2024-04-25 28Hse Editor
Kerry Properties Limited (0683) announced a notable 18 percent increase in net profit for the year 2023, reaching HK$3.24 billion, propelled by the appreciating value of its investment properties. Despite market fluctuations, the company upheld its final dividend at 95 HK cents.
The boost in net profit contrasts with a decline in underlying profit, which excludes property revaluation gains, down by 22 percent to HK$2.52 billion. This decrease is attributed to slimmer property sales margins and the impact of escalating interest rates. Overall revenue decreased by 10 percent, totaling HK$12 billion, with property sales revenue experiencing a sharper fall of 26 percent, ending at HK$6.35 billion.
Despite these challenges, Kerry Properties saw a significant uptick in contracted sales, which surged 1.62 times to HK$14 billion. This success was largely due to the complete sell-out of three luxury residential projects located in Shanghai, Hangzhou, and Hong Kong, including the prestigious Mont Rouge in Kowloon, which alone contributed HK$3.44 billion to the sales figure. The company's investment property segment held steady with a revenue of HK$5 billion, while hotel operations saw an impressive 66 percent increase in revenue, reaching HK$1.8 billion.
Chairman Kuok Khoon Hua acknowledged the positive impact of lifting all property cooling measures. Despite the optimistic market signs, he emphasized that the company would persist with a "cautious stance," prioritizing tight expense control in the face of ongoing market volatility.
Like
