Financial Performance - For the year ended December 31, 2024, the attributable profit to shareholders was HKD 450 million, a decrease of 21.5% compared to HKD 573 million in 2023[19] - The basic earnings per share for 2024 was HKD 0.36, down from HKD 0.49 in 2023[19] - The fair value changes of property development rights and financial investments, along with impairment of investment properties, resulted in a profit attributable to shareholders of HKD 116 million, a decline of 65.6% from HKD 337 million in 2023[19] - The total revenue for 2024 was HKD 5.39 billion, an increase from HKD 2.94 billion in 2023[28] - The operating profit for 2024 was HKD 317 million, significantly lower than HKD 623 million in 2023[28] - The total rental income from the company's investment properties in Hong Kong for 2024 is HKD 286 million, a decrease of 3.4% from HKD 296 million in 2023[41] - The company plans to distribute a final cash dividend of HKD 0.12 per share for the year ending December 31, 2024, compared to a scrip dividend of HKD 0.57 per share in 2023[32] - The total rental income from the Hong Kong property portfolio for 2024 is projected to be HKD 286 million, a decrease of 3.4% from HKD 296 million in 2023[84] Property Development and Management - The Group's landbank amounted to approximately 3.0 million sq m of attributable gross floor area in Hong Kong and Mainland China as of December 31, 2024[5] - The Group is engaged in property development projects in various locations, including Shenyang, Huizhou, and Tianjin, with a total development land reserve of 2.777 million sq m[16] - The Group manages properties totaling 1.348 million sq m in Hong Kong and other recognized financial markets[16] - The group has sold over 1,380 residential units at the residential development project "Haein Garden" in Tseung Kwan O, accounting for 88.7% of the total units, with sales revenue of approximately HKD 2 billion recognized during the year[35] - The group’s pre-sale/sales total for development projects in mainland China is approximately RMB 1.7 billion, with the group's attributable share being approximately RMB 1.4 billion[35] - The overall vacancy rate for commercial properties in Hong Kong reached approximately 17% by year-end 2024, indicating a slowdown in demand[34] - The group is actively selling remaining units in the residential project at Tseung Kwan O, having sold approximately 510 units in 2024[47] - The Clearwater Bay project has a total floor area of approximately 201,000 square meters and is currently in the basement and superstructure construction phase, with completion expected between 2026 and 2028[59] Financial Position and Debt Management - The capital debt ratio for 2023 is 111.53%, reflecting a significant increase from 61.07% in 2020[29] - The company completed the repurchase of 60% equity and shareholder loans of its wholly-owned subsidiary for a total consideration of HKD 1.39 billion, improving liquidity and reducing the capital debt ratio[36] - As of December 31, 2024, the total bank loans of the group amounted to HKD 19.125 billion, a decrease from HKD 20.897 billion in 2023[103] - The net bank borrowings decreased to HKD 18.334 billion, with cash and bank balances totaling HKD 0.791 billion[103] - The capital-to-debt ratio as of December 31, 2024, was 104.4%, down from 111.5% in 2023[103] - The group generated cash inflow of approximately HKD 2.14 billion from property sales in Hong Kong, primarily from the sale of the Hain Villa[103] - The group recorded cash inflow of about HKD 1.132 billion from pre-sales and sales of various properties in mainland China, mainly from Jiangwan City (Wuxi)[103] - The group has strategically sold non-core assets totaling over HKD 300 million to reduce debt levels and enhance cash flow[104] Corporate Governance and Management - The company has a strong commitment to corporate governance, ensuring transparency and accountability to shareholders[120] - The board consists of nine members as of December 31, 2024, reflecting a diverse range of expertise[128] - The company emphasizes a positive corporate culture aligned with its vision and values, which is crucial for achieving long-term success[125] - The company has been compliant with the corporate governance code, with the exception of the separation of roles between the chairman and CEO[121] - The management team has extensive experience in real estate development, financial investment, and information technology, contributing to strategic decision-making[116] - The company focuses on employee development, workplace safety, and sustainability, which are essential for building a strong workforce[127] - The board regularly reviews corporate governance practices to maintain the company's long-term health and development[120] - The company has implemented high standards of business ethics and governance across all operations[126] Risk Management - The group faces various risks in property development and has established a risk management system to monitor and manage these risks[86] - The group's performance is significantly influenced by local property market conditions and overall economic environment, with risks including economic recovery weakness and a sluggish property market[88] - The group faces regulatory risks due to strict market and industry regulations, requiring compliance with various legal and tax obligations[89] - Financial risks include interest rate, credit, liquidity, foreign currency, and other price risks arising from daily business operations[91] - The risk management framework follows the "three lines of defense" model, with operational management as the first line, and internal audit as the third line[179] - The internal audit department reports to the chairman and the audit committee, assessing the effectiveness of the risk management and internal control systems[185] - The risk management system aims to provide reasonable assurance against significant misstatements or losses, addressing financial, operational, compliance, and ESG risks[179] Environmental, Social, and Governance (ESG) - The group is committed to high environmental protection standards, continuously improving environmental performance since 2007, and has implemented strict measures to ensure compliance with regulations[96] - The latest residential development project, "Haein Garden," incorporates energy-efficient designs and has received a silver rating from the Green Building Council[97] - The group has provided 33 transitional housing units under the Lok Sin Tong social housing program to support government initiatives[100] - The group actively engages with stakeholders to assess their views on environmental, social, and governance issues through annual surveys[99] - The group has established a comprehensive environmental, social, and governance (ESG) framework, integrating ESG management into its operations and decision-making processes[183] Shareholder Relations - The company emphasizes the importance of shareholder privacy and will not disclose shareholder information without consent, except as required by law[192] - The company has established a shareholder communication policy to ensure timely access to public information for shareholders and the investment community[191] - The company actively updates its website to provide shareholders with access to announcements, financial reports, and corporate governance developments[191] - The total voting rights at the annual general meetings over the past five years were as follows: 2020 - 72.81%, 2021 - 72.55%, 2022 - 72.45%, 2023 - 72.74%, and 2024 - 44.95%[196] - The company declared a final dividend of HKD 0.57 per share for the year ending December 31, 2023, with a support rate of 99.99% from shareholders[197] - The company received 100% approval for the reappointment of KPMG as auditors and authorization for the board to determine their remuneration[197] - The company obtained 97.17% approval for a general mandate to issue new shares not exceeding 20% of the total issued shares[197] - The company approved a buyback of shares not exceeding 10% of the total issued shares with 100% support from shareholders[197]

Financial Performance - The company's basic earnings attributable to shareholders for the year ended December 31, 2024, were HKD 450 million, a decrease of 21.5% from HKD 573 million in 2023[4]. - The basic earnings per share for 2024 were HKD 0.36, compared to HKD 0.49 in 2023[5]. - The total attributable profit for the year, including fair value changes of property development rights and financial investments, was HKD 116 million, down 65.6% from HKD 337 million in 2023[5]. - The consolidated revenue for the year ended December 31, 2024, was HKD 5,389,846, an increase of 83.3% compared to HKD 2,942,765 in 2023[24]. - The operating profit decreased to HKD 317,070, down 49.1% from HKD 622,880 in the previous year[24]. - The net profit for the year was HKD 114,520, a decline of 65.0% compared to HKD 326,302 in 2023[24]. - Total comprehensive income for the year was a loss of HKD 69,824, compared to a gain of HKD 208,876 in 2023[26]. - The basic and diluted earnings per share decreased to HKD 0.09 from HKD 0.29 in the previous year[24]. - The company reported a pre-tax profit of HKD 134,255,000 for 2024, a decrease from HKD 492,717,000 in 2023, representing a decline of 72.8%[43]. - Interest income decreased to HKD 49,255,000 in 2024 from HKD 140,681,000 in 2023, a decline of 65.0%[54]. Dividends - The proposed final cash dividend is HKD 0.12 per share, with a total annual dividend of HKD 0.22 per share for 2024, down from HKD 0.83 in 2023[6]. - The interim dividend declared for 2024 was HKD 0.10 per share, significantly lower than HKD 0.26 per share in 2023, indicating a decrease of approximately 61.5%[60]. - The group plans to implement a conservative dividend policy over the next two years due to the challenging real estate market conditions and the substantial capital required for the Clearwater Bay development project[23]. Property Development and Sales - The group sold over 1,380 residential units at the "Oceanview Garden" project in Tseung Kwan O, generating sales revenue of approximately HKD 2 billion during the review year[9]. - The total pre-sale/sales amount for projects in mainland China was approximately RMB 1.7 billion, with the group's attributable share being RMB 1.4 billion[11]. - The group anticipates significant revenue from the sales and rental income of the completed "Hai Yin Zhuang Yuan" and the upcoming "Half Mountain Ming Hui" projects in 2025[23]. - The "Jiangwan South Coast Garden" Phase 3 residential development in Huizhou is undergoing design modifications according to new regulations, with construction to commence upon approval[19]. - The "Cui Di Wan" Phase 4 development project in Shenyang is in the design coordination phase regarding height restrictions, with construction to start once procedures are completed[20]. - The "Poly Da•Gui Fu" Phase 1 project in Jiexiu, Shanxi, is expected to sell out within the year, with planning for Phase 2 ongoing[22]. - The "Heng Da Plaza" Phase 1 project in Zhuhai, comprising approximately 900 units, is progressing smoothly and is expected to be completed by the end of 2025[22]. - The "Shan Yu Hu" Phase 5 project in Foshan has completed construction and is now in pre-sale, while the "Tianjin City Square" Phase 3B project is ongoing and expected to be completed by the end of 2026[22]. Financial Position and Assets - Non-current assets totaled HKD 19,393,998, an increase from HKD 18,769,344 in 2023[28]. - Current assets decreased to HKD 23,314,398 from HKD 28,963,310 in the previous year[30]. - Current liabilities decreased to HKD 6,508,237 from HKD 9,433,686 in 2023[30]. - The total assets less current liabilities amounted to HKD 36,200,159, down from HKD 38,298,968 in the previous year[30]. - The company's equity attributable to shareholders decreased to HKD 17,471,141 from HKD 17,669,438 in 2023[30]. - The total assets reported for 2024 amounted to HKD 42,708,396,000, an increase from HKD 47,732,654,000 in 2023[45]. - Cash and bank balances stood at HKD 791,467,000 in 2024, down from HKD 1,080,599,000 in 2023, reflecting a decrease of 26.8%[45]. - The company's total liabilities for 2024 were not explicitly stated but are implied to have increased due to higher financial costs, which rose to HKD 204,654,000 from HKD 178,736,000 in 2023[53]. Market Conditions - The overall vacancy rate for commercial properties in Hong Kong reached about 17% by year-end, indicating a slowdown in demand[7]. - The Hong Kong housing market is expected to face downward pressure on prices due to an ample supply of over 100,000 units projected in the next three to four years[7]. Employee and Operational Costs - The total employee cost increased to HKD 668 million from HKD 621 million in the previous year due to workforce adjustments and salary adjustments in July 2024[75]. - The group employed 2,476 staff as of December 31, 2024, down from 2,641 in the previous year[75]. Future Plans and Meetings - The group will hold its 2025 Annual General Meeting on June 4, 2025[81]. - The group plans to publish its 2024 annual report by the end of April 2025[85].

Financial Performance - The basic earnings attributable to shareholders for the first half of 2024 slightly increased to HKD 289 million, compared to HKD 288 million in the same period of 2023, representing a 0.3% increase [13]. - The unaudited profit attributable to shareholders for the six months ended June 30, 2024, decreased to HKD 113 million, down 38.6% from HKD 184 million in the same period of 2023 [15]. - The basic interim earnings per share for 2024 is HKD 0.246, compared to HKD 0.245 in 2023 [15]. - The interim dividend for 2024 is set at HKD 0.10 per share, down from HKD 0.26 per share in 2023 [15]. - The company reported a total revenue of HKD 1,940,947,000 for the six months ended June 30, 2024, compared to HKD 1,275,963,000 for the same period in 2023, representing an increase of approximately 52.1% [34]. - Operating profit decreased to HKD 269,188,000 for the first half of 2024, down from HKD 313,391,000 in the previous year, reflecting a decline of about 14.1% [34]. - The net profit for the period was HKD 113,104,000, a decrease of 38.3% from HKD 183,594,000 in the prior year [35]. - Basic and diluted earnings per share were HKD 0.10, down from HKD 0.16 in the same period last year, indicating a decline of 37.5% [34]. - The total comprehensive income for the period was HKD 78,542,000, compared to a loss of HKD 45,900,000 in the same period last year [35]. - The company reported a profit of HKD 113,453 for the six months ended June 30, 2024, compared to HKD 184,481 for the same period in 2023, reflecting a decrease of approximately 38.4% [38]. Property Development and Sales - The group's attributable gross floor area landbank amounts to approximately 3.2 million sq m in Hong Kong and Mainland China as of June 30, 2024 [3]. - The group is engaged in property development, investment, and management, with major projects including Jiangwan City in Shenyang and other developments in Mainland China [12]. - In Hong Kong, the group achieved sales revenue of approximately HKD 1.2 billion from the sale of over 1,100 residential units at the Haiyin Garden project by June 30, 2024 [17]. - In mainland China, the total pre-sale/sales amount for the group's development projects reached approximately RMB 643 million, with the group's attributable share being about RMB 558 million [17]. - The group is progressing with the construction of a mixed-use development project in Sai Ying Pun, with a 60% interest, expected to meet strong demand due to its prime location [23]. - The group is adjusting the planning for the third phase of the Jiangwan South Garden residential project in Huizhou in response to market changes, with construction to commence upon approval [23]. - The group continues to sell remaining units in joint venture projects in Foshan and Tianjin, with ongoing construction for the fifth phase of the Shanyu Lake project and the third phase of the City Square project [23]. - The group anticipates that sales from remaining units in the Sea Garden project and other development projects will contribute significantly to revenue in the second half of the year [24]. Market Conditions - The residential price index in June 2024 was 301.8, marking a nearly eight-year low and a decline of approximately 2.55% from the beginning of the year [16]. - The overall vacancy rate for office buildings in Hong Kong reached a new high, putting pressure on rental income [16]. - The market conditions in Hong Kong have been challenging, with high interest rates affecting purchasing sentiment and leading to a decline in property prices [16]. Financial Position and Liabilities - As of June 30, 2024, the group’s total bank loans were HKD 19,348,000,000, with HKD 2,898,000,000 due within one year [26]. - The company’s total liabilities decreased to HKD 8,474,882,000 from HKD 9,433,686,000, reflecting a reduction of about 10.2% [37]. - The company’s total liabilities decreased to HKD 16,449,906,000 from HKD 17,151,977,000, indicating a reduction of approximately 4.1% [68]. - The bank loans due within one year decreased to HKD 2,898,391,000 from HKD 3,744,569,000, reflecting a decline of about 22.7% [68]. - The total bank loans as of June 30, 2024, were HKD 19,348,297,000, down from HKD 20,896,546,000 at the end of 2023, indicating a decrease of approximately 7.4% [69]. Cash Flow and Investments - Cash inflow from sales in Hong Kong projects amounted to approximately HKD 1,205,000,000, primarily from the sale of the Sea Garden project, while cash inflow from mainland China projects was about HKD 351,000,000 [27]. - The company reported a significant decrease in cash and bank balances, which fell to HKD 708,832,000 from HKD 1,080,599,000, a decline of approximately 34.4% [36]. - The net cash generated from operating activities for the six months ended June 30, 2024, was HKD 1,076,035, an increase from HKD 1,005,443 in the same period of 2023, representing a growth of approximately 7.0% [39]. - The net cash used in investing activities for the six months ended June 30, 2024, was HKD 104,928, a recovery from HKD (11,258) in the same period of 2023 [39]. - The company incurred financial costs of HKD 85,140,000 for the six months ended June 30, 2024, slightly lower than HKD 95,034,000 in the previous year [52]. Corporate Governance and Compliance - The company has complied with all relevant corporate governance codes except for one specific provision regarding the dual role of the chairman and CEO [82]. - The company’s board members have confirmed full compliance with the securities trading standards during the review period [83]. - The independent auditor, KPMG, reviewed the interim financial report for the six months ending June 30, 2024, in accordance with Hong Kong standards [95]. Employee and Operational Insights - As of June 30, 2024, the company employed 2,743 staff, an increase from 2,641 staff as of December 31, 2023, reflecting business growth [93]. - Total employee costs rose to HKD 329 million, up from HKD 300 million as of June 30, 2023, due to salary adjustments and increased headcount [93]. - The company emphasizes competitive salary levels and discretionary bonuses based on performance to attract and retain talent [93]. - A series of training programs are conducted to enhance employee skills and knowledge, preparing them for a rapidly changing economic environment [93].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 九 龍建業有限公司 KOWLOON DEVELOPMENT COMPANY LIMITED （於香港註冊成立之有限公司） （股份代號：34） 二零二四年中期業績公告 二零二四年中期業績公告 | --- | --- | |-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - For the year ended December 31, 2023, the attributable profit to shareholders was HKD 337 million, a decrease of 72.3% compared to HKD 1.215 billion in 2022[10] - The basic earnings per share for 2023 was HKD 0.49, down from HKD 0.94 in 2022, reflecting a decline of 48.2% in underlying profit to HKD 573 million from HKD 1.107 billion[10] - The Group's total revenue for 2023 was HKD 2.943 billion, a significant drop from HKD 4.582 billion in 2022[15] - The Group's operating profit for 2023 was HKD 623 million, a decrease of 65.1% from HKD 1.787 billion in 2022[15] - Total assets for the year 2023 were HKD 47.732 billion, a slight decrease from HKD 47.766 billion in 2022[16] - The company's total equity as of December 31, 2023, was HKD 17.768 billion, down from HKD 18.536 billion in 2022[16] - The total rental income from investment properties in Hong Kong decreased to HKD 296 million in 2023, down 1.7% from HKD 301 million in 2022[23] - The total interest and dividend income from financial investments fell to HKD 104 million in 2023, a decrease of 34.6% from HKD 159 million in 2022[24] Dividends - The proposed final dividend is HKD 0.57 per share, bringing the total dividend for 2023 to HKD 0.83 per share[10] - The board proposed a final dividend of HKD 0.57 per share for the year ended December 31, 2023, consistent with the previous year's cash dividend[19] - The company declared a final dividend of HKD 0.26 per share for the fiscal year 2023, maintaining the same level as in 2022[158] - The interim dividend for 2023 was also HKD 0.26 per share, consistent with the previous year[158] - The company aims to declare dividends twice a year, subject to financial performance[157] Land and Property Development - The Group's landbank amounted to approximately 3.3 million sq m of attributable gross floor area in Hong Kong and Mainland China as of December 31, 2023[4] - The property development land reserve in Hong Kong is 204,000 sq m, while the land reserve in Mainland China is approximately 3.078 million sq m[9] - The group sold over 870 residential units at the residential development project "Oceanview Garden" in Hong Kong, generating sales revenue of approximately HKD 1.2 billion[22] - The total pre-sale/sales amount for development projects in mainland China exceeded RMB 2.5 billion, with the group's attributable share being approximately RMB 2.1 billion[22] - The group has ongoing projects in mainland China with a total gross floor area of approximately 6,702,000 square meters, including significant developments in Shenyang and Tianjin[33] Market Outlook and Strategy - The group expects the residential market in Hong Kong to remain active and healthy following the removal of sales restrictions, with significant increases in transaction volumes observed in early March[27] - The group plans to actively sell remaining inventory in Hong Kong and mainland China, leveraging the recent market recovery[27] - The group is committed to enhancing its competitive position through property development, investment, and management in both Hong Kong and Mainland China[4] Financial Position and Debt - The capital debt ratio for 2023 was 111.53%, compared to 113.27% in 2022, indicating a slight improvement[16] - As of December 31, 2023, the total bank loans of the group amounted to HKD 20,897,000,000, a decrease from HKD 21,860,000,000 as of December 31, 2022[94] - The group's net bank borrowings as of December 31, 2023, were HKD 19,816,000,000 after accounting for cash and bank balances of HKD 1,081,000,000[94] Corporate Governance - The company has a strong focus on corporate governance, emphasizing high-quality board performance and accountability to shareholders[104] - The company has adhered to all provisions of the corporate governance code for the year ending December 31, 2023, except for specific recommendations regarding the separation of roles between the chairman and CEO[105] - The board of directors includes independent non-executive directors with extensive experience in banking, engineering, and finance, enhancing the company's governance structure[102] - The company has a commitment to regular reviews of its corporate governance practices to ensure long-term sustainable development[104] Risk Management - The group faces risks including economic recovery challenges post-pandemic and potential impacts from rising construction costs and competition in the property development sector[84] - The group is exposed to financial risks including interest rate, credit, liquidity, foreign currency, and other price risks, which are detailed in the financial statements[88] - The company is responsible for preparing financial statements that are free from material misstatement due to fraud or error, ensuring internal controls are in place[197] Environmental and Social Responsibility - The group has implemented comprehensive environmental management measures, achieving energy efficiency certifications for ten properties managed as of December 31, 2023[92] - The group has committed to high standards of environmental protection and continuous improvement in its environmental performance[92] - The group made charitable donations totaling HKD 647,000 during the year, an increase from HKD 261,000 in the previous year[170] Audit and Compliance - The consolidated financial statements for the year ended December 31, 2023, were audited and reflect the group's financial position accurately[188] - The audit report emphasizes the importance of identifying and assessing risks of material misstatement due to fraud or error in the consolidated financial statements[199] - The auditor's goal is to provide reasonable assurance that the financial statements are free from material misstatement, which is essential for stakeholders' economic decisions[198]

智通财经APP讯，九龙建业(00034)发布截至2023年12月31日止年度的全年业绩，该集团期内取得营业收 入29.43亿港元，同比减少35.77%;股东应占溢利3.37亿港元，同比减少72.25%;每股基本盈利0.29港元;拟 以代息股份方式派发末期股息每股0.57港元。 公告称，于中国香港，集团继续推售其于将军澳名为海茵庄园的全资拥有住宅发展项目余下之单位。于 2023年12月31日，海茵庄园累积售出超过870个住宅单位，销售收益约12亿港元于回顾年内确认入帐。 于中国大陆，截至2023年12月31日止年度，集团发展项目的预售╱销售总额逾人民币25亿元，其中集团 按其权益应占预售╱销售额约人民币21亿元。 ...

Financial Performance - The group's profit attributable to shareholders for the year ended December 31, 2023, was HKD 337 million, a decrease of 72.3% compared to HKD 1.215 billion in 2022[2]. - The basic earnings per share for 2023 was HKD 0.49, down from HKD 0.94 in 2022, reflecting a decline of 48.2% in the underlying profit to HKD 573 million from HKD 1.107 billion in the previous year[3]. - Total revenue for the year ended December 31, 2023, was HKD 2,942,765, a decrease of 35.7% compared to HKD 4,581,905 in 2022[18]. - Operating profit for 2023 was HKD 622,880, down 65.2% from HKD 1,787,348 in 2022[18]. - Profit before tax decreased to HKD 492,717, a decline of 70.1% from HKD 1,646,679 in the previous year[18]. - Net profit for the year was HKD 326,302, representing a 73.0% decrease from HKD 1,209,876 in 2022[18]. - Total comprehensive income for the year was HKD 208,876, compared to HKD 439,162 in 2022, reflecting a decline of 52.5%[20]. - The reported profit for the year 2023 was HKD 813,446,000, compared to HKD 1,605,355,000 in 2022, indicating a decrease of about 49.3%[28]. Dividends - The proposed final dividend is HKD 0.57 per share, with a total dividend for 2023 of HKD 0.83 per share[4]. - The company declared an interim dividend of 0.26 HKD per share for both 2023 and 2022, totaling 305,924,000 HKD[42]. Property Development - The group sold over 870 residential units at the residential development project "Oceanview Garden" in Tseung Kwan O, generating sales revenue of approximately HKD 1.2 billion during the year[8]. - The total pre-sale/sales amount for the group's development projects in mainland China exceeded RMB 2.5 billion, with the group's attributable share being approximately RMB 2.1 billion[8]. - The group is progressing with several major property projects, including the "High Street" project in Hong Kong, with a total floor area of approximately 4,700 square meters and a completion date expected in 2025/2026[10]. - The group expects to actively sell remaining units of the residential development project, Oceanview Garden, in Tseung Kwan O during the first half of 2024[15]. - Construction of the foundation for the mixed-use development project in Sai Ying Pun has been completed, with pre-sales expected to launch in the second half of the year[16]. - The structure of the first phase of the Polyda Guifu project in Shanxi has been completed, with pre-sales launched and full completion expected by the end of 2024[16]. Market Conditions - The geopolitical tensions and inflationary pressures have negatively impacted the Hong Kong residential property market, with prices dropping over 12% from the peak at the beginning of the year[6]. - In mainland China, GDP growth for 2023 was recorded at 5.2%, but the overall sentiment in the residential market remains cautious despite government measures to stabilize the market[7]. - The group anticipates that the residential market in Hong Kong will remain active following the removal of sales restrictions, allowing for increased sales of remaining inventory[16]. - The group will continue to accelerate project sales in mainland China to facilitate cash flow, despite a weak market[15]. Financial Position - Non-current assets as of December 31, 2023, totaled HKD 18,769,344, a slight decrease from HKD 19,795,875 in 2022[21]. - Current liabilities increased to HKD 9,433,686 from HKD 19,190,832 in the previous year, indicating a significant reduction[22]. - The company's total assets less current liabilities amounted to HKD 38,298,968, up from HKD 28,574,972 in 2022[22]. - The company's equity attributable to shareholders decreased to HKD 17,669,438 from HKD 18,425,585 in 2022[22]. - The total liabilities for the company increased to 4,880,826,000 HKD in 2023 from 3,692,787,000 HKD in 2022, marking an increase of approximately 32.2%[48]. - The capital-to-debt ratio was 111.5% as of December 31, 2023, down from 113.3% a year earlier[49]. Cash Flow and Investments - Cash and bank balances as of 2023 amounted to HKD 1,080,599,000, compared to HKD 36,569,000 in 2022, reflecting a significant increase[30]. - The group generated cash inflow of approximately HKD 1,330,000,000 from property sales in Hong Kong, primarily from the sale of units in the Ocean Park project[50]. - Cash inflow from various property developments in mainland China amounted to approximately HKD 2,095,000,000, mainly from pre-sales in Jiangwan City (Wuxi)[50]. - The group invested a total of HKD 1,817,000,000 in project development during the year[50]. - The group plans to sell 60% equity in Weian Limited for HKD 1,391,957,000 to improve financial conditions and cash flow[49]. - The group sold non-core assets, including commercial properties and parking spaces, generating approximately HKD 137,000,000 to reduce debt levels[49]. Employee and Operational Costs - Total employee costs for 2023 amounted to 621,279,000 HKD, down from 633,306,000 HKD in 2022, indicating a reduction of about 1.6%[36]. - The group employed 2,641 staff as of December 31, 2023, with total employee costs decreasing to HKD 621,000,000 from HKD 633,000,000 in the previous year[53]. Corporate Governance - The company proposes to adopt a new set of articles of association to replace the existing ones, aiming for compliance with applicable laws and regulations, and to provide flexibility for shareholder meetings[59]. - The company's 2024 Annual General Meeting is scheduled for June 5, 2024[61]. - Share transfer registration will be suspended from May 31, 2024, to June 5, 2024, to determine eligibility for attending the AGM and voting[62]. - A report for the year 2023 will be published by the end of April 2024 on the company's website and the Hong Kong Stock Exchange's website[63].

Financial Performance - For the six months ended June 30, 2023, the company's attributable profit increased to HKD 184 million, up 21.1% from HKD 152 million in the same period of 2022[13]. - The basic earnings per share for the first half of 2023 was HKD 0.24, compared to HKD 0.13 in 2022, representing a 84.6% increase[15]. - The company's basic profit, excluding revaluation changes of investment properties and fair value changes of property development interests, rose to HKD 288 million, a 93.3% increase from HKD 149 million in the same period of 2022[15]. - The group's operating revenue for the six months ended June 30, 2023, was HKD 1,275,963,000, representing a 76.5% increase from HKD 723,624,000 in the same period of 2022[30]. - The group recorded a net profit of HKD 183,594,000 for the period, compared to HKD 153,808,000 in the previous year, marking a 19.4% increase[32]. - Total revenue for the six months ended June 30, 2023, was HKD 1,275,963,000, compared to HKD 723,624,000 in the same period of 2022, representing a year-over-year increase of approximately 76.5%[43]. - Property sales revenue for the first half of 2023 was HKD 769,137,000, a substantial increase from HKD 161,278,000 in the first half of 2022[43]. - Rental income for the same period increased to HKD 1,053,503,000 from HKD 454,459,000, reflecting a growth of approximately 131.8% year-over-year[43]. Dividends and Shareholder Returns - The interim dividend for 2023 is set at HKD 0.26 per share, consistent with the dividend in 2022[15]. - The approved final dividend for the fiscal year is HKD 0.57 per share, consistent with the previous year[53]. - The company declared an interim dividend of HKD 0.26 per share, consistent with the dividend declared for the same period in 2022[52]. Property Development and Sales - As of June 30, 2023, the company's landbank amounted to approximately 3.4 million sq m in Hong Kong and Mainland China[3]. - The company has a property development land reserve of 204,000 sq m in Hong Kong and 3.195 million sq m in Mainland China[10]. - As of June 30, 2023, the group sold over 200 residential units in the Hong Kong project "Ocean Garden," generating sales revenue of approximately HKD 1.2 billion[17]. - In mainland China, the total pre-sale/sales amount for the group's development projects exceeded RMB 1.6 billion, with the group's attributable share amounting to approximately RMB 1.3 billion as of June 30, 2023[17]. - The planning for the third phase of the Jiangwan South Shore Garden residential project in Huizhou was approved in July 2023, with construction expected to commence within the year[23]. - The group has launched pre-sales for the third and fourth phases of the Jiangwan City project in Wuxi, with positive market response expected to complete by the end of 2023 and mid-2024 respectively[23]. Financial Position and Liabilities - The capital debt ratio as of June 30, 2023, was 123.8%, a slight improvement from 125.3% at the end of 2022, with expectations for gradual improvement as sales from projects in Hong Kong and mainland China are realized[26]. - The group has a total bank loan amount of HKD 21,097,000,000 as of June 30, 2023, down from HKD 21,860,000,000 at the end of 2022[26]. - The company’s bank loans increased to HKD 20,113,867 from HKD 14,488,973, a rise of 38.9%[33]. - Total liabilities increased significantly to HKD 26,188,644 from HKD 19,190,832, representing a rise of 36.5%[34]. Market Conditions and Outlook - The Hong Kong property market experienced a rebound in early 2023 but faced declining prices and transaction volumes due to rising interest rates[16]. - The group expects continued high interest rates in Hong Kong to negatively impact property sales in the second half of the year[23]. - The group plans to adopt a cautious approach to replenish land reserves and reduce borrowing in light of the weak property market conditions in Hong Kong and mainland China[24]. Cash Flow and Investments - For the six months ended June 30, 2023, the net cash generated from operating activities was HKD 465,301,000, a significant improvement from a net cash outflow of HKD 7,637,426,000 in the same period of 2022[39]. - The company reported a net cash outflow from financing activities of HKD 575,305,000 for the first half of 2023, compared to a net cash inflow of HKD 8,602,371,000 in the same period of 2022[39]. - The company has increased related party loans by HKD 431,426,000 in the first half of 2023, compared to HKD 145,875,000 in the same period of 2022[39]. Assets and Valuation - As of June 30, 2023, total non-current assets amounted to HKD 19,236,616, a decrease of 2.83% from HKD 19,795,875 as of December 31, 2022[33]. - The total assets as of June 30, 2023, amounted to HKD 47,141,192,000, compared to HKD 47,765,804,000 as of December 31, 2022[46]. - The fair value of property development interests was HKD 1,678,273,000, down from HKD 2,687,050,000 as of December 31, 2022, representing a decrease of approximately 37.6%[66]. Employee and Corporate Governance - The company employed 2,598 employees as of June 30, 2023, a decrease from 2,668 employees as of December 31, 2022[89]. - Total employee costs reduced to HKD 300 million for the six months ended June 30, 2023, down from HKD 333 million for the same period in 2022[89]. - The board of directors underwent changes, with Mr. David John Shaw resigning as an independent non-executive director after the annual general meeting on June 7, 2023[80].

Financial Performance - For the six months ended June 30, 2023, the company's unaudited profit attributable to shareholders increased to HKD 184 million, up 21.1% from HKD 152 million in the same period of 2022[2] - The basic profit attributable to shareholders, after excluding changes in fair value of investment properties and financial investments, rose to HKD 288 million, a 93.3% increase from HKD 149 million in the same period of 2022[3] - The basic interim earnings per share for 2023 was HKD 0.24, compared to HKD 0.13 in 2022[3] - Total revenue for the first half of 2023 reached HKD 1,275,963,000, a significant increase from HKD 723,624,000 in the same period of 2022, representing a growth of 76.5%[14] - Rental income from the Hong Kong investment property portfolio remained stable at HKD 148 million, with a slight increase of 3.4% from HKD 116 million in the same period of 2022[10] - Interest income from financial investments decreased to HKD 58 million, down 45.8% from HKD 107 million in the same period of 2022[11] - Profit before tax amounted to HKD 260,997,000, with share of profits from associates at HKD 26,121,000 and share of losses from joint ventures at HKD 16,519,000[22] - Reported segment profit was HKD 419,413,000, with property development in Hong Kong generating HKD 263,835,000[22] - Other businesses, including property management services and financial investment, generated revenue of HKD 205,220,000 and HKD 57,945,000 respectively[23] Dividends and Shareholder Returns - The interim dividend for 2023 was declared at HKD 0.26 per share, unchanged from 2022[4] - Basic earnings per share for the period were HKD 184,481,000, compared to HKD 152,208,000 for the same period last year[34] - The interim dividend declared was HKD 0.26 per share, consistent with the previous year[35] Property Development and Sales - In Hong Kong, over 200 residential units of the full ownership project "Ocean Garden" were sold, generating sales of approximately HKD 1.2 billion[6] - In mainland China, the total pre-sale/sales amount for the group's development projects exceeded RMB 1.6 billion, with the group's attributable share being approximately RMB 1.3 billion[6] - The company plans to continue selling remaining units of the residential development project "Ocean Garden" in Tseung Kwan O in the second half of the year[12] - Construction of the foundation for the mixed-use development project in Sai Ying Pun, in which the company holds a 60% stake, is currently underway, with pre-sales expected in the first half of next year[12] - The company anticipates that the residential development project "Jiangwan South Garden" in Huizhou will commence construction within the year following planning approval received in July 2023[12] - The first phase of the development project in Jiexiu, Shanxi, is expected to launch pre-sales between September and October 2023, with completion anticipated by the end of 2024[13] - The company has completed the foundation work for the first phase of the "Hengda Plaza" project in Zhuhai, with superstructure work expected to commence within the year and completion projected for 2025[13] Financial Position and Assets - Total non-current assets as of June 30, 2023, amounted to HKD 19,236,616, a decrease from HKD 19,795,875 as of December 31, 2022[17] - Current assets increased to HKD 27,904,576 from HKD 27,969,929, with inventory rising to HKD 26,101,145 from HKD 25,549,725[18] - Current liabilities surged to HKD 26,188,644 from HKD 19,190,832, primarily due to an increase in bank loans to HKD 20,113,867 from HKD 14,488,973[18] - The net asset value decreased to HKD 17,819,119 from HKD 18,535,699, reflecting a decline in total equity attributable to shareholders[18] - The company reported a significant increase in trade payables and other payables, which rose to HKD 5,024,392 from HKD 3,692,787[18] - The company’s cash and bank balances decreased to HKD 737,990 from HKD 864,590, indicating a liquidity contraction[17] - Total assets as of June 30, 2023, were HKD 47,765,804,000, with cash and bank balances amounting to HKD 864,590,000[28] Debt and Financing - As of June 30, 2023, the total bank loans of the group amounted to HKD 21,097,000,000, a decrease from HKD 21,860,000,000 as of December 31, 2022[39] - The group's net bank borrowings as of June 30, 2023, were HKD 20,359,000,000, after accounting for cash and bank balances of HKD 738,000,000[39] - The capital debt ratio as of June 30, 2023, was 123.8%, down from 125.3% as of December 31, 2022[39] - The company will adopt a cautious approach to replenish land reserves and aims to reduce overall borrowing in light of the weak property market conditions in Hong Kong and mainland China[13] Governance and Transparency - The company announced its mid-term performance results on August 18, 2023[46] - The board of directors includes executive and non-executive members, indicating a diverse governance structure[46] - The chairman of the company is Mr. Ko Wai Cheung, highlighting leadership continuity[46] - The announcement reflects the company's commitment to transparency and shareholder communication[46] - Specific financial metrics and performance data were not disclosed in the provided content[46] - Future outlook and strategic initiatives were not detailed in the announcement[46] - No information on new products, technologies, or market expansion was provided[46] - The document does not mention any mergers or acquisitions[46] - There is no indication of user data or performance guidance in the content[46] - Overall, the content lacks detailed financial figures and strategic insights[46]

Financial Performance - The Group's basic earnings attributable to shareholders increased by 72.4% to HKD 1.107 billion in 2022, compared to HKD 642 million in 2021[13]. - The Group's total revenue for 2022 was HKD 4.582 billion, a significant increase from HKD 2.050 billion in 2021[18]. - The net profit attributable to shareholders for the year ended December 31, 2022, was HKD 1.215 billion, down 45.0% from HKD 2.209 billion in 2021 due to a significant decrease in net fair value gains from investment properties in Hong Kong[13]. - The Group's operating profit for 2022 was HKD 1.787 billion, compared to HKD 2.397 billion in 2021[18]. - The Group's basic earnings per share for 2022 was HKD 0.94, an increase from HKD 0.55 in 2021[18]. - Total assets decreased from HKD 48.117 billion in 2021 to HKD 47.766 billion in 2022[19]. - The net asset value attributable to shareholders was HKD 18.426 billion in 2022, down from HKD 18.953 billion in 2021[19]. - The company proposed a final dividend for 2022 is HKD 0.57 per share, with a total annual dividend of HKD 0.83 per share[13]. Property Development - Kowloon Development Company Limited's attributable gross floor area landbank amounts to approximately 3.4 million sq m in Hong Kong and Mainland China as of December 31, 2022[5]. - The Group's property development projects in Mainland China include Jiangwan City (Shenyang) and Cuidi Bay (Shenyang)[11]. - The total sales revenue from the residential project "Oceanview Garden" in Hong Kong was approximately HKD 3 billion, with over 520 units sold by the end of 2022[25]. - The group owns a 100% stake in the Clearwater Bay Road project, which has a total floor area of approximately 201,000 square meters and is expected to be developed into a large shopping center and five high-end residential towers[41]. - The group is currently developing the residential project Jiangwan South Coast Garden in Huizhou, with a total floor area of approximately 520,000 square meters, of which 60% is owned by the group[53]. - The foundation works for the residential and commercial project in Shenyang are ongoing, with a total floor area of approximately 712,000 square meters[46]. - The group plans to launch pre-sales for the residential development project in Sai Kung, with approximately 1,000 unsold residential units expected to be sold in 2023[1]. - The group is conducting foundation works for the mixed-use development project in Sai Ying Pun, which is expected to launch pre-sales in Q3 2023[1]. Financial Investments - The Group's financial investments include fixed income and equity investments in Hong Kong and other recognized financial markets[11]. - Interest and dividend income from financial investments rose to HKD 159 million in 2022, a 60.6% increase from HKD 99 million in 2021[28]. - The group recorded cash inflow of approximately HKD 815,000,000 from pre-sales and sales of various properties in mainland China[95]. - The group invested approximately HKD 1,852,000,000 in project development in Hong Kong and mainland China during the year[95]. Risk Management - The group is facing risks related to property development, including local market conditions and overall economic environment, which may be adversely affected by COVID-19 and geopolitical tensions[87]. - The group has established a risk management and internal control system to continuously identify, monitor, and manage major risks and emerging risks[86]. - The group emphasizes the importance of attracting and retaining qualified employees, as key personnel shortages could impact business operations and future prospects[89]. - The group faces risks related to cybersecurity threats, which could lead to unauthorized access or damage to its computer systems and data[89]. - The group is exposed to financial investment risks, including default and liquidity risks, which may affect the market value of its investments[89]. Corporate Governance - The company has been adhering to the corporate governance code throughout the year ending December 31, 2022, except for the provision C.2.1, which suggests that the roles of chairman and CEO should be separate[104]. - The board emphasizes the importance of high-quality governance as a key factor for sustainable long-term success[103]. - The company has implemented various policies to ensure ethical conduct and responsibility among its directors, management, and employees[108]. - The board consists of experienced individuals with backgrounds in real estate development, finance, and law, enhancing the company's governance[101]. - The company has a management team with extensive experience in finance, accounting, and corporate planning, contributing to its strategic direction[102]. Sustainability and Social Responsibility - The group has committed to high standards of environmental protection, implementing measures to reduce community impact and improve sustainability performance since 2007[91]. - The group has established a waste recycling system and participates in various recycling programs, demonstrating efforts to promote sustainability awareness[91]. - The latest residential development project, "Hainz Garden," incorporates a "fully electric home" design and has achieved provisional bronze certification under the BEAM Plus New Buildings (Version 1.2)[91]. - The group has provided 20 housing units to underprivileged families as part of its support for the social housing program in 2022[91]. - The group has received multiple awards for its properties, including energy-saving and waste reduction certifications, highlighting its commitment to corporate social responsibility[91]. Audit and Compliance - The audit committee, along with independent auditors, has reviewed the consolidated financial statements for the year ended December 31, 2022[184]. - The consolidated financial statements have been audited by KPMG, and the auditor's report confirms that the financial statements present a true and fair view of the group's financial position[187]. - The company is responsible for preparing true and fair consolidated financial statements in accordance with Hong Kong Financial Reporting Standards and the Companies Ordinance[196]. - The auditor's goal is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[197]. - The company must disclose any significant uncertainties related to its ability to continue as a going concern[198].