On November 8th, Shell announced on the Hong Kong Stock Exchange that its net income for the third quarter of 2023 was 17.8 billion yuan (2.4 billion US dollars), an increase of 1.2% year-on-year. The net profit for the third quarter was 1.17 billion yuan (160 million US dollars). The adjusted net profit was 2.159 billion yuan (296 million US dollars). As of September 30, 2023, the number of stores was 43013, an increase of 3.9% compared to the same period last year. As of September 30, 2023, the number of active stores was 40903, an increase of 3.0% compared to the same period last year.
The increase in net income was mainly due to an increase in net income from home improvement and rental housing management and operation services, partially offset by a decrease in net income from existing and new housing businesses. The total transaction volume in the third quarter of 2023 decreased by 11.1% from 737.1 billion yuan in the same period of 2022 to 655.2 billion yuan ($89.8 billion), mainly due to weak market sentiment, especially for new home transactions. However, after supportive policies were introduced in many high-end cities, the housing related market showed signs of monthly recovery, especially in September.
The total transaction volume in the third quarter was 655.2 billion yuan (89.8 billion US dollars), a year-on-year decrease of 11.1%. The total transaction volume of existing housing transactions was 439 billion yuan (60.2 billion US dollars), a year-on-year decrease of 2.2%. The total transaction volume of new home transactions was 192.1 billion yuan (26.3 billion US dollars), a year-on-year decrease of 26.5%. The total transaction volume of home decoration and home furnishing was 3.3 billion yuan (400 million US dollars), an increase of 65.6% year-on-year. The total transaction volume of emerging businesses and others was 20.7 billion yuan (2.8 billion US dollars), a year-on-year decrease of 16%.