嘉里建设(00683) - 2024 - 中期财报

Financial Performance - Total revenue for the first half of 2024 was HKD 5.04 billion, a decrease of 8% compared to HKD 5.472 billion in the same period of 2023[4]. - Basic profit attributable to shareholders decreased by 55% to HKD 788 million, compared to HKD 1.739 billion in the first half of 2023[6]. - Adjusted earnings per share for the first half of 2024 was HKD 0.97, down 19% from HKD 1.20 in the same period last year[4]. - The net profit for the period was HKD 1,128,391, representing a 44.4% decrease from HKD 2,030,820 in 2023[51]. - The company's debt ratio increased to 40.9% as of June 30, 2024, compared to 34.1% on December 31, 2023[46]. - The total liabilities as of June 30, 2024, amounted to HKD 60,844 million, up from HKD 55,131 million at the end of 2023[46]. - The basic and diluted earnings per share for the period were HKD 0.54, down from HKD 1.20 in the same period last year[50]. - The company reported a total comprehensive loss of HKD 1,048,460 for the period, compared to a loss of HKD 1,432,080 in 2023[51]. Property Sales and Revenue - Property sales amounted to HKD 1.792 billion, down 16% from HKD 2.123 billion year-on-year[4]. - The total contracted sales for the first half of 2024 was HKD 7.044 billion, a decline from HKD 8.170 billion in the first half of 2023[7]. - The group's consolidated revenue from property development decreased by 59% year-on-year to HKD 2.325 billion, primarily due to a short-term timing gap between contract sales and revenue recognition[10]. - The total contracted sales amount for the mainland properties was HKD 1.204 billion in the first half of 2024, with significant contributions from projects in Wuhan and Shenyang[24]. - The total contracted sales amount for the Hong Kong property segment reached HKD 5,840 million, significantly up from HKD 1,575 million year-on-year[31]. Rental Income and Investment Properties - Rental income from investment properties (excluding hotel operations) decreased by 3% to HKD 2.426 billion, compared to HKD 2.498 billion in the previous year[7]. - The group's investment property and hotel revenue slightly decreased by 3% year-on-year to HKD 3.714 billion[11]. - The group's total rental income from investment properties in Hong Kong for the first half of 2024 was HKD 596 million, a decrease of 7% compared to HKD 640 million in the same period of 2023[35]. - The mainland property segment reported a total rental income of HKD 2,053 million, down 2% from HKD 2,086 million year-on-year[27]. - The gross profit from the mainland investment properties and hotel portfolio was HKD 1.40 billion, with a gross profit margin of 74%[26]. Debt and Financial Management - The debt ratio increased to 40.9% as of June 30, 2024, up from 34.1% on December 31, 2023, following the final payment for the Shanghai Huangpu project[13]. - As of June 30, 2024, the total borrowings amounted to HKD 60.844 billion, an increase from HKD 55.131 billion as of December 31, 2023[42]. - Approximately 69% of the borrowings are due for repayment in the next two years[45]. - The company's available financial resources decreased by 20% to HKD 37.351 billion compared to HKD 44.971 billion as of December 31, 2023, mainly due to land cost payments[43]. - The financing costs for the first half of 2024 totaled HKD 195,166,000, a decrease from HKD 317,789,000 in the same period of 2023, representing a reduction of approximately 38.6%[90]. Corporate Governance and Compliance - The company has adopted the standard code for securities trading by directors, ensuring compliance with trading regulations during the blackout period before financial announcements[107]. - The board has reviewed and updated policies including diversity, insider information disclosure, and securities trading procedures to enhance corporate governance practices[108]. - The company is committed to high levels of corporate governance, which is deemed critical for long-term success and sustainability[108]. - The company has established internal control procedures to ensure that related party transactions are conducted fairly and reasonably, with independent non-executive directors reviewing these transactions annually[142]. - The company has not identified any non-compliance with the standard code during the six months ending June 30, 2024[107]. Future Outlook and Strategic Initiatives - The company plans to continue its market expansion and product development strategies to enhance future performance despite the current financial challenges[1]. - The company is focused on developing and selling premium and luxury properties in key urban areas of Hong Kong and mainland China, while managing a portfolio of investment properties in mainland China[140]. - The company plans to launch a new marketing campaign with a budget of HKD 5 million to boost brand awareness[147]. - New product development initiatives are underway, with an investment of HKD 10 million allocated for R&D in innovative technologies[147]. - Market expansion plans include entering two new regions, projected to increase market share by 5%[147].