CK Asset Holdings (1113) H1 2024 earnings summary

Executive summary

• Profit attributable to shareholders for H1 2024 was HK$8,603 million, down 15.3% year-over-year; EPS at HK$2.44, down from HK$2.88.

• Interim dividend per share was HK$0.39, a 9.3% decrease year-over-year.

• The group maintained resilience through prudent investment, share buybacks totaling over HK$1.5 billion, and diversification into infrastructure and renewables.

• Major investments in renewable energy and social infrastructure enhanced portfolio diversification.

• 87% of revenue and 82% of profit contribution were recurrent in nature.

Financial highlights

• Group revenue (including JVs) was HK$34,727 million, down 4.9% year-over-year.

• Profit before investment property revaluation dropped 9.5% to HK$6,726 million.

• Net book value per share rose 1.4% to HK$110.23.

• Investment property revaluation surplus (net of tax and non-controlling interests) was HK$1,877 million.

• Interim dividend payout ratio decreased in line with lower earnings.

Outlook and guidance

• Group expects continued global economic challenges due to geopolitical tensions, high interest rates, and divergent monetary policies.

• Plans to pursue long-term growth and enhance shareholder value through global investments in quality assets and sustainability initiatives.

• Hong Kong and Mainland China property markets remain sensitive to policy and interest rate movements.

• HK$28,440 million in contracted property sales not yet recognized, with HK$5,407 million scheduled for recognition in 2024.