Swire Pacific ( (SWRAY) ) has released its Q4 earnings. Here is a breakdown of the information Swire Pacific presented to its investors.
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Swire Properties, a prominent developer and manager of commercial, retail, hotel, and residential properties, has announced its 2024 annual results, showcasing a solid performance despite challenging market conditions. The company, known for its focus on mixed-use developments in prime locations, continues to expand its presence in Hong Kong, the Chinese Mainland, and Southeast Asia.
Swire Properties reported a recurring underlying profit of HKD6,479 million for 2024, slightly down from HKD7,285 million in 2023, primarily due to higher net finance charges and reduced office rental income in Hong Kong. Despite these challenges, the company increased its annual dividend by 5% and continued its share buyback program, demonstrating a commitment to shareholder returns. The company’s strategic investment plan, with HKD100 billion earmarked for expansion, is 67% committed, highlighting its robust financial position and growth ambitions.
Key financial highlights include a 2% decrease in revenue to HKD14,428 million and a reported loss of HKD766 million, attributed to fair value losses on investment properties. The gearing ratio remains low at 15.7%, reflecting a healthy balance sheet. Swire Properties is actively expanding in the Greater Bay Area, with significant projects in Guangzhou and Shanghai, including the successful launch of its first residential project in the Chinese Mainland, Lujiazui Taikoo Yuan Residences.
The company’s sustainability efforts have been recognized globally, achieving the top ranking in the Dow Jones Best-in-Class World Index 2024. Swire Properties is on track with its net-zero emissions goal, with significant progress in renewable energy adoption across its portfolio. Looking ahead, the company remains optimistic about its strategic markets, focusing on executing growth plans and enhancing portfolio resilience.
Swire Properties’ management remains confident in its long-term investment strategy, emphasizing the importance of its key markets in Hong Kong, the Greater Bay Area, and Southeast Asia. The company is poised to capitalize on future opportunities, with a strong commitment to sustainability and innovation as it navigates the evolving market landscape.