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Kerry Properties (683) investor relations material
Kerry Properties H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary20 Aug, 2025
Executive summary
Combined revenue rose 65% year-over-year to HK$9,954 million, driven by strong property sales in Hong Kong and the Mainland, especially from the Jinling project in Shanghai and Mont Verra and La Montagne in Hong Kong, but underlying profit fell 30% to HK$978 million due to lower margins, rental income, higher taxes, and increased costs.
Profit attributable to shareholders declined 22% to HK$612 million, with EPS at HK$0.42 and adjusted EPS at HK$0.67.
Interim dividend maintained at HK$0.40 per share.
Contracted sales surged 130% to HK$16,186 million, mainly from the Shanghai Jinling project and with Mainland projects contributing 66% of the total.
Financial highlights
Combined revenue: HK$9,954 million (+65% YoY); property sales up 176%, rental and hotel revenue down 5%.
Underlying profit: HK$978 million (-30% YoY); profit attributable to shareholders: HK$612 million (-22% YoY).
Gross margin dropped to 27% from 45% due to product mix and higher fixed costs.
Net finance costs increased to HK$331 million (+70% YoY) due to lower capitalised finance costs; taxation rose to HK$609 million (+35% YoY).
Gearing ratio improved to 38.4% from 41.5% at year-end 2024.
Outlook and guidance
Management maintains a positive long-term view on Hong Kong and Mainland China economies but expects near-term headwinds and market volatility.
Focus remains on prudent landbanking, financial discipline, resilience, and sustainable growth amid economic repositioning in the Mainland.
What caused the 18% pts gross margin decline?
Shanghai Huangpu project's expected impact?
What is the Group's total sustainable financing?
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Next Kerry Properties earnings date
H2 202519 Mar, 2026
Next Kerry Properties earnings date
H2 202519 Mar, 2026
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Frequently asked questions
Kerry Properties Limited is a property investment and development company with a primary focus on residential, commercial, and mixed-use real estate projects. The company operates mainly in Hong Kong and Mainland China, developing high-end residential communities, office buildings, retail spaces, and urban complexes. Kerry Properties manages a portfolio of investment properties, generating recurring income from leasing activities, and also engages in property management services to enhance asset value. The company is headquartered in Hong Kong, China, and its shares are listed on the HKEX.
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