嘉里建设(00683) - 2024 - 中期业绩

Financial Performance - Total revenue for the first half of 2024 was HKD 5.04 billion, a decrease of 8% compared to HKD 5.47 billion in the first half of 2023[3] - Basic profit attributable to shareholders decreased by 55% to HKD 788 million, compared to HKD 1.74 billion in the same period last year[6] - Adjusted earnings per share for the first half of 2024 was HKD 0.97, a decline of 19% from HKD 1.20 in the first half of 2023[3] - The group reported a net profit of HKD 1,128,391,000 for the period, with attributable profit to shareholders amounting to HKD 788,036,000[66] - The net profit for the period was HKD 1,128.39 million, a decline from HKD 2,030.82 million year-on-year, indicating a decrease of about 44.4%[48] - The company's total assets decreased to HKD 184,296,273,000 from HKD 182,586,530,000, reflecting a slight increase of 0.9% year-over-year[50] - The group reported a decrease in shareholder's profit attributable to HKD 788,036,000 for the six months ended June 30, 2024, compared to HKD 1,738,831,000 in the same period of 2023, a decline of 54.6%[72] Revenue Breakdown - Property sales revenue dropped to HKD 1.79 billion, down 16% from HKD 2.12 billion year-on-year[3] - The total contracted sales amount for the first half of 2024 was HKD 7.04 billion, down from HKD 8.17 billion in the previous year[7] - The combined revenue from investment properties and hotels for the group is 3.714 billion, a decrease of 3% compared to 3.819 billion in the previous period[19] - Revenue from mainland properties was HKD 3,579,766,000, while revenue from Hong Kong properties was HKD 1,459,841,000[66] - The investment property segment in Hong Kong generated revenue of HKD 542 million in the first half of 2024, down from HKD 578 million in the same period of 2023, with a gross margin of 77%[35] Property Development and Sales - The group's consolidated revenue from property development decreased by 59% year-on-year to HKD 2.325 billion (1H 2023: HKD 5.724 billion) due to a short-term timing gap between contract sales and revenue recognition[20] - Contract sales amounted to HKD 7.044 billion, down 14% from HKD 8.170 billion in the same period last year, with mainland sales decreasing significantly while Hong Kong sales improved[22] - The development property sales revenue for the first half of 2024 was HKD 918 million, a decrease from HKD 1.94 billion in the same period of 2023, with a gross margin of 16%[33] Rental Income and Occupancy - Rental income from investment properties (excluding hotel operations) decreased by 3% to HKD 2.43 billion, compared to HKD 2.50 billion in the first half of 2023[8] - Rental income from mainland leasing properties is 2.053 billion, down 2% year-over-year, while Hong Kong leasing properties decreased by 7% to 596 million[19] - The overall occupancy rate of the mainland investment property portfolio remained stable compared to December 31, 2023[29] - As of June 30, 2024, the overall occupancy rates for the group's properties in mainland cities are 90% for offices, 87% for retail, and 92% for apartments[30] - The occupancy rate for MegaBox in Hong Kong dropped to 89% as of June 30, 2024, down from 95% at the end of 2023, primarily due to renovation works[38] Financial Position and Debt - The group's debt ratio increased to 40.9% as of June 30, 2024, from 34.1% as of December 31, 2023, following the final payment for the Shanghai Huangpu project[23] - Total borrowings amounted to HKD 608.44 billion as of June 30, 2024, an increase from HKD 551.31 billion on December 31, 2023[42] - Approximately 69% of the total borrowings are due for repayment in the next five years, with HKD 41.81 billion (69%) maturing in the third to fifth year[46] - The company aims to maintain a prudent financial management strategy to keep the debt ratio at a reasonable level while executing its deleveraging plan[20] Sustainability and Corporate Governance - The MSCI ESG rating improved from "A" to "AA," reflecting the company's commitment to sustainability[9] - The group emphasizes sustainable development standards for ongoing projects and aims to positively impact the community[85] - The company has fully complied with the corporate governance code during the six months ending June 30, 2024, except for the dual role of the chairman and CEO[88] Future Outlook and Strategy - The group has a robust pipeline of integrated development projects in major cities, which will contribute to stable recurring income growth[18] - The company focuses on developing and selling premium properties in key urban areas in Hong Kong and mainland China, aiming for stable recurring income[85] - The group expects to add 11.028 million square feet of floor area to its investment properties and hotel portfolio over the next six years, primarily in Shanghai, Wuhan, and Hangzhou[18] Interim Dividend and Shareholder Returns - The company maintained an interim dividend of HKD 0.40 per share, consistent with the previous year[6] - The company will distribute an interim dividend of HKD 0.40 per share, totaling approximately HKD 581 million based on 1,451,305,728 shares issued as of June 30, 2024[90] Audit and Reporting - The independent auditor's review report will be included in the upcoming interim report to shareholders[84] - The interim report will be published on or around September 9, 2024, and will be available on the company's website[91]