Kerry Properties Reports Mixed 2024 Financial Results

Kerry Properties ( (KRYPF) ) has released its Q4 earnings. Here is a breakdown of the information Kerry Properties presented to its investors.

Kerry Properties Limited is a prominent real estate company engaged in property development, investment, and management across Hong Kong and Mainland China, known for its mixed-use projects and premium developments. In its latest earnings report for the year ending December 31, 2024, Kerry Properties announced a significant increase in combined revenue by 18% to HK$21,361 million, driven primarily by a 33% surge in property sales. Despite this, the profit attributable to shareholders plummeted by 75% to HK$808 million due to one-off provisions and a challenging market environment. The company maintained its dividend at HK$1.35 per share, reflecting its commitment to shareholder returns.

Key financial highlights include a 25% rise in underlying profit to HK$3,973 million, attributed to robust property sales, particularly in Hong Kong. However, the investment property segment faced a slight decline, with rental income dropping by 2% and hotel operations normalizing after a post-pandemic recovery. The company also reported a gearing ratio increase to 41.5%, indicating higher debt levels due to strategic land acquisitions and development investments.

Kerry Properties continues to focus on sustainable development, achieving recognition in the Global Real Estate Sustainability Benchmark. The company is committed to reducing operational emissions by 2% annually until 2030, underscoring its dedication to environmental responsibility. Looking ahead, Kerry Properties remains optimistic about long-term growth prospects in Mainland China and Hong Kong, despite short-term challenges such as geopolitical tensions and high interest rates.

The company plans to leverage its diversified landbank and strategic projects to drive future growth, while maintaining a conservative financial approach to navigate market uncertainties. Kerry Properties aims to continue delivering stable dividends and enhancing its property portfolio to capitalize on emerging opportunities in the real estate sector.