CK Asset Holdings (1113) H1 2025 earnings summary

Executive summary

• Revenue rose 12.7% year-over-year to HK$39,126 million, with profit before investment property revaluation up 1.6% to HK$6,805 million, but profit attributable to shareholders fell 26.2% to HK$6,302 million due to a HK$503 million revaluation deficit.

• Earnings per share dropped to HK$1.80 from HK$2.44 year-over-year; interim dividend per share maintained at HK$0.39.

• Net book value per share increased 1.7% to HK$112.65 as of 30 June 2025.

• 81% of revenue and 83% of profit are recurrent; 58% of profit contribution is from overseas.

• The group emphasizes financial discipline, diversification, and resilience amid challenging macroeconomic and geopolitical conditions.

Financial highlights

• Group revenue (including joint ventures) increased to HK$39,126 million from HK$34,727 million year-over-year.

• Net debt stood at HK$21.4 billion; net debt-to-shareholders' funds ratio 5.4%, net debt-to-net total capital ratio 5.0%.

• Bank and other loans totaled HK$54.4 billion, with a maturity profile up to 11 years; cash and deposits at HK$33.0 billion.

• Moody's A2 stable and S&P A stable credit ratings.

• Total comprehensive income attributable to shareholders was HK$11,293 million, up from HK$8,372 million year-over-year.

Outlook and guidance

• Recurring income businesses expected to remain strong; development operation earnings will not be significant in coming years.

• Cautious outlook due to global economic uncertainty, geopolitical tensions, and policy shifts; focus on sustainable growth and balance sheet strength.

• Dividend policy remains linked to current year profit and medium-term outlook.

• Blue Coast in Hong Kong will make losses in H2, but provisions have been made.

• About HK$22,898 million in contracted property sales are scheduled for recognition in 2025.