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The firm’s SaaS platform is driving an industry-wide digital transformation
SHANGHAI, March 27, 2022 /PRNewswire/ — On March 22Qeeka Home (01739.HK, operator of Jia.com in China) (the “Company”), a SaaS enabled solution platform serving China’s interior design and construction (IDC) sectors, released its 2021 full-year financial results. For the past financial year, the Company reported revenue of RMB 1,107 milliona year-on-year increase of 20.8%, with net profit attributable to reaching shareholders RMB 74 millionsurging 82.3% compared to the prior year.
The strong growth was a result of the success of Qeeka Home’s total SaaS-enabled strategy, a driver to an industry-wide digital transformation that has delivered higher overall efficiency and allowed the Company to redeploy the best of its resources to address the pain points and challenges facing the supply and demand sides in terms of the sales and delivery process, helping the Company realize robust growth.
Revenue increased 20.8% year-on-year, with huge potential in the market for housing stock
As an industry heavily dependent on physical operations, the home improvement sector has been hit hard by the recurring epidemic, especially in in-person scenarios such as home visits to take measurements as well as delivery and installation of the completed product. As China further tightens regulation and supervision of the real estate market, both the supply of new homes and the resale of existing homes have witnessed a significant downturn, affecting to various degrees the steady growth of the home improvement industry. To make matters worse, soaring prices of raw materials have led to a dramatic cost increase for stakeholders and an ever more competitive market. Taken together, many industrial players experienced growth stagnation and are facing the dilemma where profit margins decline despite an increase in revenue. The industry now stands at an inflection point where a transition to the market for existing housing stock is a must-do.
According to data from China Index Academy, the country’s property sales increased 1.9% year on year to 1.79 billion square meters in 2021, while investments in real estate development and new construction both witnessed a dramatic decline compared to the prior year. Yet when China’s substantial economic development and the increase in disposable income among consumers are taken into consideration, a step up in what shoppers expect from their home improvement initiative shows that demand for quality product is clearly on the rise. In response to the shrinking new housing market, renovating existing accommodations or upgrading newly purchased second-hand homes has proven to be an effective means of improving the quality of home life. Based on the calculation of planning the renovation of a home every 10 to 15 years, owners who …
Full story available on Benzinga.com
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