Sino Land Company (83) H2 2024 earnings summary

Executive summary

• Underlying profit attributable to shareholders for FY2023/24 was HK$5,171 million, down from HK$6,088 million year-over-year.

• Net profit attributable to shareholders was HK$4,402 million, compared to HK$5,849 million in the prior year.

• Total dividend for the year is HK58 cents per share, with a scrip option for the final dividend.

Financial highlights

• Revenue from property sales (including associates and JVs) was HK$8,893 million, down from HK$11,937 million year-over-year.

• Gross profit was HK$3,421 million, compared to HK$5,389 million last year.

• Attributable gross rental revenue increased 1.3% year-over-year to HK$3,550 million; net rental income decreased 2.5% to HK$2,910 million.

• Hotel revenue rose to HK$1,527 million from HK$1,376 million, with operating profit at HK$487 million.

• Net cash position of HK$45,585 million as of 30 June 2024; total assets HK$180,344 million, shareholders' funds HK$165,790 million.

Outlook and guidance

• Pipeline includes new residential projects in Hong Kong, with pre-sale consents obtained for key developments.

• Market outlook is cautiously optimistic, supported by policy changes, talent influx, and expected interest rate reductions.

• Anticipates further improvement in hotel sector due to expanded Individual Visit Scheme and increased duty-free allowances for Mainland visitors.