Financial Performance - For the six months ending December 31, 2021, the group's unaudited profit attributable to shareholders was HKD 2.395 billion, compared to HKD 1.171 billion in 2020, representing a year-over-year increase of 104%[8]. - The basic earnings per share for the interim period was HKD 1.23, up from HKD 0.61 in the previous year, indicating a significant improvement in profitability[8]. - The net profit attributable to shareholders, after accounting for a revaluation loss of investment properties, was HKD 2.316 billion, compared to HKD 0.692 billion in 2020, reflecting a substantial increase of 234%[8]. - The basic earnings per share, including the revaluation loss, was HKD 1.19, compared to HKD 0.36 in the previous year, showing a strong recovery[8]. - Revenue for the six months ended December 31, 2021, was HKD 10,913,891,469, an increase from HKD 4,117,082,293 in the same period of 2020[35]. - Gross profit for the same period was HKD 5,538,848,425, compared to HKD 2,206,256,072 in 2020, reflecting a significant increase[35]. - Net profit for the period reached HKD 4,378,095,767, up from HKD 1,271,092,873 in the previous year, indicating a growth of approximately 244%[37]. - Total comprehensive income for the period was HKD 4,498,251,657, compared to HKD 2,356,349,298 in the prior year[37]. Dividends and Shareholder Returns - The board declared an interim dividend of HKD 0.15 per share, an increase from HKD 0.14 per share in 2020, demonstrating a commitment to returning value to shareholders[9]. - The company declared an interim dividend of HKD 0.15 per share, totaling HKD 298,908,004, compared to HKD 269,420,440 for the same period in 2020[64]. - The company's basic earnings attributable to shareholders for the year ended December 31, 2021, were HKD 2,395,460,913, compared to HKD 1,161,781,873 for the previous year, representing an increase of 106.4%[69]. Property and Sales Performance - The total property sales revenue for the interim period was HKD 8.49 billion, a significant increase from HKD 2.01 billion in the previous year[11]. - The company completed the sale of residential units at various projects, achieving sales rates of 98.7% for Yilong Bay 8 and 94% for Kaihui[11]. - Property sales revenue reached HKD 8,685,166,816, compared to HKD 1,949,855,362 in the previous year, marking an increase of about 345%[49]. - Revenue from property management and other services was HKD 587,687,253, up from HKD 565,387,525, indicating a growth of approximately 4%[49]. - The total revenue from property leasing was HKD 1,405,813,557, with a corresponding performance of HKD 1,195,427,350[51]. Rental and Occupancy Rates - The average occupancy rate for retail properties improved to approximately 91.9%, compared to 90.6% in the previous year[21]. - The average occupancy rate for office properties was 89.8%, down from 91.7% in the previous year[21]. - The total rental income for the interim period was HKD 1.797 billion, a decrease of 2.4% year-on-year[21]. - The net rental income for the interim period was HKD 1.558 billion, a decline of 4.4% year-on-year[21]. Financial Position and Assets - As of December 31, 2021, the group had cash and bank deposits of HKD 42.9 billion, resulting in a net cash position of HKD 38.95 billion after deducting total borrowings of HKD 3.963 billion[26]. - The group’s total assets and total equity amounted to HKD 180.416 billion and HKD 87.626 billion, respectively, with a book value per share of HKD 43.97[26]. - The company's reserves increased to HKD 70,955,260,379 from HKD 69,724,442,659, reflecting a growth of approximately 1.8%[40]. - The total assets less current liabilities amounted to HKD 167,102,752,484, up from HKD 164,627,524,744[38]. - The company's attributable equity to shareholders reached HKD 87,626,097,096, up from HKD 85,066,433,045, indicating an increase of about 3.0%[41]. Sustainability and Community Initiatives - The company has received multiple awards for its commitment to sustainability, including the "ESG Excellence Award" and recognition in various sustainability indices[29]. - The company aims to reduce carbon emissions and single-use plastics as part of its Sustainable Development Vision 2030[29]. - The company has installed over 2,300 photovoltaic panels across its managed properties, making it one of the top companies in the industry for solar panel installations[30]. - The company has expanded its sustainable agriculture project to include 15 farms in Hong Kong and one in Singapore, with a total area exceeding 53,000 square feet[30]. - The company is actively involved in community initiatives, including promoting sustainable living and waste reduction through various programs[30]. Governance and Management - The company has established a Remuneration Committee to formulate and recommend remuneration policies for all directors and senior management, ensuring transparency and regular meetings[117]. - The Nomination Committee is responsible for reviewing the board's structure and composition, ensuring alignment with the company's corporate strategy, and conducting regular assessments[118]. - The Audit Committee has reviewed the accounting policies and practices adopted by the company and held meetings to ensure effective financial reporting and risk management[119]. - The company has complied with all provisions of the Corporate Governance Code during the six months ending December 31, 2021, although the roles of Chairman and CEO are currently held by the same individual[122]. Market Outlook and Strategy - The company maintains a cautious optimism regarding the Hong Kong property market, despite potential pressures from tightening monetary policies and interest rate hikes[33]. - The company continues to explore market expansion opportunities and new product developments to sustain growth momentum[35]. - The company is committed to enhancing its land reserves through selective strategies while ensuring quality products and services for customers[33]. - The company is focused on enhancing customer satisfaction through quality property development and service monitoring[29].
TST PROPERTIES(00247) - 2022 - 中期财报