Hang Lung Properties ( (HLPPF) ) has released its Q4 earnings. Here is a breakdown of the information Hang Lung Properties presented to its investors.
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Hang Lung Properties Limited, a prominent player in the real estate sector, is known for its extensive portfolio of commercial and residential properties in Hong Kong and Mainland China. The company recently announced its 2024 annual financial results, reporting a total revenue of HK$11,242 million, marking a 9% increase from the previous year. This growth was primarily driven by property sales, despite a challenging market environment leading to a decrease in property leasing revenue.
A key highlight from the earnings report was the decline in overall operating profit, which fell by 13% to HK$6,455 million, largely due to weaker performance in the property leasing segment. The company’s net profit attributable to shareholders also saw a significant drop to HK$2,153 million, compared to HK$3,970 million in 2023, mainly due to a substantial net revaluation loss on properties.
The report detailed a 6% decline in revenue from property leasing, attributed to sluggish retail and office rental markets in both Hong Kong and Mainland China. Notably, rental revenue from the Mainland China portfolio dropped by 5%, while Hong Kong’s revenue retreated by 9%. Additionally, the company’s board has recommended a final dividend of HK$0.40 per share, resulting in a total dividend of HK$0.52 per share for the year.
Looking ahead, Hang Lung Properties remains committed to optimizing its tenant mix and enhancing customer experiences to navigate the current economic challenges. The company is also focused on its ongoing development projects, including significant ventures in Mainland China and Hong Kong, which are expected to bolster its portfolio and drive future growth.
