Financial Highlights
Five-Year Financial Summary
For the year ended 31 December
| 2025 HK$ million | 2024 HK$ million | 2023 HK$ million | 2022 HK$ million | 2021 HK$ million |
|
|---|---|---|---|---|---|
| RESULTS | |||||
| Turnover | 3,464 | 3,409 | 3,210 | 3,460 | 3,608 |
| Property expenses | (686) | (646) | (621) | (567) | (499) |
| Gross profit | 2,778 | 2,763 | 2,589 | 2,893 | 3,109 |
| Investment income | 151 | 167 | 261 | 248 | 92 |
| Other gains and losses | 2 | 3 | 1 | (1) | (3) |
| Administrative expenses | (309) | (308) | (307) | (332) | (274) |
| Finance costs | (549) | (450) | (478) | (423) | (393) |
| Change in fair value of investment properties | (1,405) | (1,506) | (2,763) | (3,213) | (720) |
| Change in fair value of other financial investments | (87) | (19) | (267) | (1) | (5) |
| Fair value gain on disposed investment properties | 592 | - | - | - | - |
| Share of results of associates | 202 | 204 | 270 | 274 | 458 |
| Share of results of joint ventures | (783) | (287) | (37) | (52) | (3) |
| Profit (loss) before taxation | 592 | 567 | (731) | (607) | 2,261 |
| Taxation | (296) | (296) | (295) | (342) | (358) |
| Profit (loss) for the year | 296 | 271 | (1,026) | (949) | 1,903 |
| Perpetual capital securities holders | (525) | (418) | (442) | (450) | (459) |
| Other non-controlling interests | 544 | 182 | 596 | 242 | (61) |
| Profit (loss) attributable to owners of the Company | 315 | 35 | (872) | (1,157) | 1,383 |
| Underlying profit for the year | 2,510 | 1,956 | 1,832 | 2,129 | 2,330 |
| Recurring underlying profit for the year | 1,918 | 1,956 | 1,832 | 2,063 | 2,330 |
| Dividends | |||||
| Dividends paid | 1,109 | 1,109 | 1,479 | 1,486 | 1,497 |
| Dividends declared | 832 | 832 | 832 | 1,202 | 1,210 |
| Dividends per share (HK cents) | 108 | 108 | 108 | 144 | 144 |
| Earnings (loss) per share (HK$), based on: | |||||
| Profit (loss) for the year | |||||
| - basic | 0.31 | 0.03 | (0.85) | (1.12) | 1.33 |
| - diluted | 0.31 | 0.03 | (0.85) | (1.12) | 1.33 |
Performance Indicators
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Net debt to equity | 32.4% | 31.4% | 27.2% | 23.4% | 11.7% |
| Net interest coverage (after interest capitalization) (times) | 6.3x | 8.8x | 9.6x | 13.1x | 9.1x |
| Net interest coverage (before interest capitalization) (times) | 2.3x | 2.3x | 2.4x | 3.9x | 5.3x |
| Net asset value per share (HK$) | 63.7 | 64.3 | 65.4 | 68.4 | 71.4 |
| Net debt per share (HK$) | 24.0 | 23.7 | 21.1 | 19.0 | 9.9 |
| Year-end share price (HK$) | 20.5 | 11.8 | 15.5 | 25.3 | 24.1 |
As at 31 December
| 2025 HK$ million | 2024 HK$ million | 2023 HK$ million | 2022 HK$ million | 2021 HK$ million |
|
|---|---|---|---|---|---|
| ASSETS AND LIABILITIES | |||||
| Investment properties | 96,157 | 96,547 | 96,005 | 96,787 | 95,107 |
| Investments in associates | 5,474 | 5,347 | 5,488 | 5,491 | 5,995 |
| Loans to associates | 8 | 8 | 8 | 10 | 10 |
| Investments in joint ventures | 364 | 342 | 445 | 473 | 475 |
| Loans to joint ventures | 3,445 | 4,324 | 4,029 | 3,485 | 1,256 |
| Other financial investments | 1,652 | 1,657 | 1,557 | 2,035 | 1,780 |
| Time deposits, cash and cash equivalents | 3,831 | 2,211 | 3,854 | 7,771 | 8,404 |
| Other assets | 4,491 | 3,653 | 3,140 | 3,113 | 4,346 |
| Total assets | 115,422 | 114,089 | 114,526 | 119,165 | 117,373 |
| Borrowings | (28,524) | (26,514) | (25,564) | (27,277) | (18,657) |
| Taxation | (1,435) | (1,384) | (1,272) | (1,203) | (1,091) |
| Other liabilities | (9,249) | (8,762) | (7,999) | (7,274) | (9,740) |
| Total liabilities | (39,208) | (36,660) | (34,835) | (35,754) | (29,488) |
| Net assets | 76,214 | 77,429 | 79,691 | 83,411 | 87,885 |
| Perpetual capital securities | (9,404) | (9,437) | (10,224) | (10,224) | (10,657) |
| Other non-controlling interests | (1,354) | (1,999) | (2,285) | (2,987) | (3,358) |
| Shareholders’ funds | 65,456 | 65,993 | 67,182 | 70,200 | 73,870 |
Definitions:
- Underlying profit for the year: a non-HKFRS Accounting Standards measure, is arrived at by adding (i) Reported Profit (Loss) excluding unrealized fair value change of investment properties and items not generated from the Group’s core property investment business; and (ii) Profit attributable to holders of perpetual capital securities.
- Recurring underlying profit for the year: a non-HKFRS Accounting Standards measure, is a performance indicator of the Group’s core property investment business and is arrived at by excluding from Underlying Profit items that are non-recurring in nature
- Net debt to equity: borrowings less time deposits, cash and cash equivalents divided by total equity
- Net interest coverage (after interest capitalization): “Gross profit less administrative expenses before depreciation” divided by “net interest expenses charged to profit or loss”
- Net Interest Coverage (before interest capitalization): “Gross profit less administrative expenses before depreciation” divided by “net interest expenses charged to profit or loss plus interest expenses capitalized”
- Net asset value per share: shareholders’ funds divided by number of issued shares as at year end
- Net debt per share: borrowings less time deposits, cash and cash equivalents divided by number of issued shares at year end
