Far East Horizon Full Year 2014 Results Released
On March 25, a press conference to announce Far East Horizon’s 2014 annual results was successfully held in Hong Kong. The company’s Vice Chairman of the Board of Directors and CEO Kong Fanxing, Executive Director and CFO Wang Mingzhe, Vice President Shang Bing and General Manager of the Education Business Unit, Zhu Guojie, were all in attendance at the press conference. Nearly 100 investors and analysts from domestic and international firms also attended the event.
It was announced at the press conference that as of December 31, 2014, the size of Far East Horizon’s assets reached RMB 110.7 billion (all currencies in RMB), representing YOY growth of 28% and passing the RMB 100-billion asset threshold. The company made RMB 10.06 billion in profit, representing YOY growth of 27.86%. Pre-tax profits exceeded 3.21 billion, representing YOY growth of around 23.47%. A net profit of RMB 2.296 billion was made on regular shares for the whole year, representing YOY growth of 20%. As total assets continued to expand and profits grew at a steady pace, the quality of assets remained relatively stable, with a non-performing loan ratio of 0.91% and the coverage ratio holding at a stable level of 218.7%. Based on a resolution made at the first Board of Directors meeting of 2015, the company is issuing a final dividend for the period ending on December 31, 2014 of HKD 0.23 per share.
CEO Kong Fanxing indicated that “faced with the conditions of a macroeconomic slowdown and structural adjustment of industry throughout 2014, Far East Horizon has persevered in its development strategy of ‘combining finance and industry organically and effectively’, actively enhancing the content and efficiency of operations and strengthening the ability of our internal management to adjust to changes in the external environment. In an environment of continued downward pressure on business and the increased operational challenges faced by management, we have achieved positive results with each work item.”