CK Asset Holdings (1113) H2 2024 earnings summary

Executive summary

• Profit attributable to shareholders for 2024 was HK$13,657 million, down 20.0% year-over-year; EPS fell to HK$3.89 from HK$4.86.

• Group revenue was HK$45,529 million, a 3.6% decrease compared to 2023; total revenue including JVs was HK$71,585 million.

• Final dividend proposed at HK$1.35 per share, with full year dividend at HK$1.74, both declining over 15% from 2023.

• Share buybacks totaled 48.9 million shares for HK$1.55 billion, all subsequently cancelled.

• The Group maintained a strong liquidity position and a net debt to net total capital ratio of 4.0%.

Financial highlights

• Profit before investment property revaluation was HK$11,688 million, down 15.1% year-over-year.

• Group revenue fell to HK$45,529 million from HK$47,243 million; share of JV revenue rose to HK$26,056 million.

• Property sales revenue dropped to HK$9,962 million (from HK$13,153 million); property rental revenue rose to HK$6,135 million.

• Pub operation revenue increased to HK$24,425 million, but profit contribution fell sharply to HK$539 million due to asset impairment.

• Infrastructure and utility asset operation profit contribution rose to HK$8,363 million from HK$7,773 million.

Outlook and guidance

• Management expects global economic challenges in 2025, with divergence in growth and monetary policies.

• Hong Kong GDP grew 2.5% in 2024; Mainland China GDP up 5% year-over-year.

• The Group will maintain financial discipline, seek investments with sustainable returns, and focus on liquidity and prudent management.

• Hong Kong and Mainland China remain key markets; the Group stands ready to deploy capital globally as opportunities arise.