新创建集团(00659) - 2025 - 中期财报

Financial Performance - Total revenue for the six months ended December 31, 2024, was HKD 12,109.7 million, a decrease of 13.4% compared to HKD 13,978.5 million in 2023[10] - Profit attributable to shareholders increased by 15% to HKD 1,157.6 million from HKD 1,008.8 million[14] - Operating profit increased by 4% year-on-year to HKD 2,225.3 million, driven by strong growth in the insurance business and reduced losses from the Hong Kong Hospital[13] - Adjusted EBITDA for the period was HKD 3,556.8 million, down from HKD 3,727.3 million in the previous year[10] - Basic earnings per share increased by 2% year-on-year to HKD 0.29[17] - The net profit for the period was HKD 1,265.0 million in 2024, slightly down from HKD 1,340.1 million in 2023, a decrease of about 5.6%[72] - The company reported a total comprehensive income of HKD 967.9 million for the six months ended December 31, 2024, compared to a loss of HKD 190.2 million in the previous period[80] Debt and Financial Structure - The company maintained a stable net debt ratio of 39%, up from 35% in the previous period[10] - The average borrowing cost decreased to approximately 4.2% from 4.8% in the same period last year, with RMB debt now accounting for 63% of total debt, up from 49% a year ago[18] - The net debt increased to approximately HKD 16.1 billion, resulting in a net debt-to-equity ratio of 39%, up from 35%[22] - The group successfully raised USD 400 million through the issuance of 6.375% senior notes due in 2028, enhancing its debt structure[19] - The total borrowings reached HKD 34,695.7 million as of December 31, 2024, compared to HKD 29,895.4 million on June 30, 2024, representing a significant increase of approximately 16.4%[161] - The debt structure as of December 31, 2024, consisted of 63% in RMB and 37% in HKD, compared to 60% and 39% respectively on June 30, 2024[188] Dividends and Shareholder Returns - The company has been paying dividends for 22 consecutive years, demonstrating its commitment to shareholder returns[6] - The company declared an interim ordinary dividend of HKD 0.30 per share, maintaining the same level as the previous year, and a special dividend of HKD 0.30 per share, bringing the total interim dividend to HKD 0.60 per share[23] - The final dividend for the fiscal year 2024 is HKD 1.399 billion, paid on December 2024, compared to HKD 1.2127 billion for the fiscal year ending June 30, 2023[165] Business Strategy and Operations - The company plans to optimize its business portfolio through strategic acquisitions to focus on growth potential and high cash flow visibility[6] - The company sold its "duty-free" store business and Hyva Group to concentrate on its core operations and improve operational efficiency[6] - The company is in the process of acquiring a leading electromechanical engineering service contractor, expected to be completed in Q1 2025, to enhance its capabilities in the construction group[15] - The company plans to continue its market expansion and investment in new technologies, although specific figures were not disclosed in the report[88] Insurance and Claims - The insurance segment recorded a significant 49% increase in operating profit, reaching HKD 614.3 million, driven by a 52% rise in contract service margin release to HKD 570.2 million[35] - The expected incurred claims and other insurance service expenses amounted to HKD 809.2 million, up from HKD 755.4 million, which is an increase of about 7.1%[111] - The group received approximately USD 145.2 million (around HKD 1.1 billion) in insurance claims related to six aircraft losses, of which the group’s share is 50%[23] Sustainability and Corporate Governance - The company has successfully achieved all goals set in its 2018 sustainability vision and launched a new framework called "Breakthrough 2050" to enhance its commitment to ESG[7] - Chow Tai Fook Life Insurance committed to implementing science-based reduction targets to address climate change, marking a significant milestone in its sustainability efforts[40] - The board emphasizes the importance of good corporate governance to achieve strategic goals and enhance shareholder value[200] Operational Highlights - The group's operating profit contribution from Hong Kong was 58% for the six months ended December 31, 2024, compared to 56% in the same period last year, while the contribution from mainland China decreased to 39% from 43%[17] - The logistics segment reported an operating profit of HKD 387.8 million, an increase from HKD 356.8 million in the previous year, reflecting a growth of 8.3%[30] - The average daily traffic volume for the group's highways increased by 3% year-on-year, although the average daily toll revenue decreased by 4%[31] Future Outlook - The Kai Tak Sports Park, in which the company holds a 25% stake, is set to officially open in March 2025, enhancing its position in the sports and entertainment sector[7] - The construction group is poised to benefit from the Hong Kong government's development strategy for the Northern Metropolis, which aims to accommodate up to 2.5 million residents[60] - The company is committed to maintaining agility and efficiency in operations while closely monitoring market trends and potential challenges in the toll road industry[54]