Financial Performance - For the six months ending December 31, 2023, the group's unaudited profit attributable to shareholders was HKD 1.6525 billion, compared to HKD 1.5592 billion in 2022, representing an increase of 5.97%[8]. - Basic earnings per share for the interim period were HKD 0.80, up from HKD 0.77 in the previous year, reflecting a growth of 3.90%[8]. - The group's net profit, after accounting for a revaluation loss of investment properties of HKD 79.4 million, was HKD 1.4684 billion, compared to HKD 1.3688 billion in 2022, indicating an increase of 7.29%[8]. - Revenue for the six months ended December 31, 2023, was HKD 4,948,752,323, a decrease of 22.7% compared to HKD 6,406,167,141 for the same period in 2022[31]. - Gross profit for the same period was HKD 1,920,886,385, down 30.9% from HKD 2,783,321,404 year-on-year[31]. - The net profit for the period was HKD 2,633,659,694, representing an increase of 6.9% from HKD 2,463,702,889 in the previous year[31]. - Total comprehensive income for the period was HKD 2,838,297,492, up from HKD 2,245,806,130, reflecting a growth of 26.4% year-over-year[32]. - The group's profit before tax for the six months ended December 31, 2023, was HKD 2,963,718,043, compared to HKD 2,917,938,188 for the same period in 2022, indicating a slight increase[47]. Dividends - The board declared an interim dividend of HKD 0.15 per share, consistent with the previous year's dividend[9]. - The group declared a final dividend of HKD 884,913,271 for the year 2023, compared to HKD 842,457,473 for the previous year, representing a 5% increase[35]. Property Sales and Revenue - The property sales revenue for the interim period was HKD 6.634 billion, up from HKD 3.899 billion in 2022, representing an increase of 70.7%[11]. - Property sales generated revenue of HKD 2,359,711,780, while property leasing contributed HKD 1,415,160,707, reflecting a significant portion of total revenue[44]. - The company sold residential units and parking spaces from completed projects, with sales percentages for various projects including 75.4% for Victoria Harbour and 100% for Kaihui[11]. Rental Income - The total rental income for the interim period was HKD 1.777 billion, a year-on-year increase of 2.8% from HKD 1.728 billion in 2022[19]. - Net rental income decreased by 0.7% to HKD 1.469 billion, primarily due to additional leasing-related expenses and increased maintenance costs[19]. - The company reported a total of HKD 1,415,160,707 in rental income from operating leases, slightly up from HKD 1,379,799,153 in the previous year[43]. Land and Development - The company has land reserves of approximately 19.5 million square feet, with a balanced property type distribution: 47.3% commercial, 28.6% residential, and 10.1% industrial[12]. - The company acquired two plots of land in Hong Kong during the interim period, totaling an attributable floor area of 806,145 square feet[14]. - The company acquired three plots of land during the interim period, with a total floor area of over 806,000 square feet, reflecting confidence in the Hong Kong real estate market[27]. - Future projects include ONE CENTRAL PLACE in Central and PARC LOONG III in Yuen Long, with expected presale approvals in 2024 for two additional residential projects[11]. Financial Position - The company maintains a strong financial position with cash and bank deposits amounting to HKD 45.04 billion as of December 31, 2023, and net cash of HKD 43.3668 billion[23]. - The total borrowings of the company stood at HKD 16.736 billion, with 50.29% of the borrowings due within one to two years[23]. - The company’s total assets and shareholders' equity were HKD 180.903 billion and HKD 93.115 billion, respectively, as of December 31, 2023[23]. - The company's non-current assets increased to HKD 113,183,211,921 as of December 31, 2023, compared to HKD 112,404,573,768 as of June 30, 2023, indicating a growth of 0.7%[33]. - Current assets decreased to HKD 67,717,112,521 from HKD 68,645,175,002, a decline of 1.4%[34]. Sustainability and Corporate Governance - SINO Land Company was selected for the Dow Jones Sustainability Asia Pacific Index for the second consecutive year, ranking in the top 20% for sustainability performance in the Asia Pacific region[24]. - The company achieved an "AA" rating in the MSCI ESG Index and was awarded a five-star rating in the Global Real Estate Sustainability Benchmark in 2023[24]. - SINO Land received multiple awards for its sustainable development efforts, including the "Green Building Leadership Award" and three awards at the "2023 United Nations Sustainable Development Goals Hong Kong Achievement Awards"[24]. - The company is committed to reducing carbon emissions and has been certified by the Science Based Targets initiative (SBTi) for its short-term targets[25]. - The company has established a remuneration committee to oversee the compensation policies for all directors and senior management, ensuring transparency and regular reviews[109]. - The company has a robust governance structure in place, with established committees for remuneration and nominations to enhance decision-making processes[109][110]. Market Outlook - The company is optimistic about the medium to long-term prospects of the mainland real estate market, supported by recent government measures to stimulate the sector[23]. - The unemployment rate in Hong Kong decreased to 2.9%, and the population rebounded from 7.2 million in mid-2022 to 7.5 million by the end of 2023, indicating an optimistic economic outlook[26]. - The Hong Kong government received over 220,000 applications for talent importation programs, with more than 135,000 approvals by the end of 2023[27]. Hotel Operations - The hotel segment of the company reported revenue of HKD 810.9 million for the mid-term period, compared to HKD 692.8 million in the same period last year, reflecting a growth of approximately 17%[20]. - Operating profit for the hotel segment was HKD 253.5 million, up from HKD 229.2 million year-on-year, indicating an increase of about 10.3%[20]. - The hotel operations segment generated revenue of HKD 501,891,033, with a profit of HKD 189,251,526 for the six months ended December 31, 2023[44]. - The company’s hotel occupancy rates and room prices have significantly increased, particularly at the Hong Kong Harbour Grand Hotel and the Hong Kong Disneyland Hotel during peak seasons[20]. Shareholder Information - Major shareholder Mr. Huang Zhi-da holds 1,520,184,949 shares, representing 72.22% of the issued shares[97]. - Major shareholders include Tamworth Investment Limited with 545,208,458 shares (27.36%) and Strathallan Investment Limited with 317,920,220 shares (18.32%) as of December 31, 2023[100]. - The company holds 1,517,129,237 shares under trustee interests, with 72.11% attributed to the estate of the late Mr. Huang Ting-fong[92]. Compliance and Internal Controls - The company is committed to maintaining effective internal controls and risk management practices as part of its governance framework[111]. - The Audit Committee has reviewed the accounting policies and practices adopted by the company for the six months ending December 31, 2023[111]. - All directors confirmed compliance with the company's Securities Trading Code during the six months ending December 31, 2023[113].
TST PROPERTIES(00247) - 2024 - 中期财报