嘉里建设(00683) - 2023 - 中期财报

Financial Performance - Total revenue for the first half of 2023 reached HKD 5.472 billion, an 18% increase compared to HKD 4.641 billion in the same period of 2022[5] - Basic profit attributable to shareholders was HKD 1.739 billion, a 15% increase from HKD 1.508 billion in the same period of 2022[9] - The net profit for the six months ended June 30, 2023, was HKD 2.03 billion, down from HKD 2.92 billion in the previous year, indicating a decline of 30.4%[67] - Basic earnings per share for the period was HKD 1.20, compared to HKD 1.89 in the same period last year[67] - The group reported a significant decrease in other comprehensive income, totaling a loss of HKD 3.46 billion for the period, compared to a loss of HKD 4.96 billion in the previous year[70] Revenue Sources - Property sales contributed HKD 2.123 billion, a 24% increase from HKD 1.714 billion year-on-year[5] - Hotel operations revenue surged to HKD 851 million, a 100% increase from HKD 425 million in the previous year, nearing 90% of pre-pandemic levels[10] - The group recorded total revenue of HKD 2.956 billion for the mainland property division in the first half of 2023, up from HKD 2.664 billion in the same period of 2022[29] - The Hong Kong property division recorded revenue of HKD 2.516 billion, up from HKD 1.977 billion in the same period last year, with a gross profit of HKD 966 million[38] Property Development and Sales - Contract sales amounted to HKD 8.170 billion, significantly up from HKD 3.098 billion in the first half of 2022[10] - The mainland property division achieved contract sales of HKD 6.595 billion for the six months ended June 30, 2023, primarily driven by the sales of the Hangzhou Fuyuan Court project[30] - Contract sales in Hong Kong totaled HKD 1.575 billion, including HKD 428 million from the high-end luxury project Tai Shan and HKD 737 million from the redevelopment project The Aster[39] - The gross profit margin for development property sales in the first half of 2023 was 22%, down from 48% in the same period of 2022, due to changes in the sales mix[29] Property Portfolio and Acquisitions - The total floor area of the property portfolio increased to 51.61 million square feet, up from 48.49 million square feet at the end of 2022[11] - The company acquired two quality projects in the first half of 2023, enhancing its property pipeline for future revenue[11] - The group has a total of 27.40 million sq ft of development properties, with 21.62 million sq ft in mainland China and 1.77 million sq ft in Hong Kong as of June 30, 2023[18] - The group has a pipeline of development properties that will add approximately 12.03 million sq ft of floor area in mainland China, including 6.27 million sq ft of office space and 4.61 million sq ft of retail space[24] Investment Properties and Rental Income - Rental income from investment properties (excluding hotel income) in the mainland reached HKD 1.920 billion, a 2% increase from HKD 1.883 billion in the same period last year[32] - The total rental income from investment properties in the mainland, including contributions from joint ventures, amounted to HKD 2.086 billion, a 3% increase from HKD 2.027 billion[32] - The overall occupancy rate for the retail portfolio stabilized at 81%, down from 83% as of December 31, 2022, while the office portfolio occupancy rate decreased to 85% from 88%[33] - The gross profit from investment properties was HKD 462 million, down from HKD 491 million in the first half of 2022[42] Financial Position and Debt - The total borrowings amounted to HKD 56.31 billion as of June 30, 2023, an increase from HKD 52.87 billion at the end of 2022[52] - Cash and bank deposits stood at HKD 16.47 billion, reflecting a 41% increase compared to the previous period[54] - The debt-to-equity ratio as of June 30, 2023, was 33.3%, slightly down from 33.6% as of December 31, 2022, calculated based on net borrowings of HKD 39.84 billion and total equity of HKD 119.48 billion[56] - The company actively manages its foreign exchange risk, with total foreign currency loans amounting to HKD 10.37 billion, which includes approximately HKD 7.24 billion in RMB loans[50] Corporate Governance and Compliance - The company has fully complied with the Corporate Governance Code during the six months ending June 30, 2023, except for the provision regarding the dual role of the Chairman and CEO[135] - The company has reviewed and updated its policies, including remuneration and dividend policies, to enhance corporate governance[141] - The Audit and Corporate Governance Committee held two meetings during the period to discuss financial reports and governance updates[141] - The board composition includes experienced individuals, with a majority being independent non-executive directors, ensuring balanced power distribution[143] Shareholder Information - As of June 30, 2023, the total issued ordinary shares of the company were 1,451,305,728[154] - Kerry Group Limited holds 874,090,494 shares, representing 60.23% of the company's ordinary shares[154] - The company announced 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, 2023[191] - The interim dividend will be distributed on September 28, 2023, to shareholders listed as of September 18, 2023[190]