Financial Performance - For the fiscal year ending June 30, 2024, the group's basic profit attributable to shareholders was HKD 29.43 billion, down from HKD 34 billion in the previous fiscal year, representing a decrease of approximately 13.5%[1][2] - The basic earnings per share for the fiscal year was HKD 1.41, compared to HKD 1.68 in the previous fiscal year, reflecting a decline of about 16.1%[2] - The group reported a profit of HKD 25.08 billion after accounting for a non-cash investment property revaluation loss of HKD 3.27 billion, compared to a revaluation loss of HKD 0.9 billion in the previous year[2] - The company's revenue for the fiscal year 2024 was HKD 8,816 million, a decrease from HKD 11,929 million in 2023, representing a decline of approximately 26.5%[31] - The net profit for the fiscal year 2024 was HKD 4,287 million, down from HKD 5,910 million in 2023, indicating a decrease of about 27.5%[32] - The basic earnings per share for 2024 was HKD 1.20, compared to HKD 1.61 in 2023, reflecting a decline of approximately 25.5%[31] Dividends - The board proposed a final dividend of HKD 0.43 per share, bringing the total dividend for the fiscal year to HKD 0.58 per share, including an interim dividend of HKD 0.15[3][4] Property Sales and Development - The property sales revenue attributable to Sino Land for the fiscal year was HKD 8.89 billion, down from HKD 11.93 billion in the previous fiscal year, indicating a decrease of approximately 25.5%[6] - Sino Land launched two new residential projects in Hong Kong, achieving sales rates of 6.8% and 34.9% for the respective projects[7] - Sino Land acquired two plots of land from the Hong Kong government and received development rights for another plot, totaling an attributable floor area of 806,150 square feet[9] - The company expects to launch several new projects, including ONE CENTRAL PLACE in Central and 柏瓏 III in Yuen Long, with additional projects anticipated to receive pre-sale consent in the fiscal year 2024/2025[7][8] - Sino Land completed the residential project 可可苑 in Qianhai, with an attributable floor area of 252,412 square feet[11] Rental Income and Occupancy - Total rental income for the fiscal year was HKD 3.55 billion, a year-on-year increase of 1.3%[12] - Net rental income decreased to HKD 2.91 billion, down 2.5% year-on-year due to increased maintenance costs and the end of government fee waivers[12] - Overall occupancy rate of the investment property portfolio was 90.8%, a decrease of 0.4 percentage points from the previous year[12] - Revenue from property leasing was HKD 2,835 million, slightly down from HKD 2,794 million, indicating a marginal increase of 1.5%[40] Hotel Operations - Hotel operating revenue increased to HKD 1.527 billion, up from HKD 1.376 billion, with operating profit rising to HKD 487 million[15] - The occupancy rate and room rates at the Hong Kong hotels have increased due to rising demand from business and leisure travelers[15] Financial Position - As of June 30, 2024, the group had cash and bank deposits of HKD 47.35 billion, with net cash amounting to HKD 45.66 billion after deducting total borrowings of HKD 1.69 billion[17] - The total assets and total equity of the group were HKD 182.17 billion and HKD 94.87 billion, respectively, with the book value per share for shareholders at HKD 44.72, up from HKD 44.51 on June 30, 2023[17] - The group maintains a strong financial management policy, with all debts denominated in HKD and repayable within one to two years, based on floating interest rates[17] Sustainability and ESG Initiatives - The company has been recognized as one of the most sustainable companies globally by TIME magazine and Statista for 2024, and has been included in the Dow Jones Sustainability Asia Pacific Index[20] - The company received an "AA" rating in the MSCI ESG Index and was rated as a top ESG performer in the Asia-Pacific region by Sustainalytics[21] - The company launched the "Coral Restoration Center" as part of its "Coral Revitalization Initiative," which has hosted over 2,800 visitors and transplanted over 280 rescued coral fragments[24] - The company established the "Sino Inno Lab" to support innovation and technology development, providing a platform for testing innovative ideas and connecting with startups in the Greater Bay Area[25] - The company has been awarded multiple ESG accolades, including the "Best ESG Report Award (Large Cap)" and "Excellence in Carbon Neutrality Award" at the Hong Kong ESG Reporting Awards 2023[22] - The company is committed to sustainable development through its three pillars: "Green Living," "Innovative Ideas," and "Community Engagement," integrating sustainability into all business aspects[19] - The company has become a signatory of the UN Women's Empowerment Principles and is recognized as a gold award employer in the Women's Workplace Index[24] Community Engagement - The company has partnered with community organizations to distribute over 2,000 festive gift packages to underprivileged families during the Mid-Autumn Festival[26] - The company is actively involved in supporting transitional housing projects to alleviate short-term housing needs for grassroots families[26] Market Outlook - The company plans to maintain a cautious optimism regarding the residential property market, anticipating an increase in demand due to talent influx and rising rental yields[28] - The company reported a significant increase in first-hand property transactions, with 9,419 transactions in the first half of 2024, representing an increase of 87.6% compared to the total transactions for the entire year of 2023[28] - The number of inbound tourists to Hong Kong is projected to reach approximately 42.3 million from July 1, 2023, to June 30, 2024, compared to 13.4 million in the previous year[15] Governance and Compliance - The company plans to hold its annual general meeting on October 23, 2024, with a record date for the proposed final dividend on October 30, 2024[62] - The company did not purchase, sell, or redeem any of its listed securities during the fiscal year[63] - All three independent non-executive directors have served on the board for over nine years, necessitating the appointment of a new independent non-executive director according to the Corporate Governance Code[64] - The independent non-executive directors' independence was assessed during the fiscal year, confirming their ability to provide independent and objective opinions[64] - The audited consolidated financial statements for the year ending June 30, 2024, have been reviewed by the company's audit committee[65] - The annual report for 2024 will be sent to all shareholders on September 27, 2024, and will be available on the Hong Kong Stock Exchange and the company's website[65]
TST PROPERTIES(00247) - 2024 - 年度业绩