MTR (66) H2 2024 earnings summary

Executive summary

• Celebrated 45th anniversary, achieving record underlying business profit of HK$17,475 million, up 174.6% year-over-year, driven by strong property development and improved transport operations.

• Net profit attributable to shareholders surged 102.6% to HK$15,772 million, with property development profit up 392.8% to HK$10,265 million.

• Maintained world-class train service reliability at 99.9% and served over 1.9 billion passenger journeys in Hong Kong last year.

• Advanced ESG initiatives, including debut green bond issuance and launch of electric buses, with SBTi-approved targets to halve emissions by 2030.

Financial highlights

• Total revenue from recurrent businesses reached HK$60,011 million, up 5.3% year-over-year.

• Recurrent profit in Hong Kong reached HK$6 billion, with overseas recurrent profit at HK$1.2 billion, aided by exit from loss-making Swedish franchises.

• Property development profit after tax was HK$10,265 million, driving total net profit attributable to shareholders to HK$15,772 million.

• EBIT loss from Hong Kong transport operations narrowed to HK$63 million from HK$1,111 million last year.

• Full year ordinary dividend per share declared at HK$1.31.

Outlook and guidance

• Profits will be largely reinvested in upgrading and expanding the railway network, with significant capital expenditure planned.

• Property development profits expected to fluctuate year-on-year, with several projects to be booked in 2025.

• Strategic focus on expanding in Mainland China (Greater Bay Area) and international markets.

• Prudent financial management and diversified funding, including bonds, to support sustainable development.