RMB5.51 billion, representing an increase of 20.47% YoY, basic earnings per share reached RMB1.36 yuan, together with the return on average equity (ROE) of 14.57%, demonstrating a steady growth momentum.

 

 

Continued optimisation of financial business and sustained growth in industrial operations

 

During the Review Period, The Group under the leadership and support of the Board of Directors adhered to the established strategy of “finance + industry” and successfully completed its business target for 2021, thereby bringing a perfect end to the 20th anniversary of Fast East’s operation in Southern China and the 10th anniversary of its listing.

 

In respect of financial business, the Group kept stepping up its efforts on deepening its foothold in nine major industries, developing an integrated “industrial private bank”, replying on traditional business customers, channels and other resource to develop new business, enhancing the value of its services and accurately grasping the rhythm of its operations to achieve growth in both operating results and customer base for the year. Income (before taxes and surcharges) of the financial and advisory segment was RMB22.35 billion, representing an increase of 9.77% YoY. Among which, interest income contribution from inclusive finance, commercial factoring, PPP investment, overseas business, asset business and other new business directions amounted to RMB1.86 billion, representing an increase of nearly 80% YoY. Income derived from advisory services decreased by 17.14% YoY mainly due to the active adjustment and continuous optimization of the Company’s the service structure in response to customers’ needs after changes in the external operating environment.

 

The Group has strictly controlled asset quality and the overall asset quality was steadily improved. As at the end of 2021, the non-performing asset ratio was 1.06%, which slightly decreased YoY.

 

In respect of industrial operations, following the national vision of coordinated regional development and the building of a healthy China, income of industrial operations continued to record significantly growth. Horizon Construction Development and Horizon Health have been developing steadily with their respective focuses, and their operating contribution has been rising, which realized a total income of RMB11.44 billion, representing a significant increase of 29.78% YoY, accounting for 33.85% of the total revenue of the Group (before taxes and surcharges) and forming a leading industrial group of national scale with social influence. Among which, as the largest equipment operation service provider in China, the total income of Horizon Construction Development during the Review Period was RMB6.14 billion and the net profit was RMB710 million, representing an increase of 67.63% and 43.83% YoY, respectively.

 

Horizon Healthcare continued to focus on regions with weak medical resourcessteadily promoted the “100 Counties Plan” and the principle of “one network, one system and one hospital” in 2021, so as to increase the core competitiveness of the hospital with scientific development and construction. During the Review Period, Horizon Healthcare realized revenue of RMB4 billion and net profit of RMB 143 million, representing an increase of 16.13% and 24.22%, respectively.

 

In 2021, in the face of a complex and uncertain internal and external environment, the Group remained steadfast in its operational philosophy of “finance + industry” and proactively adopted a prudent development strategy to resonate with the development of the country and served the industrial industry in depth. By continuously strengthening its operational foundation, enriching its service tools and enhancing its comprehensive service capabilities, the Group has been able to continuously optimize the revenue structure of its financial business and industrial operations, further enhancing its ability to sustain its long-term development.

 

 

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 its 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, the Group 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.

 

File: Far East Horizon Announces 2021 Annual Results Sustained growth in the twin wheels of “finance + industry’

16/03/2022 Dissemination of a Marketing Press Release, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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