Kingboard Holdings (148) H1 2025 earnings summary

Executive summary

• Revenue for the six months ended 30 June 2025 rose 6% year-over-year to HK$21,608.3 million, driven by strong demand in electronics, especially AI-enabled products and high-tech sectors.

• Net profit attributable to owners surged 71% year-over-year to HK$2,581.6 million, with basic EPS up 71% to HK$2.329.

• Interim dividend declared at HK$0.69 per share, up 73% from the prior year.

Financial highlights

• EBITDA increased 28% year-over-year to HK$4,771.2 million.

• Profit before tax rose 48% to HK$3,174.0 million.

• Net asset value per share grew 4% to HK$56.4.

• Net gearing ratio at 32%, up from 30% at year-end 2024.

• Basic earnings per share rose 71% to HK$2.329.

Outlook and guidance

• Laminates division to expand high-end product capacity, including new kilns for Low Dk fibreglass yarn and further expansion in Thailand.

• PCB division to increase capacity in Thailand and Vietnam, targeting high-performance, high-density, and green manufacturing for AI, automotive, and telecom.

• Chemicals division to launch new caustic soda project in Guangxi and focus on green, efficient, low-carbon development.

• Property division to maintain prudent strategy, leveraging stable rental income, high occupancy rates, and risk diversification.