On August 27, Ge Longhui reported that Midland Holding (01200.HK) announced that for the six months ending June 30, 2024, revenue reached 3.319 billion Hong Kong dollars, a 41% year-on-year increase; the profit attributable to equity holders for the period was 0.174 billion Hong Kong dollars, a 345.7% year-on-year increase; and the basic earnings per share were 24.27 Hong Kong cents.
The announcement stated that the significant growth in the Group's performance is attributed to, among other factors, the following: (1) the significant increase in operating profits under the group's 'Midland Property' and 'Hong Kong Property' businesses for the mid-term period compared to the same period last year. These improvements are due to (i) successfully seizing the rebound in the Hong Kong residential property market; (ii) the group's stable market share in Hong Kong; and (iii) the optimization of the group's operational efficiency; and (2) despite the extremely challenging business environment in the Mainland, the group's operational performance in the Mainland has significantly improved during the mid-term period as a result of a series of strategic measures implemented in the final quarter of 2023, including promoting a new sales management team (along with a new CEO) and a series of new initiatives (including repositioning its business model and streamlining its operations in the Mainland). During the mid-term period, the total transaction volume of local residential properties in Hong Kong decreased by 0.2%, yet the Group's revenue grew by 41% year-on-year, outperforming, thanks primarily to a series of effective management measures implemented by the group in recent years.
