Financial Performance - For the six months ended June 30, 2023, the company's attributable profit increased to HKD 184 million, up 21.1% from HKD 152 million in the same period of 2022[13]. - The basic earnings per share for the first half of 2023 was HKD 0.24, compared to HKD 0.13 in 2022, representing a 84.6% increase[15]. - The company's basic profit, excluding revaluation changes of investment properties and fair value changes of property development interests, rose to HKD 288 million, a 93.3% increase from HKD 149 million in the same period of 2022[15]. - The group's operating revenue for the six months ended June 30, 2023, was HKD 1,275,963,000, representing a 76.5% increase from HKD 723,624,000 in the same period of 2022[30]. - The group recorded a net profit of HKD 183,594,000 for the period, compared to HKD 153,808,000 in the previous year, marking a 19.4% increase[32]. - Total revenue for the six months ended June 30, 2023, was HKD 1,275,963,000, compared to HKD 723,624,000 in the same period of 2022, representing a year-over-year increase of approximately 76.5%[43]. - Property sales revenue for the first half of 2023 was HKD 769,137,000, a substantial increase from HKD 161,278,000 in the first half of 2022[43]. - Rental income for the same period increased to HKD 1,053,503,000 from HKD 454,459,000, reflecting a growth of approximately 131.8% year-over-year[43]. Dividends and Shareholder Returns - The interim dividend for 2023 is set at HKD 0.26 per share, consistent with the dividend in 2022[15]. - The approved final dividend for the fiscal year is HKD 0.57 per share, consistent with the previous year[53]. - The company declared an interim dividend of HKD 0.26 per share, consistent with the dividend declared for the same period in 2022[52]. Property Development and Sales - As of June 30, 2023, the company's landbank amounted to approximately 3.4 million sq m in Hong Kong and Mainland China[3]. - The company has a property development land reserve of 204,000 sq m in Hong Kong and 3.195 million sq m in Mainland China[10]. - As of June 30, 2023, the group sold over 200 residential units in the Hong Kong project "Ocean Garden," generating sales revenue of approximately HKD 1.2 billion[17]. - In mainland China, the total pre-sale/sales amount for the group's development projects exceeded RMB 1.6 billion, with the group's attributable share amounting to approximately RMB 1.3 billion as of June 30, 2023[17]. - The planning for the third phase of the Jiangwan South Shore Garden residential project in Huizhou was approved in July 2023, with construction expected to commence within the year[23]. - The group has launched pre-sales for the third and fourth phases of the Jiangwan City project in Wuxi, with positive market response expected to complete by the end of 2023 and mid-2024 respectively[23]. Financial Position and Liabilities - The capital debt ratio as of June 30, 2023, was 123.8%, a slight improvement from 125.3% at the end of 2022, with expectations for gradual improvement as sales from projects in Hong Kong and mainland China are realized[26]. - The group has a total bank loan amount of HKD 21,097,000,000 as of June 30, 2023, down from HKD 21,860,000,000 at the end of 2022[26]. - The company’s bank loans increased to HKD 20,113,867 from HKD 14,488,973, a rise of 38.9%[33]. - Total liabilities increased significantly to HKD 26,188,644 from HKD 19,190,832, representing a rise of 36.5%[34]. Market Conditions and Outlook - The Hong Kong property market experienced a rebound in early 2023 but faced declining prices and transaction volumes due to rising interest rates[16]. - The group expects continued high interest rates in Hong Kong to negatively impact property sales in the second half of the year[23]. - The group plans to adopt a cautious approach to replenish land reserves and reduce borrowing in light of the weak property market conditions in Hong Kong and mainland China[24]. Cash Flow and Investments - For the six months ended June 30, 2023, the net cash generated from operating activities was HKD 465,301,000, a significant improvement from a net cash outflow of HKD 7,637,426,000 in the same period of 2022[39]. - The company reported a net cash outflow from financing activities of HKD 575,305,000 for the first half of 2023, compared to a net cash inflow of HKD 8,602,371,000 in the same period of 2022[39]. - The company has increased related party loans by HKD 431,426,000 in the first half of 2023, compared to HKD 145,875,000 in the same period of 2022[39]. Assets and Valuation - As of June 30, 2023, total non-current assets amounted to HKD 19,236,616, a decrease of 2.83% from HKD 19,795,875 as of December 31, 2022[33]. - The total assets as of June 30, 2023, amounted to HKD 47,141,192,000, compared to HKD 47,765,804,000 as of December 31, 2022[46]. - The fair value of property development interests was HKD 1,678,273,000, down from HKD 2,687,050,000 as of December 31, 2022, representing a decrease of approximately 37.6%[66]. Employee and Corporate Governance - The company employed 2,598 employees as of June 30, 2023, a decrease from 2,668 employees as of December 31, 2022[89]. - Total employee costs reduced to HKD 300 million for the six months ended June 30, 2023, down from HKD 333 million for the same period in 2022[89]. - The board of directors underwent changes, with Mr. David John Shaw resigning as an independent non-executive director after the annual general meeting on June 7, 2023[80].
九龙建业(00034) - 2023 - 中期财报