Kowloon Development Company (34) H1 2026 earnings summary

Executive summary

• Attributable profit for the six months ended 30 June 2026 rose 4.8% year-over-year to HK$131 million, with interim EPS steady at HK$0.10 per share.

• Interim dividend maintained at HK$0.10 per share, payable in January 2027.

• Underlying profit, excluding fair value changes, dropped 59.6% year-over-year to HK$126 million.

Financial highlights

• Revenue for the period was HK$1,186 million, down from HK$2,429 million in 2025.

• Profit before taxation was HK$170 million, compared to HK$196 million in 2025.

• Total comprehensive income attributable to shareholders reached HK$302 million, up from HK$223 million.

• Gross rental income from investment properties in Hong Kong was HK$131 million, a slight decrease of 0.8% year-over-year.

Outlook and guidance

• Major sales launch for Clear Water Bay Road project expected in Q3 2026, with completion and delivery between Q2–Q3 2027.

• Remaining Upper Manor units to be recognized in H2 2026, expected to drive cash inflows and improve gearing.

• All Mainland China projects advancing prudently, with continued sales of residential units, retail shops, and parking spaces.